March 6, 2020 / 7:13 AM / 24 days ago

BRIEF-Euronav Acquires One VLCC Under Construction

March 6 (Reuters) - EURONAV NV:

* ACQUISITION OF ONE VLCC UNDER CONSTRUCTION

* CURRENTLY COMPLETING CONSTRUCTION AT DSME SHIPYARD IN SOUTH KOREA THIS MODERN ECO- VLCC IS BEING ACQUIRED FOR USD 93 MILLION

* VESSEL IS DUE FOR DELIVERY EARLY IN Q1 OF 2021 AND IS AN IDENTICAL SISTER SHIP OF 3 VLCCS ACQUIRED LAST MONTH

* CORONAVIRUS: MANAGEMENT AND BOARD CONTINUE TO BELIEVE THAT FUNDAMENTALS OF LARGE TANKER MARKET REMAIN CONSTRUCTIVE DESPITE SUBSTANTIAL HEADWINDS SURROUNDING ECONOMIC ACTIVITY LINKED TO CORONAVIRUS-CEO

* ON CORONAVIRUS: WE BELIEVE AND HOPE THESE WILL BE TEMPORARY ALBEIT LIKELY TO IMPACT TANKER MARKETS UNTIL END OF SUMMER 2020

* EURONAV WILL MEET FINANCING OF THIS ACQUISITION WITH EXISTING BORROWING FACILITIES AND DEBT CAPACITY

* BALANCE SHEET DEBT LEVERAGE WILL CONTINUE TO REMAIN APPROPRIATE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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