Euronav NV (NYSE: EURN & Euronext: EURN) has agreed with Bretta Tanker Holdings Inc. to terminate its Suezmax joint venture. The joint venture covers four Suezmax vessels: the Captain Michael, the Maria, the Eugenie, and the Devon.
Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon. Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of US$15.1 million upon closing the transaction which is foreseen to take place in the current quarter.
Additionally, John Michael Radziwill has resigned from the Board of Directors of Euronav with immediate effect.