Euronav announce Q1 Results 2016

Accountancy, Markets, Statistics, Stock Markets — By on April 27, 2016 at 9:34 AM

EURONAV funnelFIRST QUARTER RESULTS 2016

HIGHLIGHTS

• EBITDA USD 164 million: year-on-year growth in freight rates

• Tanker fundamentals: demand is robust and growing & vessel supply manageable

• Almost no vessels ordered in Q1 globally because of restricted access to finance

• Dividend USD 0.82 per share (ex dividend date 17 May 2016)

ANTWERP, Belgium, 27 April 2016 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today reported its non-audited financial results for the first quarter 2016. Paddy Rodgers, CEO of Euronav said: “The strongest first quarter for eight years and a robust start to the second quarter with freight rates higher year-on-year are providing Euronav with a strong platform for further growth. Demand continues to expand stimulated by a “lower for longer” oil price. The current vessel supply outlook is manageable consistent with our thesis that restricted access to finance is emerging as a barrier to entry, evidenced by virtually no new large tanker orders during the first quarter. Euronav remains committed to its policy of distributing 80% of net income to shareholders (excluding exceptional items such as gains on the disposal of vessels). We believe that the outlook is positive and sustainable for Euronav and the tanker sector.”

Viewers can log herebelow and read the full report:

20160427_Q12016 Earnings EN

Tags:

Leave a Reply

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 13 + 14 ?
Please leave these two fields as-is:

Trackbacks

Leave a Trackback