• 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 October 20

18:31 Finnpilot Pilotage Ltd joins the ITS Finland network
18:10 Kari Wihlman appointed as Director-General of Finnish Transport Agency with effect from 1 January 2018
17:47 Rosmorport appoints Oksana Masyuk as Deputy Director for Economics and Finance of its Arkhangelsk Branch (photo)
17:19 Russian Railways's loading of export freight from ports increases by almost by 6% in 3 quarters of 2017
16:56 Scandlines Helsingborg-Helsingör expands capacity
16:28 USPA announced tender for construction of berth 1-z in Port of Odessa
16:03 Wärtsilä's asset and lifecycle management agreement lets GasLog concentrate on its core business
16:00 Wilson Sons Shipyards delivers SST-Aruá to SAAM SMIT
15:31 In 9M’17, TransContainer transported 1.31 mln TEUs, up 17.7% Y-o-Y
15:03 Otto Energy starts drilling of the ST 224 #1 well
14:29 Opening ceremony of Russian-Indian international Indra-2017 exercise held in Vladivostok
14:02 d’Amico International Shipping launches the first three LR1 vessels
13:30 Sea transport of Sevastopol carried 660,400 passengers in September 2017, down 3.2%, Y-o-Y
13:02 ICTSI orders hybrid RTGs for Manila flagship
12:44 Draft procedure for investment port duty assessment is available at federal portal for legal information (document)
12:22 Aker Solutions wins order for world's largest umbilicals system
12:19 APL starts new Korea China Straits service
12:05 LNG reloading station of Klaipėdos nafta applies highest safety standards
11:37 Major ASW ship Vice Admiral Kulakov enters the port of Alexandria
11:08 Zvezda Shipbuilding complex, Rosnefteflot and Taimyrneftegaz agreed to build and operate 10 Arctic shuttle tankers
10:43 Conference “LNG Fleet and LNG Bunkering in Russia”: registration is underway
10:20 Brent Crude futures price up 0.24% to $57.37, Light Sweet Crude – up 0.33% to $51.46
09:59 Innovative passenger catamaran Grifon presented in Saint-Petersburg (photo)
09:32 Bunker prices are slightly up at the Port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index up to 1,582 points

2017 October 19

18:01 Record shipment marks ABP Ipswich and Glencore support of UK farmer
17:38 Arab Association for Women in the Maritime Sector launched in Egypt
17:15 Throughput of port Kaliningrad in Jan-Sep'17 grew by 17% to 10.17 mln t
16:50 Throughput of the port of Rotterdam up 2% to 351.5 mln t in 9M’17
16:39 Panama Maritime Authority holds a kick-off ceremony for the construction of the new Amador Cruise Port
16:21 Russian and Greek ships to participate in 190th Anniversary of the Battle of Navarino
15:59 Hartmann Group's AHTS fleet secures long-term investment
15:39 Throughput of port Vyborg up 15% to 1.09 mln t in 9M’17
15:13 Throughput of port Vysotsk up 3% to 12.91 mln t in 9M’17
14:44 Throughput of port Primorsk in 9M’17 down 8% Y-o-Y to 44.68 mln t
14:38 MABUX: Global bunker prices may continue upward evolution next week
14:17 Throughput of port Ust-Luga up 11% to 76.02 mln t in 9M’17
13:50 Bunker market in the Far East ports of Russia sees mixed price movements (graph)
13:25 Throughput of Big Port St. Petersburg up 10% to 39.48 mln t in 9M’17
13:02 TechnipFMC reaches an agreement to acquire Plexus’ exploration wellhead business
12:46 USC to transit to a new corporate management system
12:33 Knyaz Vladimir cruise liner ends 2017 navigation
12:31 Port of Fujairah and Dutch Port companies sign MOU
12:01 Prosafe updates operational results for Q3 2017
11:39 First vessel with coal shipped from Rosterminalugol to Portugal (photo)
11:20 Clean Marine receives a seven-system order from Inventor Chemical Tankers
11:08 Drydocks World recognized as the region’s best rig repair yard
10:54 Crude oil futures prices edge down 0.05% to $58,12 in London, in New York - 0.08% to $52,0 a barrel
10:41 Marine Institute CNIIMF to focus on LNG bunker market pricing at the Conference LNG Fleet & LNG Bunkering in Russia
10:08 Samsung Heavy Industries wins order to build LNG-FSRU
09:16 Baltic Dry Index edges up to 1566
09:08 Fincantieri starts dry dock works on Viking’s sixth ocean ship
08:16 Conductix-Wampfler’s LASSTEC Container Weighing System Earns OIML R51 Certification

2017 October 18

19:36 Experts to assess damage caused by tanker’s allision with Primorsk port’s pier
18:06 Scorpio Bulkers announces commitment for a new loan facility
17:36 New regular Ro-Ro service starts from Port of Koper to Japan
17:01 ABP’s Port of Ipswich welcomes Department for International Trade’s Export
16:31 Cammell Laird strikes ‘Teaming Agreement’ with BAE Systems in bid to build Type 31e Frigates
16:30 ABP’s Port of King’s Lynn helps support national infrastructure project
16:03 CMA CGM announces FAK rates from ISC to North Europe and Mediterranean