• 2016 January 28 16:33

  Euronav NV reports results for the fourth quarter and full year 2015

  

  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). 

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