Euronav Plunges into Bitumen as Saverys Diversify and Focus on New Energy

Singapore freight forwarders – Star Concord
26-Feb-2024

 

The makeover of Euronav from a traditional tanker operator continues with news that the Saverys family is diversifying the company with an order for bitumen tankers. This comes just weeks after the completed the merger of Euronav and CMB.TECH and now declare the group is committed to becoming the reference in sustainable shipping by focusing on diversification, optimization, and decarbonization.

Bitumen tankers are vessels that mainly carry asphalt at a temperature of 250 degrees. Euronav explained the move reporting that it has already secured a 10-year charter for the two tankers which will be delivered in the fourth quarter of 2026. According to the company, worldwide there are 230 bitumen tankers with an average age of 15 years, creating a strong market opportunity.

The order for the two bitumen tankers was signed with China Merchants Jinling Shipyard (Yangzhou) Dingheng Co. Euronav highlights that the vessels’ deadweight will be 17,000 tons, which is twice the 8,000 ton average of the existing fleet. Following the Saverys’ vision, the vessels will have dual-fuel green methanol engines that are ready to be retrofitted for
future operation on ammonia. 

“With the new orders for two state-of-the-art and green newbuilding bitumen tankers, we continue to execute our strategy of diversification and decarbonization of our fleet,” said Alexander Saverys, CEO of Euronav. We will continue to develop innovative low-carbon solutions for our customers and will accelerate our investments in the maritime energy transition. Decarbonize today, navigate tomorrow!”

The group reported on February 8 that it had completed the acquisition of CMB.TECH from CMB NV, for a total purchase price of $1.150 billion in cash. Under the securities laws, they were required to launch a tender for the remaining shares but are not trying to force out existing investors. The board advised “If a shareholder is aligned with Euronav’s new future-proof strategy, it is recommended to remain invested,” but then said, “If a shareholder does not embrace Euronav’s revised strategy, it is recommended to tender their shares.”

The combined group now has around 150 ocean-going vessels (including newbuildings) in dry bulk, container shipping, chemical tankers, offshore wind, and oil tankers, with a focus on large marine and industrial applications on hydrogen or ammonia. They plan to change the corporate identity to CMB.TECH, with Euronav remaining the oil tanker shipping.
 

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