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Euronav Invests in Two Dual-Fuel Green Methanol Bitumen Tankers from China
Euronav Invests in Two Dual-Fuel Green Methanol Bitumen Tankers from China

Euronav Invests in Two Dual-Fuel Green Methanol Bitumen Tankers from China

  • 27-Feb-2024 2:16 PM
  • Journalist: Peter Schmidt

Belgium-based tanker shipping firm Euronav has finalized an agreement with Chinese shipbuilder China Merchants Jinling Shipyard (Yangzhou) Dingheng for the construction of two dual-fuel bitumen tankers. Anticipated to be delivered in the fourth quarter of 2026, these vessels have been chartered to a robust counterparty for a decade following their delivery from the shipyard, as disclosed by Euronav.

The forthcoming tankers will feature dual-fuel green methanol engines, equipped for potential retrofitting to operate on ammonia in the future. Globally, the existing fleet of bitumen tankers comprises 230 vessels with an average age of fifteen years. Notably, the ordered tankers will boast a deadweight of 17,000 tons, which is double the 8,000-ton average of the existing fleet. Bitumen tankers primarily transport asphalt at temperatures of around 250 degrees Celsius.

Furthermore, Euronav recently unveiled two time charter contracts with Valero in December 2023. Earlier this month, the company also received approval for the acquisition of 100% shares in the UK-based cleantech maritime group, CMB.TECH. Through this acquisition, Euronav and CMB.TECH together form a conglomerate with approximately 150 ocean-going vessels, encompassing dry bulk, container shipping, chemical tankers, offshore wind, and oil tankers. Euronav intends to rebrand the group as CMB.TECH.

In a complementary development, CMB.TECH and Euronav jointly announced the commencement of the world's pioneering ammonia-fueled container ship's construction in collaboration with North Sea Container Line (NCL) and Yara. This ice-class container vessel, boasting a capacity of 1,400 TEUs, will be constructed at Qingdao Yangfan Shipbuilding in China.

With the addition of the charters for the two new bitumen tanker charters, Euronav's total contract backlog now stands at $1.975 billion. "With the acquisition of these two cutting-edge and environmentally friendly newbuilding bitumen tankers, we are steadfastly advancing our strategy of diversification and decarbonization of our fleet," stated company officials. "Over recent months, we have secured a total of 55 years of time charter cover, owing to the unwavering support of leading companies. This underscores the readiness of our customers to collaborate with Euronav and CMB.TECH in developing future-proof solutions for the shipping industry."

The company pledges to persist in developing innovative low-carbon solutions for its clientele and to accelerate investments in maritime energy transition initiatives. "Decarbonize today, navigate tomorrow," concludes Euronav, underscoring its commitment to driving sustainable practices in the maritime sector.

Euronav, a Belgian multinational shipping corporation, specializes in maritime oil transportation. Renowned as one of the prominent independent oil shipping companies worldwide, Euronav holds a significant position in the industry.

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