Euronav NV and Bretta Tanker Holdings Inc. have agreed to terminate their joint venture covering four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2011 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt).
Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon. Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of $15.1 million upon closing the transaction which is foreseen to take place in the current quarter.
In announcing the termination, Euronav said ending the joint venture will allow it to account directly for what was its share instead of having to use the equity method.