Euronav has announced a Joint Development Program (JDP) with the largest shipbuilder in the world, Hyundai Heavy Industries (HHI) and classification societies Lloyd’s Register and DNV, to help accelerate the development of dual fuel Ammonia (NH3) fitted VLCC and Suezmax vessels. The initial term of the JDP will be three years.

Hugo de Stoop, CEO of Euronav, said  "Shipping is entering an era of rapid technological developments and increasing environmental efforts demanding strong stewardship. Working with key partners toward the safe transport and commercialization of new technologies will be instrumental in delivering benefits for the wider marine industry. This partnership will accelerate the development and adoption of ammonia as one of the key solutions for the shipping sector.”

Since the beginning of the year, Euronav has invested significantly in its fleet. The company has acquired 2 Suezmaxes through resale of contracts and has taken over an early berth from owners unable to execute the contracts for the construction of two VLCCs.

Euronav confirms that it has entered into new contracts for the building of 3 Suezmaxes and that is has lifted the option to build a third VLCC as per the Company’s announcement made on 22 April 2021.

The three firm Suezmaxes were contracted for a total cost of USD 199.2 million (USD 66.4 million each). The vessels will be delivered in the third quarter of 2023 and the first quarter of 2024. Delivery for the lifted option VLCC will be the second quarter of 2023.

Euronav will meet the financing of this acquisition with existing liquidity and asset-backed debt capacity.

The flexibility that these vessels offer can only be achieved by being close to the latesttechnological developments that are constantly coming onto the market. As with any new technology, it is important to understand as much and as early as possible how to operate them in a safe, reliable, and efficient way.