Euronav Post Near Half-Billion Profit
Euronav NV has reported its audited financial results for Q4 and the entirety of 2015, with the company recording a net profit of US$350 million for the year.
Paddy Rodgers, CEO of Euronav, said: “2015 was a landmark year for Euronav with the Company achieving a number of key objectives such as delivery of the most profitable year since 2008, full listing on the NYSE and the appointment of Carl Steen as an independent Chairman.
“I would like to take this opportunity to thank the Board of Directors, management and staff for all their hard work and dedication in helping the group to accomplish so much during 2015.
“Euronav continues to experience robust and fundamental strength in the VLCC and Suezmax sectors. Q1, 2016 is not only substantially better than Q1, 2015 but it should also beat Q4, 2015 which was the best of the four quarters for that year. We believe the current market fundamentals are not reflected in our share price.
“Vessel supply always needs to be considered in the context of the anticipated demand for oil. In the context of robust oil demand and with potential for further demand stimulation from a low oil price, we believe that the supply of VLCCs and Suezmaxes is a manageable prospect for the tanker sector.
“At the same time, capital markets de-levering and a structural restriction of availability of financing for tankers have substantially reduced the rate of large tanker ordering in the past six months.
“This critical factor, along with a sustained positive ton-mile expansion and the likelihood of persistently high global oil production, provide support for a positive outlook for large tanker markets through 2016 and beyond.”
So far in Q1, 2016 Euronav’s VLCC fleet operated in the Tankers International Pool has earned more than $62,000 per day and 92% of the available days have been fixed.