Euronav Draws Up Plans for 120 Low-Carbon Ships
Belgium-based crude oil shipping specialist Euronav is planning to order up to 120 new low-carbon vessels according to a statement made by recently installed CEO Alexander Saverys.
The 120 new vessels are likely to be a mix of tankers, dry bulk carriers, and containerships according to Saverys.
The announcement follows Euronav being taken over by Compagnie Maritime Belge (CMB) in November of 2023. CMB (which is controlled by the Saverys family) is ultimately aiming to make Euronav less dependent upon the transportation of crude oil.
This doesn’t mean exiting crude oil transport, but rather increasing revenues from other segments.
Furthermore, CMB intends to make Euronav more ‘futureproof’, by adding low-carbon vessels to the Euronav fleet that are powered by hydrogen or ammonia (or other low-carbon alternative fuels).
In pursuit of this aim, it is expected that CMB will be leveraging the expertise, knowledge and solutions of CMB.Tech. CMB.Tech is a specialist developer of green hydrogen and green ammonia solutions for the maritime industry and was acquired by Euronav in a $1.25 billion deal in December 2023.
In a statement at the time, a Euronav spokesperson outlined how the acquisition of CMB.Tech supported Euronav’s ambitions to create a low-carbon fleet:
“CMB and Euronav believe that the addition of CMB.Tech to Euronav’s business will enable a flywheel strategy - positioning the group to tap into each step of the energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders.
Euronav’s older tanker tonnage provides excellent opportunities to recycle capital over time into more future-proof, attractive and diversified end-markets and contract types. In addition, Euronav’s current customer portfolio is located at the centre of the energy transition and looking for low-carbon tanker shipping services”.
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- Adam Whittle