Euronav have has ordered two ice-class suezmax newbuildings from Hyundai Heavy Industries (HHI) for time charters to Valero Energy.

The Ice Class 1C vessels are expected to be delivered in the second half of 2018. The suezmax pair have been ordered to fulfill seven-year long time charter contracts to Valero Energy from late 2018. The contracts add to two existing seven-year suezmax time charter contracts with Valero Energy.

Euronav said the orders underscored its belief that asset prices were reaching a low point.

“By extending our strong partnership with a key customer, Euronav is also providing high quality and long duration earnings visibility for our stakeholders. Such fixed income capability provides Euronav with enhanced financial optionality as we move forward,” said Paddy Rodgers, ceo of Euronav.

Financial details of the newbuild orders and the charters were not revealed.

Source:seatrade-maritime.com