Euronav’s profits, revenues sink in 2016

The Antwerp-based independent tanker company recorded a $204 million profit on revenues of $684.3 million for 2016, year-over-year declines of 41.8 percent and 19.2 percent, respectively.    Antwerp-based independent tanker company Euronav’s profits tumbled 41.8 percent in 2016 from a year prior to $204 million, according to its latest financial statements.
   Revenues for 2016 fell 19.2 percent year-over-year $684.3 million.
   Euronav CEO Paddy Rodgers said, “2017 will, in our view, present a number of challenges: OPEC production cuts, concentrated delivery schedule of the order book and anemic owner confidence, which when combined, are all likely to produce a difficult rate environment for the next few quarters.”
   Euronav has an owned and operated fleet of 55 double-hulled vessels, consisting of one V-Plus vessel; 31 very large crude carriers; 19 Suezmaxes under construction; and two floating, storage and offloading vessels (both owned in a 50/50 joint venture).