Euronav

Euronav is an international shipping enterprise which focuses on oil transport by sea.

Euronav NV
TypePublic
Euronext: EURN
NYSE: EURN
IndustryTransport, Marine, Oil and Gas
Founded2004
HeadquartersAntwerp, Belgium
Key people
Hugo De Stoop (CEO and interim CFO)
Alex Staring (COO)
ProductsShipping
Oil
Number of employees
1,700 (2013)
Websitewww.euronav.com
Euronav tanker in Canada

History

Euronav provides complete shipping services in addition to its fleet of large tankers.[1] The company is the successor to tanker-owner European Navigation Company Ltd, an Isle of Man company incorporated by Compagnie Nationale de Navigation (CNN), at that time a subsidiary of the Worms Group. 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.[2]

At the time CMB was and continues to be controlled by the Belgian family Saverys.

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.[3][4]

Fleet management

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, Greek and French flag.[5] Most of Euronav's VLCCs and two or three V-Plus[6] are operated in the Tankers International pool.[7]

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.[8] This deal will bring the number of ships from Euronav from thirtyfive to fifty.[9]

In December 2017 it became known that Euronav took over its American competitor Gener8 Maritime. The take over will take form of a merger by moving all Gener8's shares under Euronav's umbrella with Gener8 becoming a daughter company. Euronav will have 72 percent of the shares, compared to 28 percent for the Gener8 stockholders. The new group will have a fleet of 75 tankers, including 44 VLCC's.[10][11]

References
  1. http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=EURN:BB%5B%5D
  2. "Euronav - History". Archived from the original on 2013-11-13. Retrieved 2013-09-27.
  3. "Euronav NV's US$713 Million Loan Facility". Global Legal Chronicle. 27 October 2020. Retrieved 5 November 2020.
  4. "Euronav seals $713m green refinancing to fund new VLCCs". TradeWinds. 20 October 2020. Retrieved 5 November 2020.
  5. http://www.allaboutshipping.co.uk/2013/06/24/euronav-us-300-million-facility/
  6. Company Overview Archived 2014-02-01 at the Wayback Machine (p. 6 of 32)
  7. http://www.linkedin.com/company/euronav
  8. euronav.com: Press release Archived 2014-01-13 at the Wayback Machine
  9. De Standaard: Oliereder Euronav koopt 15 mammoettankers van Maersk
  10. Kwantumsprong voor Euronav
  11. Antwerp shipping company Euronav seals major takeover
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