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Friday, August 23, 2019

Euronav News


© Kalyakan/Adobe Stock

Shipping Giants May Miss Climate Targets

A new report says shipping companies failing to push for the critical technologies required to reduce their carbon footprint, such as emission-free ships.CDP, an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, said that the world’s shipping heavyweights are not investing in key technologies to reduce their carbon footprint, with the sector at risk of not meeting the International Maritime Organization’s (IMO) targets to…

Photo: SQLearn

Euronav Taps SQLearn for Training

SQLearn announced its collaboration with tEuronav, providing e-learning courses from its Dolphin Library and Dolphin System for the EURONAV Ship Management Hellas & SAS operating fleet of 52 vessels.SQLearn’s Dolphin Library is consisted of interactive e-learning courses that cover the training needs of the shipping companies. The e- learning courses are based on STCW topics that cover national, international and flag requirements.

Hugo De Stoop Takes over as Euronav CEO

Hugo De Stoop, currently CFO at Euronav NV, is the choice to succeed Paddy Rodgers as CEO of the company. The company expects the transitiion to be complte in the second quarter of 2019.

File Image: A EuroNav VLCC underway at sea (CREDIT: EuroNav)

Euronav planning LSFO STS at Malta

Euronav has chartered a tanker to bring a 30,000 tonne cargo of low-sulphur fuel oil from northwest Europe to Malta, where its megatanker, Oceania, has been parked offshore since Jan.

File Image: AdobeStock / © Jose Gill

Euronav to Deploy ULCC for LSFO Storage

Euronav, one of the largest tanker companies in the world, will deploy one of its two ultra large crude carriers (ULCC) to store cleaner marine fuel ahead of a major regulatory change in 2020, the Belgium-headquartered group said on Friday.From January 2020, the International Maritime Organization (IMO) will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, in one of the biggest changes in the oil market in decades.Only ships fitted…

Photo:Euronav

Paddy Rodgers Departs Euronav

Patrick (Paddy) Rodgers, the Chief Executive Officer (CEO) of Belgium's tanker shipping company Euronav, has decided to step down from his role during 2019 after 18 years of service.However,  he will remain in his position until a successor is appointed, said a press note from the tanker owner.Paddy Rodgers, CEO of Euronav said: “It has been a real honour and privilege to lead Euronav as CEO. The company has progressed from a family operation with 17 vessels to the largest crude tanker company in the world with 73 vessels…

File Image: AdobeStock © dbvirago

Shipping Ponders the Ultimate Cost of ‘Green’

Low sulphur fuels, scrubbers, LNG and other solutions are all part of the mix. Handicapping the impact of any of these options for the bottom line is anything but easy. Getting greener is not the problem; determining the best way to get there is quite another.By any measure, the business of running vessels will not be the same after January 1, 2020, when the present 3.5% limit on sulfur content will ratchet downward to 0.5%. With the implementation date for the changes, enacted…

© xy / Adobe Stock

Decarbonization: 34 Maritime CEOs Call for Action

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

Photo: Danaos Corporation

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…

Image: Euronav

Euronav Updates on Gener8 Merger

The acquisition of Gener8 resulted in the recognition of a gain on bargain purchase on business combination of USD 36.3 million being recorded in the consolidated statement of profit or loss in the second quarter, says Euronav.The largest NYSE listed independent crude oil tanker company in the world said that it booked a gain on bargain purchase as a result of the Net Assets acquired being higher than the consideration paid.Paddy Rodgers, CEO of Euronav said: "Completion of the…

Photo: Euronav NV

International Seaways Completes Acquisition of Six Euronav VLCCs

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…

(Photo: Euronav)

Euronav Completes Merger with Gener8 Maritime

Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…

Photo: Euronav

Euronav Sells Suezmax Cap Jean

Tanker company Euronav NV announced that it has sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million. The vessel was delivered to her new owners on June 8th. The Company will record a capital gain of approximately USD 10.6 million in the current quarter. The sale of the Cap Jean is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.

