Company:Euronav
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| Type | Public |
|---|---|
| Euronext: EURN NYSE: EURN | |
| Industry | Transport, Marine, Oil and Gas |
| Founded | 2004 |
| Headquarters | Antwerp, Belgium |
Key people | Lieve Logghe (Interim CEO) Alex Staring (COO) |
| Products | Shipping Oil |
Number of employees | 1,700 (2013) |
| Website | www |
Euronav is a Belgian international shipping enterprise which focuses on oil transport by sea. Euronav is considered to be one of the major independent global oil shipping firms.
History
Euronav provides complete shipping services in addition to its fleet of large tankers.[1] The company is the successor to the Belgium tanker-owner European Navigation Company Ltd, an Isle of Man company, and to the French Compagnie Nationale de Navigation (CNN, at that time a subsidiary of the Worms Group (Worms & Cie[2]). In 1995 European Navigation Company Ltd sold vessels, subsidiary, crewing and technical, management companies and goodwill to Euronav Luxembourg NV to form a joint venture between CNN and Compagnie Maritime Belge (CMB). In 1997 CMB acquired CNN and transferred Euronav Luxembourg NV into the full ownership of CMB. Euronav had thus become the wholly owned tanker division of CMB.[3]
On 5 January 2014 Euronav announced that it has entered into a contract to acquire 15 VLCC tankers from Maersk subsidiary Maersk Tankers Singapore in a deal worth US$980 million.[4] This deal brought the number of ships from Euronav from 35 to 50.[5]
In December 2017, it became known that Euronav took over its American competitor, Gener8 Maritime. The take over took form of a merger by moving all Gener8's shares under Euronav's umbrella with Gener8 becoming a daughter company. Euronav has 72 percent of the shares, compared to 28 percent for the Gener8 stockholders. The new group has a fleet of 75 tankers, including 44 VLCC's.[6][7]
On 11 September 2020, Euronav was granted a $713m loan facility by Nordea with the first withdrawal on 15 October 2020. It consists of a revolving credit facility of up to $469m and a term loan of up to $244m.[8][9]
On 7 April 2022 there was announced a merger between Euronav and Frontline Ltd. pending regulatory approval and ironing out of the last details, including different strategic views between Euronav's and Frontline's main owners.[10][11] The merger would have created the world's largest publicly listed tanker company. Euronav's largest shareholder, Compagnie Maritime Belge, opposed the merger and on 9 January 2023, Frontline announced that the merger would not take place.[12] On 9 October 2023, Frontline sold its 26% stake in Euronav to CMB. As part of the sale, Frontline acquired 24 of Euronav's oil tankers for an aggregate purchase price of $2.35 billion USD.[13]
Fleet management
Technically, the fleet management is conducted by three wholly owned subsidiaries Euronav Ship Management SA and Euronav SAS, both French companies with headquarters in Nantes, France, and with a major branch office in Antwerp, Belgium, and Euronav Ship Management (Hellas) Ltd. with branch office in Athens, Greece. Euronav vessels fly Belgian, French, Greek and Liberian flag.[14]
Commercially, most of Euronav's VLCCs and two or three V-Plus[15] are marketed in the Tankers International pool of oil tanker operators.[16][17]
References
- ↑ "EURN: Euronav NV Stock Price Quote - EN Brussels - Bloomberg". https://www.bloomberg.com/quote/EURN:BB.
- ↑ "Worms & Cie". https://www.wormsetcie.com/en.
- ↑ "Euronav - History". http://www.euronav.com/Page.aspx?id=9.
- ↑ "euronav.com: Press release". Archived from the original. Error: If you specify
|archiveurl=, you must also specify|archivedate=. https://web.archive.org/web/20140113214800/http://www.euronav.com/Documents/IR/Press%20Releases/Acquisition%20of%20Maersk%20VLCC%20fleet.pdf. - ↑ "Oliereder Euronav koopt 15 mammoettankers van Maersk". http://www.standaard.be/cnt/dmf20140105_00913319.
- ↑ "Kwantumsprong voor Euronav". https://www.standaard.be/cnt/dmf20171221_03255422.
- ↑ "Antwerp shipping company Euronav seals major takeover". 21 December 2017. https://www.vrt.be/vrtnws/en/2017/12/21/antwerp_shippingcompanyeuronavsealsmajortakeover-1-3117627/.
- ↑ "Euronav NV's US$713 Million Loan Facility". 27 October 2020. http://www.globallegalchronicle.com/euronav-nvs-us713-million-loan-facility/.
- ↑ "Euronav seals $713m green refinancing to fund new VLCCs". Tradewinds | Latest Shipping and Maritime News. 20 October 2020. https://www.tradewindsnews.com/tankers/euronav-seals-713m-green-refinancing-to-fund-new-vlccs/2-1-896709.
- ↑ Hand, Marcus (7 April 2022). "Frontline and Euronav plot merger in all stock deal". https://www.seatrade-maritime.com/tankers/frontline-and-euronav-plot-merger-all-stock-deal.
- ↑ Dixon, Gary (7 April 2022). "World-leading tanker giant born as Frontline and Euronav reveal $4.2bn merger". https://www.tradewindsnews.com/tankers/world-leading-tanker-giant-born-as-frontline-and-euronav-reveal-4-2bn-merger/2-1-1198097.
- ↑ "Oil tanker groups Frontline and Euronav scrap $4.2 billion merger". Reuters. 10 January 2023. https://www.reuters.com/markets/deals/oil-tanker-groups-frontline-euronav-terminate-merger-2023-01-09/.
- ↑ "FRO – Fully funded acquisition of 24 modern VLCCs from Euronav NV". https://www.frontlineplc.cy/fro-fully-funded-acquisition-of-24-modern-vlccs-from-euronav-nv/.
- ↑ "Archived copy". http://www.allaboutshipping.co.uk/2013/06/24/euronav-us-300-million-facility/.
- ↑ Company Overview (p. 6 of 32)
- ↑ "Euronav". http://www.linkedin.com/company/euronav.
- ↑ "Pioneers of VLCC Pooling | Tankers International – Tankers International is one of the world's leading shipping pools – providing unrivalled management of modern, independent VLCC tonnage". https://tankersinternational.com/.
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