Euronav sells two suezmaxes

26 Sep 2024 08:00 CEST

EURONAV SELLS TWO SUEZMAXES

ANTWERP, Belgium, 26 September 2024 – Euronav NV (NYSE: CMBT & Euronext: CMBT)
(“Euronav” or the “Company”) has sold two Suezmax vessels, Sapphira (2008,
150,205 dwt) & Statia (2006, 150,205 dwt) to a wholly owned subsidiary of CMB NV
at today’s market value as part of the fleet rejuvenation. The sale will
generate a capital gain of 61.38 million USD. The vessels will be delivered to
their new owner on 26 September 2024. 

The procedure for related parties transactions under Belgian law was applied in
connection with the sale. More information can be found in the legal
announcement attached to this press release. The advice of the committee of
independent directors will be made available on the Company’s website.

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Contact:

Head     of   Marketing   &   Communications   –   Katrien           
Hennin            

Tel:       +32 499393470 

Email: Katrien.hennin@cmb.tech


Q3 2024 Earnings results – 7 November 2024

About Euronav NV & CMB.TECH

Euronav and CMB.TECH together represent a diversified & futureproof maritime
group with over 160 ocean-going vessels (including newbuildings) in dry bulk,
container shipping, chemical tankers, offshore wind and crude oil tankers. The
group focuses on large marine and industrial applications on hydrogen or
ammonia. They also offer hydrogen and ammonia fuel to customers, through own
production or third-party producers. The company is headquartered in Antwerp,
Belgium, and has offices across Europe and Asia.

Euronav is listed on Euronext Brussels and on the NYSE under the symbol CMBT.

Euronav will change its group's name to CMB.TECH, effective as of 1 October.
Euronav will remain the oil tanker shipping company within the group. 

About CMB NV

CMB, Compagnie Maritime Belge, is a maritime group with its registered offices
in Antwerp. CMB is the major shareholder of Euronav / CMB.TECH.

Forward-Looking Statements 
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbour 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, timings 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 harbour provisions of
the Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbour 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 or meet expected timings.

 

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.

ANNOUNCEMENT 
Regulated information
Announcement in application of Article 7:116, §4/1 BCA

ANTWERP, Belgium, 26 September 2024 – Yesterday, the Supervisory Board of
Euronav NV (“Euronav” or “the Company”) (NYSE: CMBT & Euronext: CMBT) approved
the entry by Euronav into memoranda of agreement regarding the sale of two of
its Suezmax tankers and a short-term time charter party with Bocimar
International NV (“BOI”).

BOI, the counterparty to these contracts, is a wholly owned subsidiary of CMB
NV, the controlling shareholder of the Company and thus is a related party
within the meaning of IAS 24. The transaction is therefore subject to the
procedure provided for in Article 7:116 BCAC.

Details of the transaction
The sale concerns two Suezmax tankers, named the Statia and the Sapphira (the
“Vessels”).

The purchase price for the Vessels is based on the highest of the combined fair
market valuations of the Vessels issued by two independent, reputable
shipbrokers (Braemar and VesselsValue). The aggregate purchase price is USD
86,750,000.
 
To facilitate the smooth delivery of the Sapphira, a short-term time charter
party will be entered into in respect of the Sapphira (which is relatively
insignificant).
 

Transaction rationale
The transaction enables the Company to manage its portfolio of ships in line
with its fleet rejuvenation strategy.

The Company will use the net proceeds to fund the committed capital expenditure
on its future proof newbuilt vessels or for initial advances on newbuilt vessels
if future projects are confirmed.

Conclusion of Committee and assessment of auditor
A Committee of three independent members of Euronav’s Supervisory Board
(the “Committee”) has reviewed the terms and conditions of the transaction
documents and has issued a written reasoned advice to the Supervisory Board. In
its advice, the Committee stated that it is of the view that “the transaction is
not manifestly unlawful in nature and that it is unlikely that the transaction
would result in disadvantages to Euronav that are not outweighed by benefits to
Euronav”. The Committee therefore advised favourably on the transaction.

The assessment carried out by Euronav’s statutory auditor provides as follows:
“Based on our assessment, nothing has come to our attention that makes us to
believe that the financial and accounting data referred to in the opinion of the
committee of independent members of the supervisory board dated 24 September
2024 or in the minutes of the supervisory board dated 25 September 2024,
motivating the proposed transaction, are not consistent in all material respects
with the information available to us in the context of our assignment.”

More information:
Access the news on Oslo Bors NewsWeb site

628558_240926_PR_Suezmaxes.pdf