Photo: Euronav

International Seaways Confirms Acquisition of Six VLCCs from Euronav

Tanker company International Seaways said that it has entered into a stock purchase and sale agreement to acquire the holding companies for six VLCCs from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime. The $434 million transaction is inclusive of assumed debt, and includes five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. The Company intends to fund the transaction, which is expected to close in the second quarter of 2018…

Image: International Seaways

International Seaways Funds FSO Joint Ventures

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan…

Courtesy Euronav

Euronav Secures Loan for Four Ice-class Suezmaxes

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…

Dan Thompson and Stuart Rivers  (Photo: Sailors' Society)

A Quarter of Seafarers Show Signs of Depression -Report

More than a quarter of seafarers show signs of depression - and many won’t ask for help, according to a study of seafarers’ mental health presented at Sailors’ Society’s Wellness at Sea conference on March 16, London. The study of more than 1,000 seafarers was carried out by international maritime charity Sailors’ Society and Yale University, with more than one in six of the respondents coming from the UK. Some 26 per cent of seafarers said they had felt “down, depressed or hopeless” on several days over the previous two weeks.

Image: International Seaways

International Seaways Updates on VLCC Acquisition and MR Vessel Sales

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR…

Photo:  Euronav

International Seaways Acquires Six VLCCs

International Seaways has entered into a binding letter of intent to acquire the holding companies for six 300,000 DWT VLCCs with an average age of 1.7 years from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime, Inc. (GNRT). The purchase price for the six-vessel acquisition is $434 million, inclusive of assumed debt. The six vessels that INSW has agreed to acquire include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co.…

Photo: Logimatic

EURONAV Opts for SERTICA Fleet Management

After a rigorous selection process, tanker shipping company EURONAV has chosen the SERTICA Fleet Management System by Danish software and engineering company Logimatic.  EURONAV, which operates some of the world’s largest tanker vessels, has chosen the entire SERTICA product suite onboard its 52 vessels for improved maintenance and vessel management.  There are currently more than 32 customers worldwide and 964 active vessels running SERTICA Fleet Management system.

Photo: Euronav

Euronav: VLCC Order Book Expands

The challenging freight market during the third quarter came despite some encouraging signs with active scrapping of vessels returning (nine VLCCs scrapped plus one removed from fleet for FPSO project; six Suezmax scrapped during the third quarter) incentivized by a steel price at near three-year highs, says Euronav NV. This was supported by continued upgrades to crude oil demand with the IEA raising its forecast for 2017 from 1.2 mbpd to 1.6 mbpd over the course of the third quarter and U.S. crude exports again making further progress to record on average 933k bpd for the third quarter.

(Photo: Euronav)

Euronav Reports Lowest Freight Rates since 2013

Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.

Photo:  Euronav

Euronav Responses to a Weaker Tanker Market

The Belgium-based  crude oil tanker company Euronav has taken affirmative action in response to a weaker tanker background, said a press statement from the company. The Company has a strong balance sheet with low leverage and access to over USD 800 million of liquidity following its entry into the debt capital markets during Q2. High quality fixed income (the FSO vessels and 4 x 7 year Suezmax time charters) secured via strong relationships and with visibility to 2025 provides…

Photo: Euronav

Positive Trends in Tanker Market

Euronav NV CEO Paddy Rodgers said that the company's financial results for Q1 was a confirmation of our thesis: short term challenges but a positive medium structure building for the tanker sector. On the positive side demand for crude oil remains robust. The recently adjusted IEA forecast for 2017 at 1.3 million bpd growth still drives a requirement equivalent to an additional 35-45 VLCCs of shipping demand for 2017 alone depending on sourcing as most demand growth is from the Far East and therefore will need to be shipped.

ASRY for the recent repair of ‘Cap Diamant’,   ASRY   Photo Cap-Diamant-web

ASRY Woos Back Greek Major Owner

ASRY has successfully brought one of the European tanker market’s biggest tanker fleet owners back to the yard. Euronav, the Greece-base owner, operator and manager of a fleet of 53 modern large tankers, chose ASRY for the recent repair of ‘Cap Diamant’, a  Suezmax tanker, which successfully completed the dry-docking in early September at ASRY. “Euronav is a leader in its field,” commented ASRY Ship Repair General Manager, Charles Maher, “so it was naturally very satisfying that…

Courtesy Euronav

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,528,211. Following these transactions, the Company now owns 1,042,415 own shares (0.65% of the total outstanding shares). Euronav may continue to buy back its own shares opportunistically. The extent to which it does and the timing of these purchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations.