Euronav places order for LNG-ready Suezmax duo in South Korea

Belgium-based independent oil shipping firm Euronav has entered into a shipbuilding deal with South Korea’s DH Shipbuilding, previously known as Daehan Shipbuilding, for two LNG-ready Suezmax tankers.

Euronav said in a statement released on Monday that the two vessels would be sister ships to the 157,310-dwt Cedar and Cypress, both built and delivered in 2022 at the same yard.

The shipping firm entered into a deal last year to buy these two LNG-ready Suezmax newbuilds. Turkey’s Yasa Shipping originally placed the order in 2019 for these two vessels.

Euronav said it expects to take delivery of the two new tankers in the third quarter of 2024.

The firm did not provide the financial details of the order.

According to VesselsValue data, Euronav ordered these two Suezmax newbuilds in September and each vessel is worth $75 million.

The vessels are the latest generation of eco-Suezmax tankers and are fitted with both exhaust gas scrubber technology and ballast water treatment systems, Euronav said.

Also, the vessels have the structural notation to be LNG-ready, with both parties working closely to also have the structural notation to be ammonia and methanol-ready.

This provides the option to switch to other fuels at a later stage, Euronav said.

Euronav CEO Hugo De Stoop said in the statement that the firm had been able to “source a highly competitive contract with a very attractive delivery schedule.”

“Sustained elevated contracting activity from other shipping segments has reduced available capacity to build crude tankers, at a time when the sector needs to replace maturing vessels with more environmentally-friendly designs,” he said.

“With this contract, adding to the two Suezmaxes delivered earlier this year and three other Suezmax newbuildings under construction, Euronav is tangibly driving innovation, investing in the energy transition and showing agility in seizing another opportunity to further rejuvenate our Suezmax fleet,” De Stoop said.

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