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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Euronav : announces Joint Development Program for ammonia-fitted tankers and newbuildings update

07/06/2021 | 02:01am EDT
Euronav announces Joint Development Program for ammonia-fitted tankers and
newbuildings update
o	Partnership to accelerate development of dual fuel ammonia-fitted tankers
o	Euronav contracts three modern Suezmaxes with Hyundai Heavy Industries
o	Euronav lifts the option to contract a third VLCC newbuilding 

ANTWERP, Belgium, 6th of July 2021 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") today announces a Joint Development Program (JDP)
with the largest shipbuilder in the world, Hyundai Heavy Industries (HHI) and
classification societies Lloyd's Register and DNV, to help accelerate the
development of dual fuel Ammonia (NH3) fitted VLCC and Suezmax vessels. The
initial term of the JDP will be three years. 

Hugo de Stoop, CEO of Euronav: "Shipping is entering an era of rapid
technological developments and increasing environmental efforts demanding strong
stewardship. Working with key partners toward the safe transport and
commercialization of new technologies will be instrumental in delivering
benefits for the wider marine industry. This partnership will accelerate the
development and adoption of ammonia as one of the key solutions for the shipping

Since the beginning of the year, Euronav has invested significantly in its
fleet. The Company has acquired 2 Suezmaxes through resale of contracts and has
taken over an early berth from owners unable to execute the contracts for the
construction of two VLCCs. Today, Euronav confirms that it has entered into new
contracts for the building of 3 Suezmaxes and that is has lifted the option to
build a third VLCC as per the Company's announcement made on 22 April 2021.

All these newbuildings will be delivered in a staggered timing, enabling all
parties involved to make concrete progress towards the development of
ammonia-fitted tankers. 

Every vessel ordered is part of our fleet rejuvenation program and is already
outperforming any other existing vessels in terms of fuel consumption and
emissions, and in particular the older vessels that will be phased out of the
fleet because of their age profile. In addition, the vessels will feature a
gradual and increasing degree of readiness to be converted into dual fuel fully
fitted Ammonia ships at a later stage, while retaining the possibility to
convert them into dual fuel LNG vessels if it would make more commercial sense. 

The three firm Suezmaxes were contracted for a total cost of USD 199.2 million
(USD 66.4 million each). The vessels will be delivered in the third quarter of
2023 and the first quarter of 2024. Delivery for the lifted option VLCC would
have been the second quarter of 2023. Euronav will meet the financing of this
acquisition with existing liquidity and asset-backed debt capacity. 

The flexibility that these vessels offer can only be achieved by being close to
the latest technological developments that are constantly coming onto the
market. As with any new technology, it is important to understand as much and as
early as possible how to operate them in a safe, reliable, and efficient way. 

Shipping is at the start of an intense period. It needs to apply new
technologies, while simultaneously addressing challenging emission reduction
objectives and maintaining the highest safety standards. The Joint Development
Program brings together specialist parties to help accelerate these
technological advancements. The program will ensure that Euronav and its
partners gain control, yet retain flexibility in constructing future
specifications for a new generation of crude tankers. Emissions compliance is
critical to Euronav's stakeholders. And with shipbuilding capacity likely
constrained for the construction of large crude tankers until at least 2025,
Euronav believes this will deliver the company a competitive advantage within
its already established sustainability structure.  

In today's fast changing and volatile environment, Euronav states it is
important to remain flexible and at the same time contribute to the global
effort of reducing greenhouse gas emissions which is key to its own economic

*  *

Brian Gallagher - Head of IR, Research and Communications & Management Board
Tel: +44 20 78 70 04 36                                          	             
Email: IR@euronav.com

Announcement of second quarter results 2021: Thursday 12 August 2021

About EuronavEuronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has
offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and
on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot
and period market. VLCCs on the spot market are traded in the Tankers
International pool of which Euronav is one of the major partners. Euronav's
owned and operated fleet consists of 2 V-Plus vessels, 48 VLCCs (three to be
delivered), 30 Suezmaxes (of which one is in a joint venture, two vessels that
are time chartered in and five vessels to be delivered) and 2 FSO vessels (both
owned in 50%-50% joint venture).

Forward-Looking Statements 

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words "believe",
"anticipate", "intends", "estimate", "forecast", "project", "plan", "potential",
"may", "should", "expect", "pending" and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
EURONAV NV 1.36% 7.312 Real-time Quote.9.30%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. -0.84% 117500 End-of-day quote.8.29%
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Sales 2021 15 188 B 12,9 B 12,9 B
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