Euronav sells oldest VLCC for conversion into FPSO

Belgium-based shipping company Euronav NV has sold its oldest very large crude carrier (VLCC) for conversion into a floating production storage and offloading (FPSO) vessel. 

Euronav Luxembourg, a subsidiary of Euronav, has sold the VLCC vessel VK Eddie to a global supplier and operator of offshore floating platforms, the company said on Tuesday.

The 332 meters long vessel was built in 2005 by South Korea’s Daewoo.

A capital gain on the sale of approximately $14.4 million will be recorded during the current quarter. The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet, Euronav explained.

According to Euronav, the VK Eddie is the ninth vessel the company has introduced into an offshore project over the past decade.

With this latest transaction, Euronav brought the total balance of its VLCC fleet to 42 VLCCs, with an average age of 6.7 years.

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