Euronav : orders two newbuild VLCCs and one option to add a third

EURONAV ORDERS TWO NEWBUILD VLCCs AND ONE OPTION TO ADD A THIRD  
 
ANTWERP, Belgium, 22 April 2021 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") today announces that it has entered into an
agreement with the Hyundai Samho yard for two VLCC newbuilding contracts.
Sourcing fleet renewal from the newbuilding market has primarily been driven by
the aim of Euronav to be at the forefront of innovation in the energy transition
and to drive projects with potential to decarbonize the transportation of oil.  
 
The vessels will be LNG-ready and consequently there is an ability to cut CO2
emissions compared to current market standards. Furthermore, Euronav is working
in cooperation with the yard and classification society to include an
Ammonia-ready notation with the potential to reduce CO2 emissions to zero when
technology, logistics and the regulatory framework allows for it. This should be
defined by the end of the summer. In addition to being significantly more fuel
efficient compared to the vessels they will replace, the newbuildings will also
be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment
Systems. 
 
These market leading units will be delivered during Q4 2022 and Q1 2023, costing
USD 186 million en-bloc, and including USD 4.2 million in additions and upgrades
to the standard specifications. Euronav also has the option to contract a third
VLCC with the same specifications that would be delivered in the second quarter
of 2023.  
 
While contracting and orderbook-to-fleet ratio remains at an historical low in
the tanker segment, elevated contracting activity from other segments has
reduced available capacity to build VLCCs for the upcoming years at a time when
the sector needs to replace maturing vessels with more environmentally friendly
designs.  
 
Hugo De Stoop, Euronav CEO said "As a market leader in our segment, Euronav
acknowledges our responsibility to support innovation towards decarbonizing the
transportation of oil, while protecting and building value with the capital our
shareholders have entrusted us with. With this order Euronav is tangibly driving
innovation and investing in the energy transition. These ships are not only the
latest generation of low consumption design but also have the option to be
converted or retrofitted to use either LNG or Ammonia as a low emission fuel of
the future. As there are no such alternatives in the second-hand market today,
and with rising steel prices and constraints over yard capacity to 2024, we
wanted to seize this opportunity to rejuvenate the fleet with two or three
modern VLCCs that will replace older and less efficient ships that will leave
our fleet around the same time of their delivery". 

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Contact: Brian Gallagher - Head of IR, Research and Communications & Management
Board member            Tel: [phone]                                 
                       Email: [e-mail] 
 
 
 
 
Announcement of first quarter results 2021: Thursday 6 May 2021  
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, 45 VLCCs, 28
Suezmaxes (one of which is in a joint venture and two vessels time chartered in
and two 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.

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