Euronav Sold a Vessel and Changed Its Board of Directors
Euronav (EURN) is a leading crude (DBO) tanker company. It gave its investor presentation on December 2, 2015. In this series, we’ll assess the presentation to get insights on the future of the crude tanker industry. Euronav discussed the future oil demand and supply and its impact on the tanker industry. It also touched on important topics like the industry orderbook. We’ll look at Euronav’s recent developments. It sold a vessel and made changes to its board of directors.
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Sale of vessel
On November 30, 2015, Euronav announced the sale of its 17-year-old Suezmax tanker—Suezmax Cap Laurent—for $22.25 million. The company will record a capital gain of $11.1 million in the fourth quarter. The vessel has already been delivered to its new owner.
After the sale, Euronav’s active fleet stands at 53 double-hulled vessels—28 VLCC (very large crude carrier) tankers, 22 Suezmax tankers, one V-Plus, and two FSO vessels. The company also has three VLCC tankers in the pipeline—to be delivered in 2016.
Change in the board
On November 30, 2015, Euronav announced that the board of directors appointed Carl Steen as a member of the board. He will be the chairman. This came after the resignation of three non-independent directors—Peter Livanos, Marc Saverys, and Julian Metherell.
Carl Steen was a former head of the Shipping, Oil Services, and International Division of Nordea Bank. The bank is one of the largest lenders to the shipping and offshore market. He has experience in the finance and shipping industry. According to the company, Carl Steen’s standing in the international shipping and investment community makes him an asset to the company.
Euronav’s investors were indifferent on the news about the change in the board. On November 30, the stock fell by 1.5% compared to its previous close. Other crude tanker company stocks also moved in a similar range.