Belgian crude oil carrier Euronav, proposed merging partner of Frontline, sells an older tanker for USD 21.5m and reaps a million-dollar profit.
Euronav trims its tanker fleet amid a shareholder dispute on a potential merger with Frontline.
The Belgian crude oil tanker company has just sold suezmax tanker Bari of 159,186 dwt to an unidentified buyer for USD 21.5m.
The ship has already been delivered to the new buyer.
The sale provides Euronav and its joint-venture partner with a gain of USD 6.5, which will be booked for the second quarter this year, Euronav writes in a statement.
The now divested ship was bought in November 2019 by a 50-50 joint venture between Euronav, a Ridgebury Tankers subsidiary and a customer of Tufton Oceanic.
Euronav’s fleet consists of 76 vessels, wholly, partially owned and chartered tankers.
Major shareholder against merger
Euronav’s ship sale takes place amid talks of a proposed merger between the carrier and Norwegian operator Frontline.
The boards of directors at the two major tanker companies stated on April 7 that they sought to merge. However, the negotiations on such a move have not yet concluded, and it stands to probably be a major theme at the upcoming annual general meeting set for May 19.
Belgian shipping family Saverys, major shareholder in Euronav with a stake of 14.4 percent, is against the merger.
