Euronav NV has famous the communication from CMB indicating that it doesn’t help the introduced mixture of Euronav and Frontline, a transaction that has obtained a optimistic response from the market and from our different shareholders. Our Supervisory Board has rigorously assessed all accessible choices within the curiosity of all shareholders, not of 1 particular shareholder, and has unanimously accredited the mixture.
We have now taken the choice to mix with Frontline as a result of we consider it’s the most worth creating technique accessible, via maximizing service ranges and realizing important synergies, when it comes to enterprise and sustainability. This mix would assemble a number one world impartial tanker operator, bringing collectively two complementary platforms in a extremely aggressive setting and making a single best-in-class, extremely competent and skilled management crew.
Euronav welcomes all dialogue associated to the decarbonisation of the marine transportation trade and has been a number one participant on this course of. We have now rigorously established a decarbonisation technique, of which the foundations have already been laid years in the past. Euronav appears to be like ahead to updating all stakeholders on our sustainability technique, together with particular decarbonisation targets, on Might 5, 2022. The mixed enterprise would offer a platform that may lengthen Euronav’s main place in sustainable delivery and would permit the mixed firm to additional advance Euronav’s trade main sustainability practices.
A few of Euronav’s sustainability achievements:
As a founding accomplice of the Poseidon Rules, which leads financial institution financing of the worldwide delivery trade, we’re on monitor to cut back our CO2 emissions by 40% by 2030.
Euronav is a founding accomplice of the Attending to Zero Coalition that may function a car to speed up the vitality transition in delivery to discover a option to put a commercially viable net-zero emissions ship to sea by 2030.
In 2020, Euronav was a pioneer within the tanker market by coming into right into a USD 713 million sustainability mortgage, putting Euronav on the forefront of company sustainable financing efforts.
41% of our present funding is sustainability linked with additional development anticipated within the subsequent 12 months.
Euronav is the one listed tanker firm with a committee targeted on sustainability composed of Govt and Supervisory Board illustration.
We appointed a devoted Sustainability Supervisor who joined the group in Might 2021.
Euronav has earned best-in-class sustainability scores throughout main ESG ranking businesses comparable to CDP, S&P, Sustainalytics, MSCI, Webber Analysis and Bloomberg.
On a sensible degree, the worldwide economic system will nonetheless require crude oil for a few years to return as the worldwide vitality transition advances. The proposed mixture with Frontline can be a worthwhile and sustainable custodian on this course of.
The mix would create a worldwide impartial oil tanker operator with main operational break-even ranges for the mixed fleet, improved total utilization and price synergies, unparalleled management and experience within the delivery trade, and the flexibility to draw and retain future world-class expertise. The enlarged fleet would allow the mixed group to offer higher service to clients on a worldwide foundation and maximize worth creation all through the tanker market cycle.
We’re satisfied that the plan we are going to current gives the very best worth, within the quick and long term, to our shareholders.