M&A Deal Summary

International Seaways Acquires Euronav NV - Six VLCCs

On December 21, 2017, International Seaways acquired marine company Euronav NV - Six VLCCs from Euronav NV for 434M USD

Acquisition Highlights
  • This is International Seaways’ 1st transaction in the Marine sector.
  • This is International Seaways’ largest (disclosed) transaction.
  • This is International Seaways’ 1st transaction in Belgium.

M&A Deal Summary
Date 2017-12-21
Target Euronav NV - Six VLCCs
Sector Marine
Buyer(s) International Seaways
Sellers(s) Euronav NV
Deal Type Divestiture
Deal Value 434M USD

Target

Euronav NV - Six VLCCs

Antwerpen, Belgium
Euronav NV - Six VLCCs include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co., and are expected to be delivered to the Company in the second quarter of 2018. In connection with the transaction, the Company intends to assume the debt currently secured by the acquired vessels, which consists of a $311 million credit facility, maturing between 2027 and 2028, and carrying a fixed annual interest rate of LIBOR plus 2.0%.

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Buyer(S) 1

Buyer

International Seaways

New York, New York, United States

website

Category Company
Founded 1999
Sector Transportation
Employees1,800
Revenue 865M USD (2022)
DESCRIPTION

International Seaways is a provider of an energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 56 vessels, including one ULCC, nine VLCCs, two Suezmaxes, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 18 MR tankers. International Seaways was founded in 1999 and is based in New York, New York.

DEAL STATS #
Overall 1 of 2
Sector (Marine) 1 of 2
Type (Divestiture) 1 of 1
Country (Belgium) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-31 Diamond S Shipping

Greenwich, Connecticut, United States

Diamond S Shipping owns and operates 64 vessels on the water, including 13 Suezmaxes, 1 Aframax, and 50 MR tankers. DSSI is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum, and other petroleum products. Diamond S Shipping is headquartered in Greenwich, Connecticut.

Buy -

Seller(S) 1

SELLER

Euronav NV

Antwerpen, Belgium

website

Category Company
Sector Marine
Revenue 474M EUR (2014)
DESCRIPTION

Euronav NV is a provider of shipping services in addition to its fleet of modern large tankers.

DEAL STATS #
Overall 1 of 1
Sector (Marine) 1 of 1
Type (Divestiture) 1 of 1
Country (Belgium) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Gener8 Maritime

New York, New York, United States

Gener8 Maritime, Inc. is a transportation provider of seaborne crude oil and petroleum products. The Company owns and operates one of the world’s largest and most diverse fleets of tankers, serving a client base consisting of the world’s major oil companies. Gener8 Maritime employs a highly-experienced executive team that has proven adept at navigating global macro cycles, effectuating tight quality and cost control and employing focused marketing efforts resulting in consistent returns delivered to investors.

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