Euronav swaps VLCC for Suezmaxes

Belgium-based shipowner Euronav has called on Samsung Heavy Industries to convert a VLCC order to a pair of Suezmaxes. Samsung was preparing to build a 318,000 DWT VLCC for delivery in the first quarter of 2012 but, under a $170m deal, Euronav asked for a change in order to reduce its short-term capital outlay.

Under the deal, the two ice-strengthened Suezmax tankers would be delivered in the third quarter of 2012 and in 2013. Euronav said the delivery dates would postpone part of the capital investment by more than one year and better align its newbuilding program for its fleet replacement requirements. A year ago, the company revealed that it booked two 318,000 DWT VLCCs at Samsung for $159m each.