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Euronav reported positive signals from the tanker market

Logistic News - Published on Thu, 02 May 2019

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Euronav NV reported its non-audited financial results for the three months ended 31 March 2019. Mr Hugo De Stoop, CFO of Euronav said “There are positive signals from the tanker market at present. Firstly, Euronav delivered VLCC rates of USD 35,000 per day (same as Q4) despite 1.2 million barrel per day OPEC cuts and 28 new VLCC equivalents entering the global fleet during Q1. Secondly, US crude exports are running around 30% higher YoY. Thirdly, asset prices which historically have been a key valuation indicator for investors, continue to rise in both new build and secondhand values.

Refinery maintenance programs are more detailed and more prolonged this year than previous years and are likely to bring seasonal freight rate pressure forward to the second quarter. However, with increased cargo supply expected in the second half along with reduced tanker capacity from IMO induced retrofitting and potentially more Iranian vessels leaving the trading fleet, the outlook for the second half is encouraging.”

For the first quarter of 2019, the Company had a net gain of USD 19.5 million or USD 0.09 per share (first quarter 2018: a net loss of USD (39.1) million or USD (0.25) per share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 132.9 million (first quarter 2018: USD 30.7 million).

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Posted By : Rabi Wangkhem on Thu, 02 May 2019
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