Euronav acquires three VLCC newbuildings from DSME

Euronav has entered into an agreement for the acquisition through resale of three very large crude carrier (VLCC) newbuilding contracts.

The vessels are currently under construction at South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) and are being acquired for an aggregate purchase price of US$280.5 million or US$93.5 million per unit.

The VLCCs are due to be delivered early in the fourth quarter of 2020 and in January and February 2021, respectively, and will therefore have exposure to the key winter freight markets in 2020/2021.