Euronav Sells VLCC for FPSO Conversion

Belgium-based crude oil tanker company Euronav NV has sold its oldest very large crude carrier (VLCC) for conversion into a floating production storage and offloading (FPSO) vessel.

The ship owner announced that its subsidiary Euronav Luxembourg has sold the VLCC vessel VK Eddie (2005 – 305,261 dwt) to a global supplier and operator of offshore floating platforms.

A capital gain on the sale of approximately USD 14.4 million will be recorded during the current quarter, it said.

The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet.

"Euronav’s reputation for providing high quality operational tonnage is appreciated in the offshore sector with the VK Eddie being the ninth vessel the company has successfully introduced into an offshore project over the past decade," it claimed  in a press release.

Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to its clients, it said.

With the transaction Euronav sold its oldest VLCC, bringing the total balance of its VLCC fleet to 42 VLCCs, with an average age of 6.7 years.