HIGHLIGHTS
- Muted Q4 freight rate performance from extended seasonal
weakness
- Encouraging start for Q1 but confluence of factors likely to
impact from February
- Euronav balance sheet bolstered by sale & leaseback and new
financing facility
- Letter of award for FSO for five-year contract starting Q3
2017
- Return to shareholders' policy confirmed
ANTWERP, Belgium, 26 January 2017 - Euronav NV
(NYSE: EURN & Euronext: EURN) ("Euronav" or the
"Company") today reported its non-audited financial results for the
three months ended 31 December 2016.
Paddy Rodgers, CEO of Euronav said: "Euronav had
an active Q4 resulting in a letter of award for our FSO joint
venture for a five-year contract, refinancing over USD 400 million
of company debt on better terms and duration plus executing a sale
and leaseback on four vessels. This has further bolstered our
already strong balance sheet and gives us the flexibility to
navigate the tanker sector cycle from a position of strength.
Tanker owner sentiment and behavior continues to
be relatively brittle despite medium-term positive market
fundamentals. Freight rates in what historically is the strongest
quarter in any calendar year - Q4 - were subdued. Since November,
however, record cargo volumes ahead of OPEC production cuts, caused
by improving demand for crude, helped drive rates toward long-term
Q4 averages in December. However, 2017 will, in our view, present a
number of challenges: OPEC production cuts, peak delivery schedule
of the order book, continued restricted access to finance and
anemic owner confidence, which when combined, are all likely to
produce a difficult rate environment for 2017".
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The most
important key figures (unaudited) are: |
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(in thousands of
USD) |
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Fourth Quarter 2016 |
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Fourth Quarter 2015 |
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Full Year 2016 |
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Full Year 2015 |
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Revenue |
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146,280 |
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|
225,644 |
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|
684,265 |
|
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|
846,507 |
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Other operating
income |
|
|
1,463 |
|
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|
1,154 |
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|
6,996 |
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7,426 |
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Voyage expenses and
commissions |
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(16,481 |
) |
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(15,956 |
) |
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(59,560 |
) |
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(71,237 |
) |
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Vessel operating
expenses |
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(37,361 |
) |
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(38,812 |
) |
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(160,199 |
) |
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(153,718 |
) |
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Charter hire
expenses |
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(2,920 |
) |
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(6,438 |
) |
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(17,713 |
) |
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(25,849 |
) |
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General and
administrative expenses |
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(11,418 |
) |
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(16,122 |
) |
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(44,051 |
) |
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(46,251 |
) |
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Net gain (loss) on
disposal of tangible assets |
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36,576 |
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11,165 |
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50,395 |
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5,300 |
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Net gain (loss) on
disposal of investments in equity accounted investees |
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(24,150 |
) |
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Depreciation |
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(59,125 |
) |
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(54,896 |
) |
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(227,709 |
) |
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(210,206 |
) |
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Net finance
expenses |
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(16,095 |
) |
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(9,799 |
) |
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(44,849 |
) |
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(47,630 |
) |
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Share of profit (loss) of equity accounted investees |
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8,637 |
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13,520 |
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40,194 |
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51,592 |
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Result
before taxation |
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49,556 |
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109,461 |
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203,619 |
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355,934 |
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Tax
benefit (expense) |
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475 |
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(4,602 |
) |
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174 |
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(5,633 |
) |
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Profit
(loss) for the period |
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50,031 |
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104,859 |
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203,793 |
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350,301 |
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Attributable to:
Owners of the company |
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50,031 |
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104,859 |
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203,793 |
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350,301 |
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The contribution to
the result is as follows: |
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(in thousands of
USD) |
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Fourth Quarter 2016 |
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Fourth Quarter 2015 |
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Full Year 2016 |
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Full Year 2015 |
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Tankers |
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41,630 |
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96,697 |
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169,324 |
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317,347 |
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FSO |
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8,401 |
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8,162 |
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34,469 |
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32,954 |
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Result after taxation |
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50,031 |
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104,859 |
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203,793 |
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350,301 |
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Information per
share: |
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(in USD per share) |
