Euronav Adds to 2012 Losses

Euronav's MARIA was delivered to the company in 2012 by Samsung Heavy Industries. Photo courtesy Euronav
Euronav’s MARIA, a suezmax delivered to the company in 2012 by Samsung Heavy Industries. Photo courtesy Euronav

Euronav said Tuesday that it has added an additional $32 million to its 2012 losses from the sale of its newbuild Suezmax tanker, the 157,648 dwt Cap Isabella, for $54 million.

In a statement, Euronav said the Cap Isabella is to be delivered to its new owner upon delivery from Samsung Heavy Industries later this month, but the vessel will be taken back under a bareboat charter for a fixed period of 2 years at current market rates and with 3 options to extend the charter by a further year.

The sale forces Euronav to book an additional capital loss of $32 million in 2012, since the deal was signed before the announcement of the 2012 final figures and is the result of negotiations with various parties which started in the financial year 2012.

“More importantly, however, this transaction enables Euronav to eliminate its only remaining capital expenditure whilst using very limited cash to take delivery of the vessel,” the statement said.

Euronav previously reported a net loss of $85.9 million, or $1.72 per share, in 2012.