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VLCC Luxembourg sold, to be converted to FPSO
Euronav NV on Jan 16 announced that it has sold its oldest double-hulled VLCC Luxembourg (1999 – 299,150 dwt), for $28 million (USD). The vessel is wholly owned by Euronav. The capital gain on that sale of about $6 million will be recorded at delivery. The net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be $5 million. The vessel is foreseen to be delivered to its new owner between May 1, 2014 and mid June 2014 which should allow for two more profitable voyages prior to her delivery. The vessel will be converted to a FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet. Source : MarineLink
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