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Hugo De Stoop, CEO of Euronav said:
”Low freight rate market conditions prevailed during Q1 and into the current quarter. Mobility restrictions linked to the COVID-19 pandemic continue to affect global crude consumption. Whilst the tapering of OPEC + production cuts later this month is an encouraging sign, available large crude tonnage remains abundant. We remain confident that the market will recover in the medium-term and that is why we took advantage of available low asset prices to make counter-cyclical investments in both the VLCC and Suezmax segments during Q1. Alongside the excellent relationships that Euronav maintains with shipyards, our new eco-ships will form a key part of our energy transition strategy to lower our fleet emissions.”
AqualisBraemar to perform DP approvals for Daehan Shipyard
International offshore and marine engineering consultancy AqualisBraemar has been tasked by Daehan Shipbuilding Co. Ltd, a new leading shipyard for Aframax and Suezmax tankers, to undertake a DP and BLS system FMEA on a shuttle tanker being built by the South Korean shipyard for Greek tanker giant Tsakos Energy Navigation.
Under the contract, AqualisBraemar will conduct DP (dynamic positioning) failure mode and effects analysis (FMEA), proving trials and provide the ship specific DP operations manual for the DP2 shuttle tanker. The company has not disclosed the value of the contract.
To execute the project, AqualisBraemar will support Daehan Shipyard with DP experts from the company’s offices in both South Korea and Singapore.
Photo: Pete Linforth - Pixabay Euronav has entered into an agreement to acquire two resale suezmax newbuildings that will be able to run on LNG and even ammonia in future.
The resale contracts are acquired by Euronav at an en-bloc price of $113m. The pair of eco-suezmaxes are currently under construction at South Korea’s Daehan Shipyard and scheduled for delivery in January 2022.
“The current disruptions to the freight market have provided this opportunity and our strong balance sheet allowed us to act quickly on it. This is in line with our strategy of acquiring good assets at attractive points in the cycle,” said Hugo De Stoop, ceo of Euronav.
Euronav buys Suezmax tankers under construction, set to be LNG and Ammonia-ready February 3, 2021, by Jasmina Ovcina Antwerp-based tanker shipping company Euronav NV has entered into a deal to acquire two eco-Suezmax newbuildings through a resale.
Currently completing construction at the Daehan Shipyard in South Korea, the tankers are being acquired for an en-bloc price of $ 113 million. Both vessels are due for delivery in January 2022.
Euronav said that the vessels were the latest generation of Suezmax Eco-type tankers. They will be fitted with scrubbers, ballast water treatment systems, and have the structural notation to be LNG Ready.
The shipowner added that it was working closely with the shipyard to also have a structural notation to be Ammonia Ready. This provides the option to switch to other fuels at a later stage.