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Euronav profits from suezmax sale to Seven Islands Shipping

Euronav profits from suezmax sale to Seven Islands Shipping
Belgian tanker owning giant Euronav has announced the sale of 2005-built suezmax tanker Bastia.

The tanker was sold for $20.5m, slightly less than the VesselsValue market valuation of $21.04m, resulting in a profit of $700,000 in just 11 months.

Euronav acquired the vessel in November 2019 via 50-50 joint ventures with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.

Data from VesselsValue shows the ship has been renamed Concord, and is part of the fleet of Seven Islands Shipping. The acquisition takes the Indian company’s fleet to 19 tankers.

“Whilst the holding period was relatively short, the strong tanker market over the past 11 months has helped driving an exceptional return in excess of 50% on this investment,” Euronav stated.

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