Euronav NV today reported its non - audited financial results for the fourth quarter and full year 2015.
Paddy Rodgers, CEO of Euronav said: “ Recent capital market gyrations have oversold the crude tanker market which continues to be robust. With a lower oil price (it fell 18% during Q4 and further since year end) tanker freight nets back to higher results through a reduction in variable cost. Furthermore, one should expect additional stimulation of demand for crude and therefore for crude tanker s over 2016. Current vessel supply is well spread over the next 3 years and should therefore be capable of being absorbed by the demand. The winter market started in Q4 with higher TCE aver a ges than in any other quarter of 2015 and has even strengthen ed in Q1 2016. Consequently, management remains confident of further progress and committed to its policy of distributing 80% of net income excluding exceptional items such as gains on the disposal of vessels. ”
Euronav had a net profit of USD 104.7 million (fourth quarter 2014: net loss of USD - 3.9 million) for the three months ended 31 December 2015 or USD 0.66 per share (fourth quarter 2014 : USD - 0.03 per share). EBITDA (a non IFRS - measure) for the fourth quarter 2015 was USD 160.6 million (fourth quarter 201 4 : USD 67.6 million).
For the full year ending 31 December 2015, the preliminary net profit is USD 350.1 million (2014 : USD - 45.8 million) or USD 2.25 per share (2014 : net loss of USD - 0.39 per share).