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Euronav buys International Seaways' stake of joint venture

Euronav acquires stake in joint venture from International Seaways. Both tanker carriers now have shipping magnate John Fredriksen as major shareholder.

Photo: PR / Euronav

Euronav buys International Seaways out of a long-standing joint venture on ownership of two floating storage and offloading (FSO) vessels.

Euronav takes over International Seaways’ 50% stake in the joint venture on the two converted ultra large crude carriers (ULCCs) FSO Asia and FSO Africa for a total of USD 300m. Adjusted for working capital and debt, the Belgian shipping company pays around USD 140m in cash, according to a statement.

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