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Fourth Quarter 2016 |
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Fourth Quarter 2015 |
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Full Year 2016 |
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Full Year 2015 |
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Weighted average number
of shares (basic) * |
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158,166,534 |
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158,628,151 |
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158,262,268 |
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155,872,171 |
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Result after
taxation |
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0.32 |
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0.66 |
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1.29 |
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2.25 |
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* The
number of shares issued on 31 December 2016 is 159,208,949. |
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EBITDA
reconciliation (unaudited): |
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(in thousands of
USD) |
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Fourth Quarter 2016 |
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Fourth Quarter 2015 |
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Full Year 2016 |
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Full Year 2015 |
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Profit (loss) for the
period |
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50,031 |
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104,859 |
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203,793 |
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350,301 |
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+ Depreciation |
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59,125 |
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54,896 |
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227,709 |
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210,206 |
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+ Net finance
expenses |
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16,095 |
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9,799 |
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44,849 |
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47,630 |
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+ Tax expense
(benefit) |
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(475 |
) |
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4,602 |
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(174 |
) |
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5,633 |
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EBITDA |
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124,776 |
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174,156 |
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476,177 |
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613,770 |
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+ Depreciation equity
accounted investees |
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4,776 |
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7,428 |
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23,774 |
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29,314 |
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+ Net finance expenses
equity accounted investees |
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521 |
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|
966 |
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3,212 |
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|
5,288 |
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+ Tax expense (benefit)
equity accounted investees |
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|
66 |
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(184 |
) |
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182 |
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(184 |
) |
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Proportionate EBITDA |
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130,139 |
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182,366 |
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503,345 |
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648,188 |
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Proportionate EBITDA
per share: |
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(in USD per share) |
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Fourth Quarter 2016 |
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Fourth Quarter 2015 |
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Full Year 2016 |
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Full Year 2015 |
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Weighted average number
of shares (basic) * |
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158,166,534 |
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|
158,628,151 |
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158,262,268 |
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|
155,872,171 |
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Proportionate
EBITDA |
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|
0.82 |
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|
1.15 |
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|
3.18 |
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|
4.16 |
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All figures have been prepared under IFRS as
adopted by the EU (International Financial Reporting Standards) and
have not been audited nor reviewed by the statutory auditor. |
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For the fourth quarter of 2016 the Company had a
net profit of USD 50.0 million (fourth quarter 2015: USD 104.9
million) or USD 0.32 per share (fourth quarter 2015: USD 0.66 per
share). Proportionate EBITDA (a non-IFRS measure) for the same
period was USD 130.1 million (fourth quarter 2015: USD 182.4
million).
The average daily time charter equivalent rates
(TCE, a non IFRS-measure) can be summarized as follows:
In USD per day |
Fourth quarter 2016 |
Fourth quarter 2015 |
Full year 2016 |
Full year 2015 |
VLCC |
|
|
Average spot rate (in TI pool) |
33,161 |
61,482 |
41,863 |
55,055 |
Average time charter rate |
43,833 |
41,776 |
42,618 |
41,981 |
SUEZMAX |
|
|
Average spot rate |
21,243 |
41,596 |
27,498 |
41,686 |
Average time charter rate |
24,662 |
36,042 |
26,269 |
35,790 |
Including profit share where
applicable
Excluding technical offhire days
EURONAV TANKER FLEET
On 3 October 2016 Euronav signed two long-term
time charter contracts of seven years each starting in 2018 with
Valero Energy Inc. for Suezmax vessels with specialized Ice Class
1C capability. In order to fulfil these contracts, Euronav has
ordered two high specification Ice Class Suezmax vessels from
Hyundai Heavy Industries shipyard in South Korea. Delivery of these
vessels is expected in early 2018 in good time for commencement of
the charters.
On 13 October 2016 Euronav agreed with Hyundai
Heavy Industries shipyard in South Korea to defer the delivery of
the two VLCC ex-yard resale vessels, it recently purchased, to the
first quarter of 2017. These vessels, previously expected to be
delivered between October and November 2016, were delivered in
January 2017.
On 27 October 2016 the VLCC KHK Vision (2007 -
305,749 dwt) which was time chartered in, was redelivered to its
owner.
On 16 December 2016 Euronav signed a new USD 410
million senior secured amortizing revolving credit facility for the
purpose of refinancing 11 vessels as well as Euronav's general
corporate purposes. The credit facility was used to refinance the
USD 500 million senior secured credit facility dated 25 March 2014
and will mature on 31 January 2023 carrying a rate of LIBOR plus a
margin of 2.25%.
On 22 December 2016 together with joint venture
partner International Seaways, Inc. ("INSW"), Euronav received a
letter of award for a five-year contract for the service of its two
FSO units. The existing contracts will remain in force until expiry
in Q3. If negotiations and documentation are successfully
concluded, the new contracts are expected to generate revenues for
the joint venture in excess of USD 360 million over their full
duration, excluding reimbursement for agreed operating expenses.
