EURONAV : Second quarter results 2012
07/17/2012| 12:35pm US/Eastern
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ANTWERP, Belgium, 17th July 2012 - The executive
committee of Euronav NV (NYSE EURONEXT BRUSSELS:
EURN) today reported its preliminary and unaudited
financial results for the six months ended 30th
June 2012.
All figures have been prepared under IFRS (International
Financial Reporting Standards) and have not been reviewed by
the auditor. The figures have been prepared without taking
into account any impact of deferred taxes.
The company had a net result of USD -20.2 million (first
semester 2011: USD -5 million) or USD -0.40 per share (first
semester 2011: USD -0.10), for the first semester 2012.
EBITDA for the same period was USD 98.1 million (first
semester 2011: USD 104.2 million). The result of the
second quarter is negatively affected by the revaluation at
marked-to-market levels of non cash items such as hedge
instruments on interest rates and rate of exchange for a
total of USD - 1 million.
As a reminder, the result of 2011 was influenced by a USD
22.1 million profit made on the sale of the VLCC Pacific
Lagoon (1999 - 305,938 dwt). Taking this into account, the
EBITDA for the second quarter (USD 50.3 million) is 60%
higher than the EBITDA for the same period in 2011 (USD 31.6
million).
PRESS RELEASE REGULATED INFORMATION
17 JULY 2012 - 5.40pm
The average daily time charter equivalent voyage earnings
(TCE) can be summarized as:
|
In USD per day
|
Second quarter
2012
|
Second quarter
2011
|
First
Semester
2012
|
First
Semester
2011
|
|
VLCC
|
|
|
|
Spot average voyage rate**
|
27,230
|
22,000
|
26,560
|
23,000
|
|
Suezmax
|
|
|
|
Average time-charter rate*
|
24,000
|
29,400
|
26,500
|
29,800
|
|
Average spot rate**
|
22,000
|
12,200
|
22,900
|
12,400
|
* Including profit share where applicable ** Excluding
offhire and idle days
EURONAV TANKER FLEET
The time charter contract of the Suezmax Cap Charles (2006 -
158,881 dwt) was extended for 24 months as from 28 April 2012
in direct continuation of the existing contract and the time
charter contract of the Suezmax Cap Theodora (2008 - 158,800
dwt) was extended for 36 months as from 15 December 2012 in
direct continuation of the existing contract. The Suezmax Cap
Guillaume (2006 - 158,889 dwt) was fixed on time charter for
30 months with a forward start from the fourth quarter of
2012.
At present, Euronav commercially manages 15 Suezmax vessels
on the spot market (of which 12 are owned or partially owned)
whilst 9 VLCCs are traded by the Tankers International pool
on the spot market. 10 Suezmax and 3 VLCCs vessels are under
time charter contract.
EURONAV OFFSHORE FLEET
Euronav currently has 2 FSOs in operation (FSO Asia and FSO
Africa) and is at present participating in 2 tenders.
TANKER MARKET
The challenge for the tanker market is still almost entirely
on the supply side as the market continued to be
characterized by an oversupply of available tonnage. The
improvements seen as from the end of the first quarter and
during the second quarter demonstrate that the oversupply is
being reduced by: (1) an improvement of the tonne-miles
(longer voyages from West Africa, Latin America and the
Caribbean to the Far East and India), (2) a decrease of the
actual number of ships that meets the quality standard
required by our industry, making them commercially difficult
to fix and (3) to some extent the scrapping activity seen so
far this year.
In order to continue this trend, older tonnage needs to be
scrapped, orders need to be cancelled or at least further
delayed. Further consolidation of the market would also help
either via mergers and acquisitions or participation in
pools.
Since the end of the second quarter, rates have been falling
consistently to levels not seen since the month of October
2011. This downward move is consistent with the seasonality
of the market but overall the freight market was better so
far this year than for the same period last year.
PRESS RELEASE REGULATED INFORMATION
17 JULY 2012 - 5.40pm
So far in the third quarter, Tankers International pool has
earned on average USD 17,200 per day and 32% of the available
days have been fixed.
On that basis, management remains cautious in respect of the
outlook for the rest of the year.
Euronav also announces that as of 1 June 2012, Jonathan Lee
ceased to be commercial manager since taken up the role of
Chief Executive Officer of the Tankers International Pool.
The TI Pool is currently transitioning from a pool that is
largely performing contracts of affreightment to one which
will place more emphasis on the spot market.
*
* *
Contact:
Hugo De Stoop
CFO
Tel: +32 3 247 44 11
Final half year results: Wednesday, 29 August 2012
Half year report available on website: Friday, 31 August 2012
About Euronav: Euronav is one of the world's
leading independent tanker companies engaged in the ocean
transportation and storage of crude oil and petroleum
products. The company is headquartered in Antwerp, Belgium,
and has offices throughout Europe and Asia. Euronav is listed
on NYSE Euronext Brussels under the symbol EURN. Euronav
employs its fleet both on the spot and period market. VLCCs
on the spot market are traded in the Tankers International
pool of which Euronav is one of the major partners. Euronav's
owned fleet, consists of
38 double hulled vessels being 1 V-Plus, 2 FSO vessels (both
owned in 50%-50% joint venture), 12 VLCCs (of which 2 in
joint venture), 22 Suezmaxes (of which 4 in joint venture)
and 1 Suezmax under construction. Euronav vessels mainly fly
Belgian, Greek and French flag. More detailed information can
be found on the company's website: www.euronav.com .
Regulated information within the meaning of the Royal Decree
of 14 November 2007.
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