Euronav has agreed with Bretta Tanker Holdings to terminate its Suezmax joint venture. The joint venture covers four Suezmax vessels: the Captain Michael (2012 – 157,648dwt), the Maria (2011 – 157,523dwt), the Eugenie (2010 – 157,672dwt) and the Devon (2011 – 157,642dwt).
Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon. Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of $15.1 million upon closing the transaction which is foreseen to take place in the current quarter.
The termination of the joint venture will allow us to account directly for what was our share in the joint venture instead of having to use the equity method.
Euronav further announces that John Michael Radziwill has resigned from the Board of Directors with immediate effect. The Board takes this opportunity to thank him for his contribution to the development of the company.