Euronav books $9.3 million gain on sale of oldie

Written by Marine Log Staff
Euronav stack insignia

Antwerp-headquartered tanker giant Euronav NV (NYSE: EURN) has sold the oldest conventional vessel in its fleet, the 2002-built, 149,989 dwt Suezmax Filikon, for $16.3 million. The company will record a capital gain on the sale of approximately $9.3 million in the current quarter.

The vessel was delivered to its new owners June 4.

Euronav says it considers regular fleet rejuvenation an important function of vessel management and notes that, since the start of 2020, it has sold its interests in eight vessels (four Suezmax and four VLCC) with an average build date of 2005. The capital invested has been recycled into eight large tankers, four of which are VLCCs already on the water, with two modern eco-VLCC and two modern eco-Suezmax vessel due for future delivery.

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