The signing of final services contracts remains subject to an
agreement on substantive business terms and no assurance can be
given that such agreement will be reached.
On 22 December 2016 Euronav entered into a
five-year sale and leaseback agreement for four VLCC vessels with
investment vehicles advised by Wafra Capital Partners Inc., a
private equity partnership. The four VLCCs are the Nautilus (2006 -
307,284 dwt), Navarin (2007 - 307,284 dwt), Neptun (2007 - 307,284
dwt) and Nucleus (2007 - 307,284 dwt). The terms of the transaction
include an aggregate sales price of USD 186 million, resulting in a
capital gain of USD 36.5 million. The leaseback transaction is
accounted for as an operating lease under IFRS and includes certain
contingent elements linked to the fair market value of the vessels
during and at the expiry of the charter period. As per our return
to shareholders' policy, this capital gain will not be eligible for
dividend distribution. After repayment of the existing debt, the
transaction generated in excess of USD 100 million free cash.
Euronav has leased back the four vessels, which were built by
Dalian Shipbuilding Industry Co., Ltd. (DSIC), under a five-year
bareboat contract at an average rate of USD 22,000 per day per
vessel and at the expiry of each contract the vessels will be
redelivered to their new owners.
On 10 January 2017 the naming ceremony for the
two VLCC resales, the Ardeche (2017 - 298,642 dwt) and the
Aquitaine (2017 - 298,768 dwt) took place at the Hyundai Samho yard
in Mokpo, South Korea. Euronav took delivery of these on 12 January
and on 20 January respectively.
RETURN TO SHAREHOLDERS
Euronav's return to shareholders' policy is to
distribute 80% of net income over the full financial year. Under
Belgian corporate law the final full year dividend must be approved
by the Annual General Meeting of Shareholders (AGM) on the basis of
the fully audited results of the financial year. The AGM is
scheduled on 11 May 2017.
As per our return to shareholders' policy, any
capital gains are not eligible for dividend distribution.
Management is therefore pleased to announce that it intends to
recommend to the Board of Directors, subject to final audited
results being identical to the preliminary ones and absent material
adverse circumstances, that the Board proposes for approval of the
AGM a final full year dividend of USD 0.77 per share. Taking into
account the interim dividend announced in August in the amount of
USD 0.55 per share, the expected dividend payable after the AGM
should be USD 0.22 per share. The total final USD 0.77 dividend per
share complies with the 80% commitment when compared to underlying
earnings for the full year 2016 of USD 0.96 per share (after
stripping out capital gains).
TANKER MARKET
The tanker market finds itself at an interesting
intersection as medium and longer-term positives (restricted
financing driving limited contracting, increased environmental
regulation taking effect from 2017, robust demand for crude)
continue to build momentum but are likely to be overshadowed by a
number of negative short-term factors driving the market during
2017 (OPEC production cuts, delivery of new vessels, limited
scrapping, anemic owner sentiment). Euronav sees a number of
short-term factors dominating during 2017 before focus on a
positive medium-term market structure can develop.
In terms of short-term headwinds, firstly the
OPEC-led production cuts will begin to impact during Q1 (mid to
late January) and present a headwind for tanker markets until at
least the summer months when long established seasonal trading
patterns typically reduce demand. Secondly, 2017 will see the peak
of the order book delivery schedule with at least 40 VLCC
equivalents (VLCC & Suezmax vessels expressed as VLCC capacity)
expected to enter the global fleet in the first half of 2017 alone.
Owner sentiment and behavior has been weak in the face of similar
vessel delivery albeit at lower levels during the second half of
2016 suggesting potential freight rate pressure during this
delivery period.
Thirdly, older tonnage is likely to remain and
act as disruptive capacity in 2017 as pressure to scrap is
neutralized to some extent by an uncertainty over approved ballast
water and sulphur cap systems and an ability to defer direct
application of the new environmental regulations starting in
September 2017, as covered in more detail below. Lastly, continued
restrictive access to financing for ship owners and anemic owner
confidence are likely to combine all of these factors to produce a
challenging freight rate environment for 2017.
Medium-term drivers though remain positive.
Demand for crude oil remains supportive with upward pressure on
demand forecasts into 2017 as global GDP expectations are upgraded.
Whilst the oil price has risen since OPEC announced production
cuts, the resilience of the USA shale output and the return of
disrupted supply (Nigeria, Libya) suggest that increased crude
supply will respond quickly to higher prices and so prevent
price-based demand destruction.
