Euronav Sells VLCC Algarve

The executive committee of Euronav NV announced that the company sold the VLCC Algarve (1999 – 298,969 dwt) for a selling price of USD 35,875,000 million and that the vessel was delivered to its new owner.

A capital gain of USD 7.3 million will be recorded whilst the net cash proceeds available to the company after the mandatory repayment of its debt obligation will be USD 17.3 million.

The vessel will be converted in a FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet. The firm price of this sale reflects on the company’s strategy to have set up an offshore department last year capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

[mappress]

Press Release, October 29, 2012