Brief: Euronav FY Net Result Turns To Profit Of $202.9 Mln

Frontline

02/02/2023 07:20

Feb 2 (Reuters) - Euronav NV  EUAV.BR :
    * Q1 2023 TO DATE SPOT RATE: 50% FIXED AT 55K USD PER DAY
FOR VLCC
AND 50% FIXED AT 54K USD PER DAY FOR SUEZMAX
    * SUMMARY ARBITRATION PROCEEDINGS REGARDING TERMINATION OF
COMBINATION AGREEMENT WITH FRONTLINE EXPECTED TO CONCLUDE ON 7
FEBRUARY
    * FY REVENUE $854.7 MILLION VERSUS $419.8 MILLION YEAR AGO
    * SEASONAL DEMAND PATTERNS AND RUSSIAN DISLOCATION AUGMENT
ROBUST
FUNDAMENTALS
    * FLEET REJUVENATION BRINGS OPERATIONAL LEVERAGE TO UPCYCLE
    * FY PROFIT FOR THE PERIOD $202.9 MILLION VERSUS LOSS $338.8
MILLION YEAR AGO
    * LARGE CRUDE TANKER RECOVERY DELIVERS HIGHEST EARNINGS FOR
EURONAV SINCE Q2 2020
    * FY PROPORTIONATE EBITDA $ 535,1MLN VERSUS $103,7 MILLION
YEAR
AGO
    * VLCC: FY AVERAGE SPOT RATE (IN TI POOL) $27,600/ PER DAY
    * SUEZMAX: FY AVERAGE SPOT RATE $ 31,200 / PER DAY
    * DIVIDEND OF USD 3 CENTS PER SHARE WILL THUS BE PAID TO
SHAREHOLDERS ON 2 MARCH 2023.
    * FAMATOWN (TOGETHER WITH FRONTLINE), HOLD 50,426,748 SHARES
IN
EURONAV, OR 24.99% OF SHARES OUTSTANDING
    * REACHED OUT PRO-ACTIVELY TO FAMATOWN TO UNDERSTAND ITS
INTENTIONS AND INTENDS TO MAINTAIN A CONSTRUCTIVE DIALOGUE, AS
IT PURSUES WITH ALL EURONAV SHAREHOLDERS AND STAKEHOLDERS
    * HAS REACHED OUT TO CMB FOR FURTHER INFORMATION ON ITS
STRATEGY
AND INTENTIONS FOR EURONAV

Source text: https://bit.ly/3WS7iGp
Further company coverage:  EUAV.BR 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))