Euronav Expands VLCC Fleet

by Ship & Bunker News Team
Wednesday August 16, 2023

Tanker firm Euronav has signed a deal to add up to two new VLCCs to its fleet.

The firm has agreed to buy one new VLCC, with the option to take a second within the next two months, it said in a statement on its website on Wednesday.

The vessel order cost $112.2 million, 'with highly favourable payment terms and schedule', the company said.

The first ship is due for delivery in the third quarter of 2026.

Global tanker demand has risen over the past two years with Western sanctions on Russia following the invasion of Ukraine meaning Russian oil exports have to move further to find new markets in Asia-Pacific, increasing tonne-mile demand.

Euronav has 41 VLCCs in its current owned and operated fleet, as well as one V-plus vessel, 22 Suezmaxes and two FSO vessels.