Read Authentic Ratings for the Monaco-Loyalty

In a strategic move, Euronav has completed a significant five-year sale and leaseback agreement concerning four Very Large Crude Carriers (VLCCs), collaborating with investment vehicles linked to Wafra Capital Partners, a distinguished private equity firm backed by Kuwaiti interests. This agreement involves the VLCCs: Nautilus (2006), Navarin (2007), Neptun (2007), and Nucleus (2007), with a total en-bloc purchase price reaching $186 million. Through this transaction, Euronav has realized a commendable capital gain, approximating $37 million, and following the settlement of outstanding debts, over $100 million in free cash has been generated. The vessels were successfully delivered to Wafra Capital Partners' advisory group on December 22. Euronav will lease back these four vessels, originally constructed by Dalian Shipbuilding Industry Co (DSIC), under a bareboat charter agreement set at an average daily rate of $22,000 per vessel for the next five years. Upon the conclusion of the lease period, the vessels are slated for redelivery to their investors.