Increased regulation under the Ballast Water
Management Convention coming into force in September 2017 and the
Sulphur Oxides (SOx) Regulation from 2020 limiting the maximum
sulphur content in fuel oil will help to increase pressure to scrap
over time. There are 267 VLCCs in total (38% of current fleet) that
will be at least 15 years old by 2020. This ageing profile will
encourage a more rational medium-term behavior as owners will face
increased regulatory costs over and above those from special
surveys which are scheduled for every 30 months on vessels older
than 15 years of age.
A combination of rationed capital from
traditional sources and a higher cost of capital have substantially
reduced contracting activity in the past 12 to 15 months. In VLCC
orders, 2016 was the third lowest year on record. The majority of
orders were also being industrial replacement rather than
speculative. Shipyards are also severely restricted in their
financial flexibility and are entering a phase of rationalization,
albeit with one caveat - political pressure to address overcapacity
has eased in recent months and requires monitoring.
We encourage investors to visit our website and
access our presentations which are updated regularly at
http://investors.euronav.com.
OUTLOOK
The Company remains consistent in its view
expressed in recent communications that vessel supply in totality
remains a manageable factor but that increased pockets of supply
would periodically have a detrimental effect. The lack of
contracting in the past 12 to 15 months encourages a positive
medium-term view supported by consistent crude demand growth (IEA
2017-2020 forecast 1.2m bpd growth every year), increasing effect
of environmental legislation toward 2020 and an adjustment to a
rationed supply of capital for all.
Euronav management has taken affirmative action
over the past six months in rejuvenating the fleet whilst
simultaneously improving our capital ratios and access to
liquidity. With the lowest leverage in the big tanker sector and
access to over USD 600 million of liquidity Euronav is well
positioned to navigate the cycle - to be strategically
opportunistic whilst remaining exposed to any potential upside from
an improved freight rate environment.
So far during the first quarter of 2017, the
Euronav VLCC fleet operated in the Tankers International Pool has
earned about 48,098 USD and 48% of the available days have been
fixed. Euronav's Suezmax fleet trading on the spot market has
earned about 24,070 USD per day on average with 41.5 % of the
available days fixed.
CONFERENCE CALL
Euronav will host a conference call at 09:30
a.m. EST / 3:30 p.m. CET on Thursday 26 January 2017 to discuss the
results for the fourth quarter 2016.
The call will be a webcast with an accompanying
slideshow. You can find details of this conference call below and
on the "Investor Relations" page of the Euronav website at
http://investors.euronav.com.
Webcast Information |
|
Event Type: |
Audio webcast with user-controlled slide presentation |
Event Date: |
26 January 2017 |
Event Time: |
09:30 a.m. EST / 3:30 p.m. CET |
Event Title: |
"Q4 2016 Earnings Conference Call" |
Event Site/URL: |
http://services.choruscall.com/links/euronav1701263ox6XmZ1.html |
Telephone participants may avoid any delays by
pre-registering for the call using the following link to receive a
special dial-in number and PIN conference call registration link:
http://dpregister.com/10099044. Pre-registration fields of
information to be gathered: name, company, email.
Telephone participants located in the U.S. who
are unable to pre-register may dial in to +1-877-328-5501 on the
day of the call. Others may use the international dial-in number
+1-412-317-5471.
A replay of the call will be available until 2
February 2017, beginning at 11:30 a.m. EST / 5:30 p.m. CET on 26
January 2017. Telephone participants located in the U.S. can dial
+1-877-344-7529. Others can dial +1-412-317-0088. Please reference
the conference number 10099044.
** * Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words "believe", "anticipate", "intends", "estimate", "forecast",
"project", "plan", "potential", "may", "should", "expect",
"pending" and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the failure of counterparties to fully perform
their contracts with us, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for tanker
vessel capacity, changes in our operating expenses, including
bunker prices, dry-docking and insurance costs, the market for our
vessels, availability of financing and refinancing, charter
counterparty performance, ability to obtain financing and comply
with covenants in such financing arrangements, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other factors.
Please see our filings with the United States Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
Contact:Mr. Brian Gallagher - Euronav Investor
RelationsTel: +44 20 7870 0436Email:
IR@euronav.com
Announcement of final year results 2016:
Thursday 16 March 2017
About EuronavEuronav 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 and on the NYSE 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 55 double hulled vessels being 1 V-Plus vessel,
31 VLCCs, 19 Suezmaxes, two Suezmaxes under construction and two
FSO vessels (both owned in 50%-50% 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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/9f721ab5-5fb1-4d38-9c42-f711d5d762ed
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/3a69e125-61a1-4690-a301-2dffbfb61d28
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