Investa Takes Stake in Euronav

The ownership structure of tanker operator Euronav has radically changed with the introduction of a new partner and four ships. The Norwegian Investa Group has bought a 43% stake in the Isle of Man based venture, simultaneously selling four ships to the company. The sale of the ships was negotiated independently of the acquisition by Investa of a stake in the company. No price details regarding either transaction have been released. Reports circulated by brokers that the ships changed hands for around $100m have been denied by the company.

The ships involved in the transaction are the 423,600 dwt ULCC Vendela built 1975, and three Aframax tankers built 1980/81 – the 81,300 dwt Caribbean Star and the 87,000 dwt Canadian Liberty and Mega Pilot. Negotiations about the deal started earlier this year, following the departure of Mercurius Gruppen, which ran into financial difficulties. Shares held by the Swedish partner were initially sold to another founding member, Compagnie Nationale de Navigation (CNN) of France, and later to Investa. CNN, part of the Worms Group, formed Euronav with Mercurius in 1989 to expand its European bulk operations. Following the recent structural changes, CNN now controls 43% of the equity, with the remaining 14% held by private investors.

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