Euronav announces third quarter 2020 results

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(Image Courtesy: Euronav)

HIGHLIGHTS

  • Q3 freight rates: VLCC rates USD 42,000  per day, USD 23,500 for Suezmax
  • 80% of Q3 net income to be returned to shareholders:
  • Dividend: USD 18.5 million or USD 9 cent per share in cash dividends
  • Share buyback: USD 18.5 million
  • Challenging winter market conditions due to OPEC+ production cuts, slower demand recovery due to COVID-19 and increasing vessel capacity (caused by a return from storage plays)
  • Q4 update: 50% of VLCC fleet spot fixed at USD 22,500 per day; 45% of Suezmax fleet fixed at USD 11,500 per day
  • FSO contract extended by 10 years to 2032

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today reported its non-audited financial results for the third quarter ended 30 September 2020.

Hugo De Stoop, CEO of Euronav said: “A growing divide between rising short-term fleet supply and limited cargo availability, restricted by OPEC+ production cuts and a slower demand recovery for crude, has impacted the sector negatively and is likely to continue throughout the seasonal winter period. With our sector low leverage, supported by over USD 1 billion liquidity, Euronav is well positioned to navigate these challenges and potentially seize value creative opportunities should they arise.”

Sea News, November 5

Baibhav Mishra
Author: Baibhav Mishra