Euronav’s first half profit up 8%

Euronav’s first half profit up 8%    Belgian tanker company Euronav has reported net income of $134.2 million in the first half of 2007, up 7.6 percent from $124.7 million posted for the six-month period last year.
   The Antwerp-based firm’s first half earnings before interest and tax (EBIT) improved 11.9 percent to $173.6 million despite a 13.7 percent drop in turnover to $301.1 million.
   Euronav’s average very large crude carrier daily time charter equivalent (TCE) rates obtained by the company's owned fleet was about $54,600 per day for the first half, down from $67,000 per day in the corresponding period in 2006. The time charter earnings of the Suezmax fleet, which is fixed on long term time charters, was $34,850 per day for the first half, an improvement over $32,600 per day last year.
   “Against seasonal expectation, the freight market in the second quarter was higher than in the first quarter. This was due to a strong crude oil demand from China and a much higher number of VLCC being converted for offshore projects,” Euronav said.
   “In recent weeks the market has softened noticeably following a much anticipated seasonal trend. The outlook for the rest of the year remains nevertheless positive with demand typically increasing toward the end of the third and during the fourth quarter as a result of both weather disruptions and seasonal heating demand.”