Euronav NV Sells Ship Management Arm, Sets AGM Date

TL;DR

Euronav selling ship management to Anglo-Eastern, AGM May 16th.

AI Summary

Euronav NV announced on April 16, 2024, that it has entered into a heads of agreement with Anglo-Eastern Univan Group to sell its ship management arm, Euronav Ship Management Hellas. The company also announced that its Annual General Meeting will take place on May 16, 2024.

Why It Matters

This divestment signals a strategic shift for Euronav, potentially streamlining operations and focusing on its core tanker business. The upcoming AGM will be a key event for shareholders to discuss the company's future direction.

Risk Assessment

Risk Level: medium — The sale of a significant business unit and the upcoming AGM introduce potential strategic and operational uncertainties for the company.

Key Players & Entities

• Euronav NV (company) — Filer of the 6-K report and seller of ship management arm
• Anglo-Eastern Univan Group (company) — Potential buyer of Euronav's ship management arm
• Euronav Ship Management Hellas (company) — Ship management arm being sold by Euronav
• April 16, 2024 (date) — Date of the press releases announcing the sale and AGM
• May 16, 2024 (date) — Date of Euronav's Annual General Meeting

FAQ

Filing Documents

• d11031357_6k.htm (6-K) — 39KB
• image1.jpg (GRAPHIC) — 28KB
• image00004.jpg (GRAPHIC) — 4KB
• image00006.jpg (GRAPHIC) — 4KB
• 0000919574-24-002571.txt ( ) — 90KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURONAV NV (Registrant) Dated: April 16, 2024 By: /s/ Ludovic Saverys Ludovic Saverys Chief Financial Officer EXHIBIT 99.1 PRESS RELEASE Regulated Information Tuesday 16 April 2024 – 08u00 CET _______________________________________ EURONAV AND ANGLO-EASTERN JOIN FORCES Euronav NV ("Euronav") and Anglo-Eastern Univan Group ("Anglo-Eastern") are pleased to announce a Heads of Agreement ("HoA") for the sale and purchase of Euronav Ship Management Hellas ("ESMH"), Euronav's ship management arm. Euronav and Anglo-Eastern intend to join forces through this sale, with the latter assuming ownership of ship management responsibilities for the vessels currently under ESMH on an "as is" basis. This transaction will provide Anglo-Eastern with a strong local presence in the Greek market while also greatly enhancing its footprint in large crude oil tankers. Post-integration, ESMH will become part of Anglo-Eastern's vast global network, offering the combined entity a wide range of growth opportunities in different regions and ship types. Bjorn Hojgaard, CEO of Anglo-Eastern, emphasised the mutually beneficial nature of this agreement which "will enable both companies to focus on what they do best and reflects Euronav's utmost confidence in Anglo-Eastern's ability to deliver as a ship manager and wider initiatives related to safety, quality, digitalisation, crew training and decarbonisation". Alexander Saverys, CEO: "We are very happy to join forces with Anglo-Eastern. We already have a strong collaboration with Anglo-Eastern and this combination will further enhance our business relation, offering plenty of new opportunities for our company and our people." The HoA is subject to further documentation and final board of directors' approval. * * * PRESS RELEASE Reg

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates

View Full Filing

View this 6-K filing on SEC EDGAR