Euronav shareholders give go-ahead for sale of 24 vessels

On Tuesday, the shareholders of the Antwerp-based shipping company Euronav approved the sale of 24 oil tankers to Frontline for a total value of 2.35 billion euros.

The sale is part of the agreement reached in early October between Compagnie Maritime Belge (CMB) and the Norwegian company Frontline, the two main shareholders of the Antwerp-based shipping company.

Under the terms of the agreement, Norwegian John Frederiksen will sell his stake in Euronav to shareholder CMB, which is owned by the Belgian shipping family Saverys. At the same time, it has been agreed that Frontline's CEO will buy 24 supertankers from the Antwerp-based company, representing around a third of the total fleet. The total value of the vessels is 2.35 billion euros. CMB is putting just over 1 billion dollars on the table to buy the Norwegian company's shares in Euronav.

The company intends to remain listed. The deal, announced on 9 October, appears to end a turbulent period at Euronav, which began with the announcement last year of a merger between Euronav and Frontline. The merger would have created the world's largest oil tanker shipping company. However, the Saverys family opposed the merger and continued to increase its stake in Euronav in an attempt to block the deal.


#FlandersNewsService | © BELGA PHOTO DIRK WAEM

Related news

Website preview
Shareholders reach agreement on future of shipping giant Euronav
Euronav's main shareholders have reached an agreement on the future of the Antwerp-based shipping company. The oil tanker operator will remain listed on the stock exchange. The talks were announced last week and an agreement was announced on Monday.

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.


Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.


Arduinkaai 29 1000 Brussels