Euronav NV has reached an agreement to buy out its 50% joint venture partner for full control of the 2005-built Very Large Crude Carrier (VLCC) V.K. Eddie.
Euronav will buy the 305,261 dwt vessel from the joint venture company Oak Maritime (Canada) Inc. at a price of USD 39 million and will receive back 50% of the proceeds.
Under the agreement reached between the parties, the Daewoo-built vessel would be delivered for full control to Euronav in mid-November.
“This is a logical move for both parties. It permits Euronav to further simplify our financial and operating structure. In addition, it reiterates our positive view on the medium-term outlook for the tanker sector by actively increasing our capacity at what, we believe, are attractive asset prices,” Hugo De Stoop, CFO, said.