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21 scrapped VLCCs during Q1 period bodes well for the tanker market - Euronav

Logistic News - Published on Fri, 27 Apr 2018

Image Source: akamaihd.net
Euronav NV yesterday reported its non-audited financial results for the three months ended 31 March 2018. Mr Paddy Rodgers, CEO of Euronav said: “Oil demand has been consistently upgraded over the past six months which along with increased levels of recycling (21 VLCC YTD) are encouraging developments for all tanker operators. However, the rebalancing of the tanker market requires further affirmative action in reducing primarily older tonnage, restraint from contracting and a supportive oil price structure. Freight rates will remain under pressure until this process of rebalancing is much further advanced. Euronav retains both now and going forward substantial balance sheet capacity and fixed income visibility to navigate through such periods and remains confident on the medium-term trends for the crude tanker market.”

For the Q1 of 2018 the Company had a net loss of USD -39.1 million (first quarter 2017: net profit of USD 34.3 million) or USD -0.25 per share (first quarter 2017: USD 0.22 per share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 30.7 million (first quarter 2017: USD 106.1 million).

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Posted By : Nanda Koijam on Fri, 27 Apr 2018
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