Euronav sees strong first quarter results

The international oil shipping services provider’s net profits for the first quarter of 2016 soared 40.4 percent year-over-year to $113.5 million.    Euronav, an international oil shipping services provider based out of Antwerp, Belgium, saw net profits for the first quarter of 2016 surge 40.4 percent year-over-year to $113.5 million, according to the company’s most recent unaudited financial statements.
   Revenues totaled $214.9 million for the quarter, a 5.1 percent increase from the first quarter of 2015.
   “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,” Euronav CEO Paddy Rodgers said. “Demand continues to expand stimulated by a ‘lower for longer’ oil price.”
   During the first quarter, Euronav took delivery of the 299,320-dwt Alice and the 299,445-dwt Alex, which are the second and third of the four very large crude carriers (VLCCs) that were acquired as resales of existing newbuilding contracts. The company is scheduled to take delivery of the fourth VLCC in May 2016, the Anne. All of these vessels are fully financed.
   In addition, Euronav sold the 298,412-dwt VLCC Famenne for $38.4 million during the first quarter, which was recorded at delivery March 9. The Famenne was wholly-owned by Euronav and was one of its two oldest VLCCs.
   Overall, Euronav’s owned and operated fleet consists of 55 double-hulled vessels. These vessels include 29 VLCCs, one of which is a 50/50 joint venture; one VLCC that is currently under construction; 22 Suezmaxes, four of which are owned in 50/50 joint ventures; two FSO vessels, both of which are owned in 50/50 joint ventures; and one V-Plus vessel.