Belgian tanker company Euronav has purchased the Ultra Large Crude Carrier Seaways Laura Lynn, making it the proud owner of the only two ULCCs in the world capable of holding up 3 million barrels of oil. Euronav Tankers acquired the Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways, for $32.5 million. Euronav has renamed the ULCC … [Read more...]
Euronav Becomes World’s Largest Independent Tanker Company as Merger with Gener8 Maritime Closes
Belgian tanker company Euronav has completed its merger with former rival Gener8 Maritime following approval from Gener8’s shareholders on Monday. The merger creates the world’s largest independent operator of large crude tankers. Through the merger, Euronav has an operating fleet of 74 crude tankers consisting of 43 Very Large Crude Carriers (VLCCs), 27 Suezmax tankers, … [Read more...]
Euronav, Gener8 Maritime Merger to Create World’s Leading Independent Tanker Company
Belgian tanker company Euronav (NYSE:EURN, Euronext:EURN) and its New York-based rival Gener8 Maritime (NYSE:GNRT) have agreed to merge, thus creating the world's leading independent operator of large crude tankers. The agreement, announced Thursday, calls for a stock-to-stock merger for the entire issued and outstanding share capital of Gener8, through which Gener8 would … [Read more...]
Tanker Market May Face Difficult Q2, Q3 on Oversupply, Euronav Says
By Jessica Jaganathan SINGAPORE, April 25 (Reuters) - The tanker market may face a "difficult" second and third quarter this year after a robust first quarter as supply of newly built vessels loom, Belgian oil tanker operator Euronav said on Tuesday. "The rates today are not the same as what we have seen in previous quarters," Chief Executive Paddy Rodgers told Reuters on … [Read more...]
Very Large Crude Carrier Aground in Java Sea
A very large crude carrier belonging to Belgian tanker company Euronav ran aground Wednesday while carrying a cargo of crude oil through the Java Sea, but the ship manager says the vessel is in good condition even as it remains stuck in the mud. Euronav Ship Management confirmed Thursday that their 299,446 dwt VLCC Alex was involved in a grounding incident on … [Read more...]