Euronav Disposes of VLCC Famenne

Euronav Belgium-based tanker operator Euronav NV has sold its wholly-owned 298,412 dwt very large crude carrier (VLCC) Famenne for USD 38.4 million to an undisclosed buyer. The 2001-built vessel, one of the companys two oldest VLCC vessels, is expected to join its new owner in the course of the first quarter of 2016. Euronav expects that the sale will contribute a capital gain of about USD 13.8 million at the delivery of the vessel. According to the company, following the sale, the availability of the revolver under the USD 750 million facility will be reduced by USD 23.7 million. Euronav recently said that, despite the current capital markets sentiment, it continues to experience positive results in the VLCC and Suezmax sectors. The companys average daily time charter equivalent rate in the Tankers International pool was approximately USD 62,000 per day in the fourth quarter of 2015, while the time charter equivalent earnings of the Euronav Suezmax spot fleet was above USD 40,000 per day for the fourth quarter of 2015.