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International Seaways to Buy Euronav’s Six VLCCs

euronav-320x215.pngThe purchase price for the six vessels, with an average age of 1.7 years, is USD 434 million, inclusive of assumed debt. The transaction was agreed in connection with the closing of Euronav’s acquisition of Gener8 Maritime.

The ships in question include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding. The units are expected to be delivered to the company in the second quarter of 2018.

International Seaways said that, in connection with the transaction, it intends to assume the debt currently secured by the acquired vessels, which consists of a USD 311 million credit facility, maturing between 2027 and 2028, and carrying a fixed annual interest rate of LIBOR plus 2%.

The transaction is subject to a number of closing conditions, including consummation of Euronav’s acquisition of GNRT, amendment of the company’s existing credit facility as required to consummate the transaction, the company’s receipt of financing necessary to consummate the transaction. Further conditions include completion of the company’s due diligence to its reasonable satisfaction, execution of a definitive stock purchase agreement and receipt of all required third-party consents, third-party approvals and regulatory approvals.

Following the closing of the transaction, International Seaways will reduce the average age of its fleet by over two years while expanding the size of its fleet by 30% on a dwt basis.

“We are pleased to have entered into this compelling en bloc transaction that positions INSW to further increase its earnings power and industry leadership,” Lois K. Zabrocky, INSW’s president and CEO, said.

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