Euronav announces its dividend proposal at the Annual Shareholders’ Meeting and further fleet optimisation with the sale of three VLCCs, the delivery of the Mineral France and orders of two Newcastlemaxes & an additional VLCC.

Closing a transformative chapter
The year 2023 to date has been a transformative period for Euronav & CMB.TECH and its
shareholders. The deadlock with Frontline was resolved, the renewed strategy to become
the benchmark in sustainable shipping was rolled out through the successful completion
of the CMB.TECH transaction, and the mandatory public takeover bid was concluded.
The Supervisory Board will propose to the Annual Shareholders’ Meeting of 16 May 2024
to distribute USD 4.57 per share to all shareholders. This payout is proposed to be a
combination of a dividend and a repayment from the share issue premium. This
distribution approach will be optimal for shareholders as Euronav anticipates that the share issuance payment part of the distribution will represent more than 90% of the distribution. This distribution is exempt from any withholding tax.

A new chapter is being written – full steam ahead to execute the value-creating strategy
Euronav has sold the VLCC Nectar (2008 – 307,284 DWT), VLCC Newton (2009 – 307,208
DWT), and VLCC Noble (2008 – 307,284 DWT). This sale reconfirms Euronav &
CMB.TECH’s strategy of recycling capital at a historical high point in the tanker market.
This transaction will generate a capital gain of USD 83,5 million.

Furthermore, Euronav concluded an order for two Newcastlemaxes and one additional
VLCC at Qingdao Beihai Shipyard (China). The vessels are expected to be delivered in Q1
and Q2 2027. Euronav & CMB.TECH now have five VLCCs and still twenty-four
Newcastlemaxes on order at Qingdao Beihai Shipyard. All of these will be ammonia
ready/fitted.

On 18 March, Euronav & CMB.TECH took delivery of the fourth super-eco Newcastlemax
Mineral France (2024 – 210,000 DWT). This brings Euronav & CMB.TECH’s Newcastlemax
fleet to four vessels on the water all trading spot in a highly supportive dry-bulk freight
environment. Another 6 Newcastlemaxes are expected to be delivered during the course
of 2024.

These recent transactions once again demonstrate that Euronav & CMB.TECH are going
full steam ahead with the ambition to grow and to become the benchmark in sustainable
shipping.