Euronav has revealed its non-audited financial results for Q4 and the whole of 2015, and has announced a net profit of US$104.7 million for Q4 and a net profit of $350.1 million in 2015.
The results indicate earnings before interest, taxes, depreciation, and amortisation of $160.6million; the highest quarterly result since Q3, 2008.
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 tankers over 2016. Current vessel supply is well spread over the next three years and should therefore be capable of being absorbed by the demand.”
Mr Rogers concluded: “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.”