Euronav posts Q3 results
The executive committee of Euronav NV has reported its non - audited financial results for the three months ended 30 September 2014, the company said in its press release.
For the third quarter 2014, the company had a net result of USD - 20.6 million (third quarter 2013 : USD - 27.1 million) or USD - 0.16 per share (third quarter 201 3 : USD - 0.54 per share). EBITDA for the same period was USD 36.3 million (third quarter 2013 : USD 16.6 million).
The company is applying the new accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. As a result, the consolidation method applied to joint ventures has changed. Consequently, all the joint ventures in which the Company has an interest have now been accounted for, using the equity method and reported in the income statement under the line: ”Share of profit (loss) of equity accounted investees”.
On 9 July 2014 , the company raised 125 million USD through a private placement of 10,556,808 new shares to institutional investors selected through an a ccelerated book build offering. The funds raised will be used by Euronav to partially finance its purchase of 4 VLCC vessels as announced on 8 July 2014. On 14 October 2014 the company signed a new USD 340 million senior secured credit facility comprising of a USD 192 million term loan facility and up to USD 148 million non - amortising revolving credit facility or the purpose of partially financing the acquisition of 4 VLCCs announced on 8 July and refinancing 4 Suezmax.
Euronav operates its spot VLCC tonnage through the Tankers International Pool of which it is a founding member. Since the 6th of October 2014, the Pool has been operating in a joint venture with Frontline . This combination is the largest provider of spot VLCC tonnage in the world and is operating under the name VLCC Chartering Ltd. On 9 October 2014 Euronav took delivery of the fifteenth and last vessel of the Maersk acquisition announced on 5 January 2014 : the Sandra (2011 – 323,527 dwt).
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on 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 and operated fleet consists of 52 double hulled vessels being 1 V - Plus, 2 FSO vessels (both owned in 50% - 50% joint venture), 27 VLCCs of which 1 in joint venture and 22 Suezmaxes (of which 4 in joint venture). The company’s vessels mainly fly Belgian, Greek, French and Marshall Island flags. Regulated information within the meaning of the Royal Decree of 14 November 2007.
