Navios Purchases Four LR2 Tankers for $250 Million
Angeliki Frangou’s Navios Maritime Partners (NYSE: NMM) has agreed to purchase four newbuild 115,000 dwt LR2 tankers. The vessels are being acquired for a purchase price of $58.5 million each,...
Euronav had suspended trading of shares since Monday of last week as news of this acquisition had been anticipated. This acquisition will more than double Euronav’s current fleet of 11 VLCCs.
Euronav notes that the tankers will be operated in the Tankers International VLCC Pool.
In a statement on their website, the company justifies the acquisition noting, “The outlook for the large crude tanker market has improved significantly over the last months indicating a resurgence of demand and an improved near term outlook. Euronav considers the acquisition as a first step towards a wider consolidation of the world tanker fleet, with the concurrent benefits of synergy and logistical enhancement to the benefit of all stakeholders.”
All but one of the deliveries are expected between January and June of 2014. One vessel currently under charter will be delivered towards the end of the year.
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