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Thursday, May 13, 2021

Euronav News

Credit: Euronav

Euronav Posts 4Q Loss. Expects Pressure on Freight Rates to Continue in 2021

Belgium's Euronav expects pressure on freight rates to continue until late 2021, the tanker operator said as it reported weaker than expected quarterly results on Thursday, citing OPEC+ export cuts because of the COVID-19 pandemic's impact on demand for oil.The company, one of the world's largest tanker companies, benefited from soaring demand for oil storage at sea in early 2020 as buyers struggled to find space for surplus crude when demand collapsed during the first wave of the pandemic.However, reduced OPEC+ exports limited oil oversupply in the second half of the year."As a result, the ma

© Harvey Wilson / MarineTraffic.com

United Overseas Group to Acquire United Arab Chemical Carriers

Investment company United Overseas Group (UOG) is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC), the two companies said on Thursday.The deal is subject to regulatory approvals and is expected to close in the first quarter, they said in a statement, without disclosing the value.UOG is controlled by shipping industry veterans Peter Georgiopoulos and Leonidas Vrondissi.The sale of UACC, whose shareholders include the sovereign wealth funds of Saudi Arabia and Qatar…

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Pandemic Forces Ship Owners to Shelve Scrubber Installs

Ship owners are postponing or canceling the installation of “scrubbers” that extract harmful sulphur emissions from their vessels as the coronavirus pandemic tightens finances.Regulations from United Nations agency the International Maritime Organization (IMO), which took effect in January, were viewed by the oil and shipping industries as one of the first worldwide efforts to enforce environmental change.The rules aimed to make ships use fuel with a sulphur content of 0.5%, compared with 3.5% previously.

Paddy Rodgers (Photo: V.Group)

Paddy Rodgers Joins V.Group Board

Ship management and services company V.Group announced that Paddy Rodgers has been appointed as a non-executive director.Rodgers had been CEO of Euronav for almost 20 years before stepping down from the post in 2019. Under his leadership Euronav grew from a family operation with 17 vessels to one of the largest international tanker companies with 73 vessels. He is currently Director at the Royal Museums Greenwich, England comprising of the Royal Observatory, Cutty Sark, National Maritime Museum and Queen’s House.“I am honored to be joining V.Group at such a challenging and exciting time…

Euronav Acquires 3 Newbuild VLCCs

Belgium's tanker shipping company Euronav NV has entered into an agreement for the acquisition through resale of three very large crude carrier (VLCC) newbuilds.The three VLCCs are currently completing construction at the DSME shipyard in South Korea and are being acquired for an aggregate purchase price of USD 280.5 million or USD 93.5 million per unit.All three vessels will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment System.The vessels are due…

Poseidon Readies $140Bn Shipping Loan

With the signing by the France-based international lender to global shipping BNP Paribas and the Swiss multinational investment bank Credit Suisse, Signatories of the Poseidon Principles represent around $140 billion in loans to international shipping – about 30% of the total global ship finance portfolio.Poseidon Principles is a global framework for responsible ship finance which helps incentivize shipping’s decarbonization.They establish a common framework to quantitatively…

ITOPF Elects Erik Hånell as Chairman

Tanker owners’ group International Tanker Owners Pollution Federation (ITOPF) selected Erik Hanell President & CEO of Stena Bulk, as its new Chairman.After eight years, former Euronav chief executive Paddy Rodgers has stepped down as ITOPF chairman.Rodgers noted that he had thoroughly enjoyed his tenure on the board and had valued the opportunity to contribute to ITOPF’s strategic direction and to the work of its highly regarded international team.The board voted unanimously to appoint Erik Hånell as its new Chairman…

AdobeStock / © 14KTGold

Shipping Executives Push 'Carbon Levies'

Executives at some of the world's top shipping groups are advocating a levy on carbon emissions on shipping in an effort to shape tightening rules on greenhouse gas emissions while providing a means to fund development of cleaner fuel sources."To meet international shipping's decarbonization challenge, the maritime industry needs a carbon levy, it is coming, and we should shape it," said Andreas Sohmen-Pao, chairman of BW Group at the Global Maritime Forum in Singapore this week.The…

A Euronav tanker in Drydock. Credit: Euronav

Euronav Readies Fleet for IMO 2020 Start

Belgian tanker operator Euronav expects to complete preparations on its fleet in coming weeks ahead of tougher rules next year limiting sulphur emissions from ocean-going vessels, a company executive said on Tuesday.Ship owners must cut emissions by reducing the sulphur content in fuel to 0.5% from 3.5% under the rules, which are set by the United Nations' International Maritime Organization (IMO), and come into effect in January.To comply, ship owners can use low-sulphur fuel…

Euronav to Store Low-Sulfur Oil

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore.

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…

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…

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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…

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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…

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…

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…

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…

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.

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…

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…

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…