FIRST QUARTER RESULTS 2016
HIGHLIGHTS
• EBITDA USD 164 million: year-on-year growth in freight rates
• Tanker fundamentals: demand is robust and growing & vessel supply manageable
• Almost no vessels ordered in Q1 globally because of restricted access to finance
• Dividend USD 0.82 per share (ex dividend date 17 May 2016)
ANTWERP, Belgium, 27 April 2016 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today reported its non-audited financial results for the first quarter 2016. Paddy Rodgers, CEO of Euronav said: “The strongest first quarter for eight years and a robust start to the second quarter with freight rates higher year-on-year are providing Euronav with a strong platform for further growth. Demand continues to expand stimulated by a “lower for longer” oil price. The current vessel supply outlook is manageable consistent with our thesis that restricted access to finance is emerging as a barrier to entry, evidenced by virtually no new large tanker orders during the first quarter. Euronav remains committed to its policy of distributing 80% of net income to shareholders (excluding exceptional items such as gains on the disposal of vessels). We believe that the outlook is positive and sustainable for Euronav and the tanker sector.”
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