Euronav : gains USD 18 million upon redelivery of 4 VLCCs under sale and leaseback

Euronav gains USD 18 million upon redelivery of 4 VLCCs under sale and leaseback

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26 Jan 2022 08:00 CET

Company Name

EURONAV

ISN

BE0003816338

Market

Euronext

Symbol

EURN

EURONAV GAINS USD 18 MILLION UPON REDELIVERY OF 4 VLCCS UNDER SALE AND LEASEBACK

ANTWERP, Belgium, 26 January 2022 - Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") announces that upon the redelivery of 4 VLCCs, which occurs at the maturity of a five-year sale and leaseback agreement, the company will book a USD 18 million capital gain on disposal of assets. The four VLCCs are: the Nautilus (2006; 307,284 dwt), Navarin (2007; 307,284 dwt), Neptun (2007; 307,284 dwt) and the Nucleus (2007; 307,284 dwt). As the first ship was redelivered on 15 December 2021, USD 4.5 million will be booked in the fourth quarter of 2021, whereas the remaining USD 13.5 million will be booked in the first quarter of 2022.

After the departure of these four VLCCs the Euronav fleet will comprise of 41 VLCCs, 27 Suezmaxes, 2 FSO and 2 V-Plus. Euronav recently welcomed two newbuilding in its fleet, the Cedar (2022, 157,310 dwt) and the Cypress (2022; 157,310 dwt). These are two out of five Suezmax-newbuildings that will join the Euronav fleet in the upcoming years. The delivery of three newbuilding VLCCs is scheduled for the first and second quarter of 2023.

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For further information, please contact:

Contact:

Mr. Brian Gallagher

Head of IR, Research and Communications & Member of the Management Board

Tel: [phone]

Email: [e-mail]

Mrs. Ilse Derijck

Communication Manager

Tel: [phone]

Email: [e-mail]

Q4 2021 Earnings announcement - Thursday, February 3rd ,2022

About Euronav

Euronav 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, 43 VLCCs (with further three under construction), 27 Suezmaxes (one of which is in a joint venture and two vessels time chartered in) with a further three under construction and 2 FSO vessels (both owned in 50%-50% joint venture).

Regulated information within the meaning of the Royal Decree of 14 November 2007.

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 forwardlooking 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.

20220126new-capital-gaineng.pdf

Source

Euronav

Provider

Euronext