Euronav, the world’s largest independent oil tanker company, unveils plans to revolutionize the maritime industry with the addition of 120 zero-carbon vessels to its fleet.
The strategic $1.15 billion acquisition of sustainable maritime firm CMB.Tech marks a pivotal moment, positioning Euronav as the indisputable leader in clean shipping.
The combined fleet, set to comprise 99 ammonia vessels and 83 hydrogen ships, will make CMB.Tech the world’s largest zero-carbon shipping operator. Despite this shift towards sustainability, the company maintains its commitment to transporting crude oil, showcasing a bold commitment to reconciling traditional energy needs with environmental responsibility.
The magnitude of the transformation is underscored by an estimated investment of $3 billion to $5 billion over the next five years. This financial commitment reflects the company’s dedication to transitioning towards low-carbon assets and green fuel. All the new vessels will be dual-fuel, capable of running on diesel as a backup.
The merger of Euronav and CMB.Tech is scheduled to unfold in the coming months, subject to shareholder approval. The strategic move involves the transition from a pure-play oil tanker business to a holistic, environmentally conscious shipping giant. The recent sale of Very Large Crude Carriers (VLCCs) to Frontline for $2.35 billion paves the way for Euronav’s financial prowess to fuel the new merged firm’s endeavors.
Euronav’s bold venture into clean shipping sets a precedent for the maritime sector, demonstrating that even giants in traditional industries can lead the charge towards a more sustainable future.
