Euronav Orders Suezmax Duo at HHI

first_imgBelgian tanker owner and operator Euronav has placed an order for two high specification Ice Class Suezmax vessels with Hyundai Heavy Industries (HHI) shipyard in South Korea. The company said that the order has been prompted by the signing of an additional two long-term time charter contracts of seven years each with Valero Energy Inc. for two Suezmax vessels with specialised Ice Class 1C capability starting in late 2018.The latest deal is the fourth Euronav’s long-term (seven years) Suezmax time charter contract, the company added.Delivery of these vessels is expected in the second half of 2018 when each of the time charter contracts will begin.“Euronav believes it has secured an excellent price for two high specification vessels in line with its policy of not adding speculative new capacity to the global tanker fleet. Euronav anticipates the new vessels on order will replace its older Suezmax vessels hence this order will not add net tonnage to the global Suezmax tanker fleet,” Euronav said.The fleet renewal is in line with Euronav’s expectations that asset values are approaching a low point supported by reduced immediate newbuilding berths at the yards and fewer speculative buyers.Furthermore, the company pointed out that the addition of the further two seven-year contracts greatly increases its fixed income contribution to EBITDA in 2018 and onwards.“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,” Euronav’s CEO, Paddy Rodgers noted.In terms of its newbuilding fleet, the company recently acquired two VLCCs under construction which were acquired as resales of existing newbuilding contracts and four Suezmaxes under construction. The latest order brings Euronav’s owned and operated fleet to 57 ships, including also 1 V-Plus vessel, 31 VLCCs, 19 Suezmaxes and two FSO vessels (both owned in 50%-50% joint venture).last_img read more

Code Red Esports will now represent players as well as talent

first_imgCode Red Esports has today announced the expansion of its talent representation arm to include player representation. The agency, spearheaded by Paul “Redeye” Chaloner, Managing Director of Code Red, has started by signing two UK talents in Owen “smooya” Butterfield and Harry “LaytoN” Layton. Smooya competes for Epsilon Esports in Counter-Strike, whilst LaytoN currently plays for Method’s PUBG squad. The release states that Code Red hopes to “increase its roster significantly over the coming months”. The agency will mentor players where necessary and see them represented when it comes to contract negotiations and personal sponsorships. Code Red already boasts a talent arm with over 30 professional esports broadcasting talents signed, and has recently announced that it will be working with Cloud9 to assist the organisation with its Overwatch League franchise, the London Spitfire. Paul Chaloner, Managing Director of Code Red Esports stated: “For over a year we have been representing a wide range of professional broadcasting talent and working to improve standards across the industry. We’re pleased with the work we’ve done so far and how receptive event organisers have been. We are now moving to provide similar support to players, as it is critical that they have access to sound advice, enabling them to focus on their playing career with professional support to take care of their off-the-server matters”. Luke Cotton, Director of Code Red Esports added: “Players are the stars of their games and what drives the success of esports; and they should be treated as such. Teams have come a long way in terms of compensation which has enabled esports to become a serious career option, but there is also a responsibility to offer fair and balanced contracts. More so, we will ensure that the players we work with understand their contracts and the implications of them”.Esports Insider says: Code Red starting off 2018 with a bang! We’ve all heard horror stories of players being horribly manipulated by organisations so this can only be seen as positive news. Here’s to a good year of transparent, well thought out and sensible contracts under quality stewardship.last_img read more