Euronav shows strong performance in Q1 2015
Euronav NV (“Euronav” or the “Company”) reported its preliminary financial results for the three months ended 31 March 2015. In the reporting period EBITDA soared 182% to $ 131.3 million, best quarterly performance since Q3 2008, the Company said in a press release.
Paddy Rodgers, CEO of Euronav said: “With the oil price down and demand up, tankers are benefiting. Ships on the water NOW can pay dividends NOW to reward shareholders for the support and confidence”.
For the first quarter 2015, the Company had a net result of USD 80.9 million or USD 0.55 per share (first quarter 2014: USD 1.4 million and USD 0.02 per share). EBITDA for the same period was USD 131.3 million (first quarter 2014: USD 46.6 million).
Euronav has applied the accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. If the Company would have continued to apply the proportionate consolidation method for its joint ventures for the first quarter of 2015, the EBITDA would have been USD 153.8 million (first quarter 2014: USD 63.3 million) and the result after taxation would have remained the same.
On 15 January 2015 the VLCC Antarctica (2009 – 315,981 dwt) was delivered to its new owners for conversion into an FPSO. Delivery was earlier than expected, resulting in an increased purchase price and a corresponding gain on disposal of assets of USD 2.1 million which was recorded in the first quarter of 2015.
On 26 February 2015 Euronav took delivery of the VLCC Hirado (2011 – 302,550 dwt) which was part of the acquisition of 4 modern Japanese-built VLCC vessels announced on 8 July 2014.
On 9 April 2015 Euronav took delivery of the VLCC Hakata (2010 – 302,550 dwt) which was the last vessel to be delivered to us as part of the acquisition of four modern Japanese-built VLCC vessels announced on 8 July 2014.
Antwerp, Belgium headquartered 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 has offices throughout Europe and Asia. 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.
