Press release
EURONAV ANNOUNCES Q3 RESULTS
ANTWERP, 23rd October 2007 – The executive committee of Euronav NV (EURONEXT:EURN) today reported its provisional financial results for the three months ended 30th September 2007.
The company had a result of USD – 23.3 million (2006: USD 53.8 million) or
USD -0.44 (2006: USD 1.02) per share, for the three months ended 30th September 2007. EBITDA was USD 43.8 million (2006: USD 110.5 million).
Euronav owned VLCCs operated through the Tankers International (TI) Pool earned a time charter equivalent, in average for the quarter, of USD 36,500/day (2006: USD 69,500/day). The time charter earnings of the Suezmax fleet which is fixed on long term time charters, was USD 28,900/day for the third quarter (2006: USD 35,860/day). The result is affected by the revaluation at marked-to-market levels of certain non cash items amounting to USD -14 million.
The Freight market for seaborne transportation of crude oil was lower than expected for a third quarter. This is mostly due to a combination of lower demand for transportation and a greater availability of ships especially in the arabian Gulf. Furthermore, the low freight rates were exacerbated by sharply rising bunker costs.
So far in the fourth quarter, Euronav VLCC fleet operated in the tankers International pool has earned USD 28,000/day and 45% of the available days have been fixed.
Management believes that the long-term outlook for the crude tanker markets is
attractive but remains cautious on the outlook for the rest of the year and the start of 2008.
FOR FULL PRESS RELEASE PLEASE GO TO EURONAV CORPORATE WEBITE:
www.euronav.be
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e-mail: info@impresscommunications.org
: Euronav is one of the world's leading independent tanker companies engaged in the ocean transportation of crude oil and petroleum products. The Company's modern fleet consists of interests in 25 very large crude carriers (VLCC) and ultra large crude carriers (ULCC), of which 10 vessels are chartered in from third parties either directly or jointly with partners. 21 VLCCs and 2 ULCCs are managed in the Tankers International pool of which Euronav is one of the major partners. Euronav owns and also operates 14 Suezmaxes and 2 Aframaxes. Euronav also has now a further 4 Suezmaxes and 2 VLCCs under construction.
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