Euronav NV signs two long - term time charter contracts with Valero Energy
Euronav NV announces that it has signed two long - term time charter contracts of seven years each with Valero Energy Inc. for Suezmax vessels with specialised Ice Class 1 C capability starting in 2018 . In order to fulfil this contract, Euronav has ordered two high specification Ice Class Suezmax vessels from Hyundai Heavy Industries ship yard in South Korea.
Additional specifications for these vessels include substantially increased steel structure, specific emissions controls and other bespoke operational capabilities . Delivery of the se vessels is expected in early 2018 when each of the time charter contracts will begin . Over many months of price discovery , management believe s that the company has secured an excellent price for two high specification vessels in line with its policy of not addin g net new capacity to the global tanker fleet.
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE unde r the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 57 double h ulled vessels being 1 V - Plus vessel, 30 VLCCs (of which 1 in 50% - 50% joint venture), two VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 20 Suezmaxes , two Suezmaxes under construction and two FSO vessels (both owned in 50% - 50% joint venture). The Company’s vessels mainly fly Belgian, Greek, French and Marshall Island flags.
