Euronav - Deal between CMB and Frontline brings more clarity
Deal terms in line with expectations, CMB does not want to delist EuronavCMB wants to diversify Euronav away from crude oil, decarbonizing the fleet and purchasing the vessels from CMB and CMB.TechWe believe these changes increase the risk profile, exchanging tankers ahead of a bull market for investments in more uncertain areasWe raise our target price from EUR 17 to EUR 17.50, in line with the bidEuronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
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