Antwerp, Belgium, headquartered Euronav NV (NYSE: EURN) reports that it has sold the 2005-built VLCC TI Hellas for $38.1 million. A capital gain on the sale of approximately $1.6 million will be recorded in the current quarter.
The vessel will be delivered to her new owners at the end of May after completion of the current voyage.
Euronav says it considers regular fleet rejuvenation as an important function of vessel management and providing quality services to clients. Since the beginning of this year, the company has sold one VLCC and two Suezmax vessel (all over 15 years of age), but has acquired four newbuild Eco-type VLCC resales due for delivery later in 2020 and early 2021.