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  • 2016 October 5 14:25

    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. 




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