• 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 August 23

18:36 U-Ming Marine Transport has become the constituent of the FTSE4Good Index
18:27 HMM’s cargo processing at Busan Port hit new record
18:06 IHC America wins a new contract with Weeks Marine
17:54 Steel cutting ceremony of Sirius Shipping’s newbuilding held at AVIC Dingheng shipyard in China
17:36 UK operator SMS Towage buys new tug from Sanmar Shipyards
17:19 Indian Navy commissions second landing craft utility ship MK-IV 'IN LCU L52'
17:06 TOTE Maritime prepares for next phase of LNG operations
17:00 Northwest Seaport Alliance July container volumes show 5 percent increase year to date
16:58 Ukraine’s water transport carried 0.3 mln passengers in Jan-Jul'17, up 37.6%, Y-o-Y
16:57 Panama Canal welcomes largest capacity container vessel to-date through expanded locks
16:55 Konecranes signs contract with Shenzhen Energy Group Environmental Protection Company for thirteen fully automated WtE cranes
16:42 Port of Virginia orders four new cranes
16:36 Cargo transportation by Ukraine’s water transport down 2.1% to 3 mln t in 7M’17
16:17 Van Oord awarded contract to construct Deutsche Bucht offshore wind farm
16:13 CMA CGM announces FAK rates from Asia to North Europe
16:00 Rustam Khalitov appointed as Director General of KNRG Upravleniye, management company of Caspian Energy Group (photo)
15:40 7th Fleet Commander relieved due to loss of confidence
15:14 Russia’s General Board of State Expert Review approved stages of Zvezda Shipyard project (Far East)
14:59 Russia develops digital platform for testing unmanned ship navigation
14:18 CMA CGM invests in the NYSHEX market and accelerates its digital transformation
13:15 KFTC announces decision concerning the violation of south Korean antitrust law by car carriers
12:43 Dmitry Medvedev signed amendments into regulations on delivery of caught and processed aquatic bioresources (document)
12:12 SaR operations continue in Singapore to find missing sailors of USS John McCain
12:00 LNG carrier Christophe de Margerie passed the Northern Sea Route for 6.5 days without assistance of icebreakers (photo)
11:23 MPA and IBM complete pilot trial on new cognitive-based system to improve maritime and port operations
11:04 Sovershenny, newest corvette of RF Navy's Pacific Fleet is open for visitors of the Army 2017 Forum
10:46 USC congratulates UCL Holding on the tenth anniversary!
10:25 Russian Chamber of Shipping congratulates UCL Holding on the first round number anniversary – 10 years in the market!
10:02 Brent Crude futures price down 0.35% to $51.69, Light Sweet Crude – down 0.33% to $47.67
09:44 TOTE Maritime’s LNG supplier gets the green light for LNG facility and barge-to-ship bunkering
09:33 Bunker prices go up at the port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index down to 1,249 points

2017 August 22

17:57 Gazprom Export LLC congratulates UCL Holding with a decade of fruitful activities!
17:28 Gazprom Neft resumes regular bunkering of vessels with marine lubricants at the port of Ust-Luga (photo)
17:05 OOCL celebrated the christening of hull of OOCL Germany
16:36 Reconstruction of Beringovsky Port will let boost coal exports to 2 mln t per year – Beringpromugol
16:05 MAN Diesel & Turbo and AKA win order from federal Russian agency
15:50 Cuxport handles crane parts weighing several tonnes for the NYK Bulk & Projects shipping company
15:34 SGS Group opts for Aqua-tools ballast water test kits
15:04 CMA CGM announces GRI from Asia to Panama, the Caribbean and Cuba on PEX2 service
14:35 First of ten Stan Tug 1907 ICE completed by Great Lakes Shipyard for The Great Lakes Towing Company
14:25 Baker McKenzie and COBALT selected the legal advisers of the IPO of the Port of Tallinn
14:02 ABP’s Scottish ports raise funds for RNLI and Fisherman’s Mission
13:38 IMO and Liberia looking to enhance maritime security
13:14 Bunker prices are still high at the Far East ports of Russia (graph)
12:47 Dredging at two berths of Vladivostok will let the port accommodate large cruise liners from 2018 (photo)
12:23 Sea Port of Saint-Petersburg has increased financing of labour safety actions by 23%
12:15 Port of Los Angeles and GE Transportation build on early success of pilot with commerical agreements worth up to $12 million
11:59 Maritime security code under review
11:36 ABB’s Onboard DC Grid enables integration of energy storage on specialized hybrid wind farm vessel
11:24 Stealth Maritime Corp. comments on collision of Navy vessel and its Liberia flagged tanker
11:12 FESCO launches its first transit train between China and Europe via Mongolia
10:44 About RUB 14 bln spent for construction of Vykhodnoy-Lavna line under MTH project – Murmansk Region Governor (photo)
10:20 Brent Crude futures price up 0.58% to $51.97, Light Sweet Crude – up 0.59% to $47.81
09:57 Association of Commercial Sea Ports congratulates the management and the team of UCL Holding on the group’s 10th anniversary!
09:35 Coal exports via Rosterminalugol terminal hit 15 mln t milestone this year (photo)
09:14 Baltic Dry Index up to 1,099 points

2017 August 21

18:06 Bahri completes registration of ASLAF under Saudi national flag
17:51 BC Ferries releases first quarter results
17:28 Khersones sailing ship takes part in celebrations marking Yalta City Day