• 2017 August 10 11:35

    Euronav announces second quarter and half year results 2017

    Antwerp-based tanker owner and operator Euronav NV ended the second quarter of 2017 with a net loss of USD 24.2 million, compared to a net profit of USD 34.3 million seen in the first quarter of the year, the company said in its press release.

    The company’s revenue in the period decreased to USD 126.4 million from USD 164.1 million reported in the previous quarter.

    For the first half of 2017 Euronav had a net profit of USD 10.1 million, significantly lower than the net profit of USD 153.7 million reported in the first half of 2016. The company’s revenue in the first six months of the year dropped to USD 290.5 million from USD 404.4 million seen in the corresponding period a year earlier.

    Paddy Rodgers, CEO said: “Euronav made considerable progress during Q2. The  confirmation of the extension of our five - year FSO contracts combined with an additional  two seven - year time charters provide us with a robust and visible fixed income profile.  Our balance sheet was furth er enhanced with a USD 150 million unsecured bond offering  during May. The board of directors and management believe these strengths should be  reflected in our return to shareholders policy which has now been upgraded to a  minimum fixed annual dividend of USD 0.12 per share. The tanker cycle is positioned at an interesting intersection. Demand for oil saw upgrades  during Q2 for both 2017 and 2018 (IEA), supply of oil remains abundant despite OPEC  production cuts and  modern  asset prices appear to have s tabilized. Ton - miles were  further boosted by U . S . exports since the start of the year and sources of finance,  primarily banks, continue to reduce. However, the key challenge for the tanker market is  the  concentration of deliveries of newbuildings in both t he VLCC and Suezmax sectors  over the next 18 months which is putting pressure on the freight rate market.  If the illness is low freight rates then the cure is low freight rates as that should drive  scrapping activity. Until this inflection point is reached, Euronav retains substantial  balance sheet capacity and fixed income visibility to navigate through such a period of  lower freight rates and/or to take advantage of expansion opportunities. The duration of  the challenging freight rate environment will be entirely dependent on the number of  additional orders to build new ships that are not needed by the market.”

    About Euronav

    Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 56 double hulled vessels being 1 V-Plus vessel, 30 VLCCs, 19 Suezmaxes, four Suezmaxes under construction and two FSO vessels (both owned in 50%-50% joint venture). The Company’s vessels mainly fly Belgian, Greek, French and Marshall Island flags.




2017 December 9

06:36 Hapag-Lloyd to increase rates for all cargoes and all container types from North East Asia to Australia
06:35 British Ports looking for cross border trade solutions as the UK and EU pass first big hurdle in the Brexit negotiations
06:30 Polarcus secures funding for 3D broadband project in Australia
04:11 CMA CGM GROUP completes the acquisition of MERCOSUL Line and strengthens its service offering in South America

2017 December 8

21:46 Neptumar agency successfully completes challenging two-phased delivery of project cargo from China to St. Petersburg
18:17 Yamal LNG loads first batch of LNG on Christophe de Margerie tanker
18:06 Wison multifunctional LNG Distributor granted AiP by DNV GL
17:06 China Classification Society signs Framework Agreement with MAN
16:58 Sredne-Nevsky Shipyard is ready to lay down yet another mine countermeasures vessel for RF Navy (photo)
16:27 Ice-class ships Spasatel Demidov, Admiral Lazarev and Admiral Serebryakov will assist vessels in the Kerch Strait this winter (photo)
16:05 MAN PrimeServ China signs Service Station Agreement with Zhoushan Xinya Shipyard
15:36 CMA CGM premium service to optimize CO2 emissions
15:34 Morsviazsputnik and Qiwi Blockchain Technology signed cooperation agreement (photo)
15:10 Port of Liepaja (Latvia) handled 6 mln t of cargo in 11M’17, up 18% Y-o-Y
14:46 ABB opens first ABB Ability™ Collaborative Operation Center in China
14:19 ABB AbilityTM extended with digital turbocharging solutions for marine
13:48 Sovcomflot’s Christophe de Margerie named Engineering Project of the Year at 2017 Platts Global Energy Awards
13:43 Jumbo signs LOI to order new LNG powered offshore construction vessel
13:25 Bunker prices go down at the port of Novorossiysk, Russia (graph)
13:01 Teekay Tankers announces management change
12:30 Le Havre, France hosts "Women in Port Management" course
12:01 Port of Virginia posts results for Nov 2017
11:43 LUKOIL starts drilling of first production well at Filanovsky field's Phase 2
11:22 FESCO transported 21 000 tons of cargo to northern Russia
11:01 BMT awarded new funding for autonomous navigation
10:40 Brent Crude futures price up 0.06% to $62.24, Light Sweet Crude – up 0.02% to $56.7
10:19 Bunker prices go down at the Port of Saint-Petersburg, Russia (graph)
10:01 Diana Shipping announces time charter contract for m/v Boston
09:38 Murmansk Sea Fishing Port handled 308,800 t in 11M’17, up 8.8% (photo)
09:20 Baltic Dry Index up to 1,679 points
09:13 Wärtsilä Linesafe for propeller shafts revolutionises bearing design
08:12 Ports of Long Beach and Los Angeles ask for proposals to reduce vessels’ at-berth emissions
07:11 ME-GI/ME-LGI dual-fuel engines hit 100,000 operating hours
06:12 ABS Executive lays out vision for future of shipping
05:12 Fincantieri launches new cruise ship “Nieuw Statendam”
04:13 London leads with first Air Quality Strategy for a UK port
03:13 CSSC GWS smart ship project achieves LR cyber-enabled ship (CES) descriptive notes
02:13 DNV GL presents GTT and TECHNOLOG with GASA statement for exoskeleton LNG tanks
01:24 SBM Offshore awarded turnkey contract for Statoil’s Johan Castberg turret mooring system

2017 December 7

18:15 MABUX Weekly Report: Rising oil production in the U.S. may pressure bunker prices
18:11 Throughput of port Riga (Latvia) down 6.7% to 31.11 mln t in 11M’17
17:50 Antwerp will host European Environmental Ports Conference on 16-17 May 2018
17:28 The Port of Gdansk gets yet another EU subsidy
17:05 Crowley’s newest LNG-fueled ConRo ship launched at VT Halter Marine
16:35 Prosafe extends standstill agreement with Cosco
16:16 Port Bronka presents railway-yard project for Russia to take over dry bulk cargo flows (photo)
16:05 OOCL introduces Japan Vietnam Service
15:37 Wärtsilä enters joint project agreement for shuttle tanker development
15:12 Aker Solutions to design Johan Castberg FPSO accommodation unit
15:03 Russian Arctic to face period of serious changes - Deputy PM of Russia
14:37 Seaports of Ukraine handled 121 mln t of cargo in 11M’17, up 0.6% Y-o-Y
14:14 USPA and EBRD signed an Agreement on joint development of concession projects in two ports
13:51 Warships of RF Navy's Pacific Fleet arrive on visit to Myanmar
13:20 Marintec China: DNV GL awards DSIC a pair of AiP certificates
13:00 USC is looking into building 40 MW icebreaker powered by LNG
12:38 Russia's state expert evaluation authority approves Phase 1 of Vostochny-Nakhodka transport hub (photo)
12:02 Throughput of port Murmansk expected to make 51 mln t in 2017, 71 mln t in 2020
11:59 Damen delivers Cutter Suction Dredger 450 to Vesirakennus Ojanen Oy in Finland
11:39 Coal transshipment facilities to be shifted from the center of Murmansk to the western coast of the Kola Bay
11:11 Light fuel is in short supply at the Far East ports of Russia (graph)