EURONAV Resumes Its Shopping Spree

Crude tanker company EURONAV is further strengthening its fleet capacity and this time with a deal to purchase four modern Japanese built VLCC vessels worth USD 342 million.

The vessels are on average 3 years old. As explained by the company, the transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ acquisition of 4 of the best vessels that can be found in today’s second hand market.

Three vessels are expected to be delivered in the course of the third and fourth quarter of this year and the last vessel in the course of the second quarter of 2015.

The acquisition of the vessels will be partly financed with funds raised through a private placement of new shares
within the authorised capital which will be launched today.

The new shares will be offered to institutional investors selected through an accelerated book
build offering.

EURONAV intends to raise USD 100 million in this private placement, while a further USD 200 million will be raised in bank debt.

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