THIRD QUARTER RESULTS 2015 HIGHLIGHTS
EBITDA (before non-recurring items) USD 135.9m – strongest Q3 since 2008
Decision not to exercise options for 4 VLCCs – value of options written off
Resilient quarter for VLCC and Suezmax rates despite seasonal expectations
Delivery of first VLCC (the Antigone) from acquisition announced in June (1st of 4)
New credit facility agreed covering 50% of fleet; Euronav fully funded
ANTWERP, Belgium, 29 October 2015 – Euronav NV (NYSE: EURN & Euronext: EURN)
(“Euronav” or the “Company”) today reported its non-audited financial results for the three months ended 30 September 2015.
Paddy Rodgers, CEO of Euronav said: “The positive thesis for the tanker sector started in
early 2014 continues to evolve as expected. The four key drivers of our business: robust
demand for crude oil, moderate vessel supply, high supply of oil and continued ton-mile
expansion – all delivered further gains in what is usually a seasonally weak quarter. This
resilience of the thesis was demonstrated with a strong recovery in the freight market after
a number of external factors simultaneously impacted the market during August. The
winter market has started very strongly. Euronav remains committed to its policy of
distributing 80% of net income.”
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