Euronav and Anglo-Eastern Join Forces

Euronav NV (“Euronav”) and Anglo-Eastern Univan Group (“Anglo-Eastern”) are pleased to announce a Heads of Agreement (“HoA”) for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav’s ship management arm.

Euronav and Anglo-Eastern intend to join forces through this sale, with the latter assuming ownership of ship management responsibilities for the vessels currently under ESMH on an “as is” basis. This transaction will provide Anglo-Eastern with a strong local presence in the Greek market while also greatly enhancing its footprint in large crude oil tankers.

Post-integration, ESMH will become part of Anglo-Eastern’s vast global network, offering the combined entity a wide range of growth opportunities in different regions and ship types.

Bjorn Hojgaard, CEO of Anglo-Eastern, emphasised the mutually beneficial nature of this agreement which “will enable both companies to focus on what they do best and reflects Euronav’s utmost confidence in Anglo-Eastern’s ability to deliver as a ship manager and wider initiatives related to safety, quality, digitalisation, crew training and decarbonisation”.

Alexander Saverys, CEO of CMB: “We are very happy to join forces with Anglo-Eastern. We already have a strong collaboration with Anglo-Eastern and this combination will further enhance our business relation, offering plenty of new opportunities for our company and our people.”

The HoA is subject to further documentation and final board of directors’ approval.
Source: Anglo-Eastern Univan Group