The executive committee of Euronav NV yesterday reported its financial results for the three months ended 31st March 2010. For the first quarter 2010, the company had a net income of USD 22.3 million or USD 0.45 per share (first quarter 2009: USD 16.8 million and USD 0.34 per share). EBITDA for the same period was USD 84.2 million (first quarter 2009: USD 79 million). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International pool was approximately USD 49,000 per day in the first quarter of 2010 (first quarter 2009: USD 47,000 per day). The time charter equivalent earnings of the Euronav Suezmax fleet which is partly operated under long term time charters, including profit shares where applicable and partly on the spot market by Euronav, was USD 32,500 per day (first quarter 2009: USD 38,500 per day) for the first quarter 2010.
The result is affected by the revaluation at marked-to-market levels of non cash items such as hedge instruments on interest rates for a total of USD 2 million.
Tanker
On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugénie (2010 – 157,677 dwt) from Samsung Heavy Industries, Koje Island, South Korea. The vessel which is owned 50%-50% in joint venture with JM Maritime is being operated on the spot market.
Contrary to seasonal expectations, the market in the second quarter remains robust at similar levels seen in the first quarter. So far in the second quarter, Euronav VLCC fleet operated in the Tankers International pool has earned USD 45,000 per day and 50% of the available days have been fixed. Demand for crude oil continues to grow in the Far East and this is now being combined with stronger than expected demand coming from the US and declining export from the Gulf of Mexico and the North Sea (the latter two being positive for tonne-miles). The outlook for the tanker market, whilst as always volatile, in 2010 is looking increasingly well supported.
FSO
The FSO Asia, a Floating Storage and Offloading (FSO) service vessel owned by the joint venture in which OSG and Euronav NV each has a 50% interest which is currently being operated at the Al Shaheen oilfield offshore Qatar is performing very well.
The FSO Africa is now ready to be deployed and the joint venture partners are in discussions with various parties regarding its employment.
The result is affected by the revaluation at marked-to-market levels of non cash items such as hedge instruments on interest rates for a total of USD 2 million.
Tanker
On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugénie (2010 – 157,677 dwt) from Samsung Heavy Industries, Koje Island, South Korea. The vessel which is owned 50%-50% in joint venture with JM Maritime is being operated on the spot market.
Contrary to seasonal expectations, the market in the second quarter remains robust at similar levels seen in the first quarter. So far in the second quarter, Euronav VLCC fleet operated in the Tankers International pool has earned USD 45,000 per day and 50% of the available days have been fixed. Demand for crude oil continues to grow in the Far East and this is now being combined with stronger than expected demand coming from the US and declining export from the Gulf of Mexico and the North Sea (the latter two being positive for tonne-miles). The outlook for the tanker market, whilst as always volatile, in 2010 is looking increasingly well supported.
FSO
The FSO Asia, a Floating Storage and Offloading (FSO) service vessel owned by the joint venture in which OSG and Euronav NV each has a 50% interest which is currently being operated at the Al Shaheen oilfield offshore Qatar is performing very well.
The FSO Africa is now ready to be deployed and the joint venture partners are in discussions with various parties regarding its employment.