Euronav NV posts preliminary results for H1, 2013
The executive committee of Euronav NV today reported its preliminary and unaudited financial results for the six months ended 30th June 2013, said in the company's press release. 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 ac count any impact of deferred taxes.
The company had a net result of USD - 41.4 million (first semester 2012: USD - 20 million) or USD - 0.83 per share (first semester 201 2: USD - 0.40), for the first semester 2013 .
EBITDA for the same period was USD 68 million (first semester 2012 : USD 98.2 million). During the first semester the company took 2 Suezmax, 1 VLCC and 1 ULCC to drydock which increased the regular operational expenses by USD 6.2 million.
The result of the second quarter is positively affected by the revaluation at market- to-market levels of non-cash items such as hedge instruments on interest rates and rate of exchange for a total of USD 1.5 million.
Excluding technical offhire days EURONAV TANKER FLEET At present, Euronav commercially manages 16 Suezmax vessels on the spot market (of which 14 are owned or partially owned) whilst 9 VLCCs are traded by the Tankers International pool on the spot market. 2 FSOs, 9 Suezmax and 3 VLCC vessels are under time charter contract at the present time.
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 36 double hulled vessels being 1 V - Plus, 2 FSO vessels (both owned in 50% - 50% joint venture), 11 VLCCs (of which 2 in joint venture), 22 Suezmaxes (of which 4 in joint venture). Euronav vessels mainly fly Belgian, Greek and Fr ench flag.
