Tanker Owner Euronav Sets Record Straight on Reported $1.2 Billion Buying Spree

File photo courtesy Euronav
File photo courtesy Euronav

 

International crude oil tanker owner Euronav has set the record straight on market speculation that it is planning a $1.2 billion tanker buying spree.

In a statement late Thursday from the Antwerp-based company, Euronav said it will not comment on market speculation, but confirmed that is in advanced talks to acquire five VLCCs and it has not made any offer on other vessels.

The Wall Street Journal reported early Thursday that Euronav, the world’s largest listed crude-tanker operator, was set to buy 18 tankers for around $1.2 billion. The spree included up to 8 newbuild VLCCs from Greece’s Metrostar and 10 Suezmax tankers from Connecticut-based Principal Maritime Tankers Corp.

Euronav’s statement said that with the exception of the four VLCCs mentioned above, the company has not made an offer on any other vessels – specifically the Principal Maritime Suezmax vessels.

Euronav said that if the deal for the four VLCCs concluded, that it would be funded from debt and existing liquidity available under revolving facilities. The company added that it will provide further update when appropriate.

According to its website, Euronav’s owned fleet comprises 49 tankers, including 26 VLCCs, 22 Suezmaxes and 1 “VPLUS” tanker, the TI Europe.

Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN.