PR Newswire
ANTWERP, Belgium, Oct. 31, 2016
ANTWERP, Belgium, Oct. 31, 2016 /PRNewswire/ --
HIGHLIGHTS
Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its non-audited financial results for the three months ended 30 September 2016.
Paddy Rodgers, CEO of Euronav said: "Freight rates were lower during the third quarter with anticipated seasonal weakness throughout the quarter compounded by higher levels of less favored vessel supply from several sources (returning dry dock, new builds, older tonnage) affecting tanker owners pricing behavior. This was exacerbated, in particular for Suezmax vessels, by dislocation from reduced Atlantic basin oil production negatively impacting on ton miles".
Freight rates have now improved, underpinned by seasonal trading patterns, continued demand from the Far East and boosted in the short term by cargo activity from the Arabian Gulf, which is at record levels. Euronav anticipates a regular seasonal pattern for the fourth quarter in terms of freight rates. Scheduled vessel supply however remains at elevated levels, which combined with no scrapping, will continue to present headwinds into 2017 for tanker operators.
Euronav retains access to substantial liquidity and maintains a robust balance sheet in order to remain strategically opportunistic to navigate potential short-term headwinds during periods of increased vessel supply whilst at the same time remaining exposed to any potential upside from an improved rate environment.
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The most important key figures (unaudited) are: | | | | | ||||||||||
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| in thousands of USD | | | First Semester 2016 | | | Third Quarter 2016 | | | Year-to-Date | | | Year-to-Date | |
| | | | | | | | | | | | | | |
| Revenue | | | 404,450 | | | 133,534 | | | 537,984 | | | 620,863 | |
| Other operating income | | | 3,702 | | | 1,831 | | | 5,533 | | | 6,272 | |
| | | | | | | − | | | | | | | |
| Voyage expenses and commissions | | | (24,855) | | | (18,222) | | | (43,077) | | | (55,281) | |
| Vessel operating expenses | | | (80,091) | | | (42,747) | | | (122,838) | | | (114,905) | |
| Charter hire expenses | | | (11,010) | | | (3,784) | | | (14,794) | | | (19,411) | |
| General and administrative expenses | | | (21,721) | | | (10,913) | | | (32,634) | | | (30,130) | |
| Net gain (loss) on disposal of tangible assets | | | 13,819 | | | − | | | 13,819 | | | (5,865) | |
| Net gain (loss) on disposal of investments in equity | | | (24,150) | | | − | | | (24,150) | | | − | |
| Depreciation | | | (109,497) | | | (59,088) | | | (168,585) | | | (155,310) | |
| Net finance expenses | | | (19,074) | | | (9,679) | | | (28,753) | | | (37,832) | |
| Share of profit (loss) of equity accounted investees | | | 22,276 | | | 9,282 | | | 31,558 | | | 38,071 | |
| Result before taxation | | | 153,849 | | | 214 | | | 154,063 | | | 246,472 | |
| | | | | | | | | | | | | | |
| Tax benefit (expense) | | | (159) | | | (142) | | | (301) | | | (1,031) | |
| Profit (loss) for the period | | | 153,690 | | | 72 | | | 153,762 | | | 245,441 | |
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| Attributable to: Owners of the company | | | 153,690 | | | 72 | | | 153,762 | | | 245,441 | |
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| The contribution to the result is as follows: | | | | | | | | | | | | | |
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| in thousands of USD | | | First Semester 2016 | | | Third Quarter 2016 | | | Year-to-Date 2016 | | | Year-to-Date 2015 | |
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| Tankers | | | 136,458 Werbung Mehr Nachrichten zur Euronav NV Aktie kostenlos abonnieren
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