openPR Logo
Press release

EURONAV - OUTSTANDING THIRD QUARTER RESULTS 2008

10-23-2008 06:15 PM CET | Logistics & Transport

Press release from: Euronav NV

The executive committee of Euronav NV (EURONEXT BRUSSELS: EURN) today reported its financial results for the three months ended 30th September 2008.

The company had a net income of USD 158 million (third quarter 2007: USD -23.3 million) or USD 3.05 (third quarter 2007: USD -0.44) per share, for the third quarter 2008. EBITDA for the same period was USD 216.6 million (third quarter 2007: USD 43.8 million). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International pool was approximately USD 116,000 per day (third quarter 2007:USD 36,500 per day). The time charter equivalent earnings of the Euronav Suezmax fleet which is fixed on long term time charters, including profit shares when applicable, was USD 46,000 per day (third quarter 2007: USD 28,900 per day) for the third quarter 2008.

The result is affected by the revaluation at marked-to-market levels of non cash items
(unrealized) such as: hedge instruments on interest rates for a total of USD -8 million, rate of exchange difference for a total of USD 1.8 million, FFA portfolio USD 4.8 million and USD –11.5 million on the company’s short term investments portfolio.

Euronav is an integrated owner, operator and manager able to provide complete shipping services in addition to the carriage of crude oil on its fleet of modern large tankers. The crude oil sea-borne transportation market is cyclical and highly volatile requiring flexible and proactive management of assets in terms of fleet composition and employment. Euronav operates its fleet on both the spot and the period market. Most of Euronav VLCCs as well as all VPLUS are operated in the Tankers International pool. Euronav operates at the moment all of its Suezmaxes and Aframaxes under period charter contracts with oil majors, leading refiners and oil traders such as BP, Glencore, Petrobras, Sun Oil, Total Valero and Vitol. Fleet management is conducted by three wholly owned subsidiaries: Euronav Ship Management SAS and Euronav SAS, both French companies with headquarters in Nantes (France) and with a major branch office in Antwerp and Euronav Ship Management (Hellas) Ltd with its head office in Piraeus, Greece. The skills of its directly employed seagoing officers, shore-based Captains and Engineers give Euronav a competitive edge in high quality design, maintenance and operation. Euronav vessels fly Belgian, Greek and French flag. The use of national flag together with operational and maintenance standards in terms of age, appearance and performance which are higher than industry norms enables Euronav to employ part of its fleet on long-term charter with fixed earnings to secure financial visibility.

IMPRESS COMMUNICATIONS LTD
DMR House
8-10 Cleave Avenue,
Farnborough, Orpington
Kent BR6 7DR
UNITED KINGDOM

Tel: +44 (0) 1689 860660
Fax: +44 (0) 1689 850484
e-mail: impcomms@yahoo.co.uk
Ian Matheson

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release EURONAV - OUTSTANDING THIRD QUARTER RESULTS 2008 here

News-ID: 57565 • Views: 894

More Releases from Euronav NV

FSO AFRICA UPDATE
Euronav NV (EURONEXT BRUSSELS: EURN) today announces that TI Africa Ltd, the joint venture in which OSG and Euronav NV each has a 50% interest, has received a notice of termination from Maersk Oil Qatar concerning the services contract related to the FSO Africa, a vessel currently under conversion to a Floating Storage and Offloading (FSO) service vessel. The joint venture contests the termination notice and continues to believe that
EURONAV TO RAISE USD 125 MILLION
On 4 September 2009, Euronav NV (‘Euronav’) priced its offering (the ‘Offering’) of USD 125 million fixed rate senior unsecured convertible bonds, due 2015 (the ‘Bonds’). The Bonds will be issued at 100 per cent of their principal amount and will bear interest at a rate of 6.5 per cent per annum, payable semi-annually in arrear. The initial conversion price is EUR 16.28375 (or USD 23.16852 at EUR/USD exchange rate
FIRST SEMESTER RESULTS 2009
ANTWERP, Belgium, 22nd July 2009 – The executive committee of Euronav NV (EURONEXT BRUSSELS: EURN) today reported its preliminary and unaudited financial results for the six months ended 30th June 2009. The company had a net income of USD 27.1 million (first semester 2008: USD 205.2 million) or USD 0.54 (first semester 2008: USD 3.97) per share, for the first semester 2009. EBITDA for the same period was USD 123.6 million
FIRST QUARTER RESULTS 2009 AND NEW FINANCING
The executive committee of Euronav NV (EURONEXT BRUSSELS: EURN) today reported its financial results for the three months ended 31st March 2009. The company had a net income of USD 16.8 million (first quarter 2008: USD 80.7 million) or USD 0.34 (first quarter 2008: USD 1.56) per share, for the first quarter 2009. EBITDA for the same period was USD 79 million (first quarter 2008: USD 154.2 million). The average

All 5 Releases


More Releases for USD

$100,000,000 USD job contract for travel - $3,000,000 USD referral commission.
Khoja Consultants invites companies, teams or venture capitalists for a $100,000,000 USD contract for travel. The selected company will be providing all accommodations and expenses for a 6-month long business trip around the world. Khoja Consultants expects five-star treatment including close security with private planes, hotels, secured vehicles and helicopters if necessary. More details on the job contract and application are provided at - www.KhojaConsultants.com. There is a $3,000,000
Polyurethane Dispersions Market worth USD 2.04 Billion USD by 2020
The report " Polyurethane Dispersions Market by Type (Water-Based Polyurethane Dispersions and Solvent-Based Polyurethane Dispersions), by Application (Coatings, Adhesives & Sealants, Synthetic Leather Production, Fiber Glass Sizing, and Others) - Trends & Forecasts to 2020", The global polyurethane dispersions market is projected to reach USD 2.04 Billion by 2020 at a CAGR of 6.8% between 2015 and 2020. This growth is fueled by the high potential from the textile and
Retail Analytics Market worth USD 5.1 Billion USD by 2020
According to a new market research report "Retail Analytics Market by Business Function (Marketing and Customer Analytics, Merchandizing and In-Store Analytics, Supply Chain Analytics, Strategy and Planning), by Type, by Solutions and by Services - Global Forecast and Analysis to 2020", defines and segments the global retail analytics market on the basis of business function, solutions, services, deployment types, and regions along with providing an in-depth analysis and market size
Metabolomics Market USD 1.24 Billion by 2020
The global metabolomics market is estimated to reach USD 1.24 Billion in 2020, growing at a CAGR of 15.6% from 2016 to 2020, according to a market research report Metabolomics Market 2013-2020, published by iHealthcareAnalyst, Inc. Visit the Metabolomics Market 2013-2020 report at https://www.ihealthcareanalyst.com/report/metabolomics-market/ Metabolomics is the scientific study of chemical processes involving metabolites, whereas metabolome represents the collection of all metabolites in a biological cell, tissue, organ or organism, which
Radiopharmaceuticals Market USD 350 Million by 2020
Radiopharmaceuticals Market 2013-2020 report estimates the global radiopharmaceuticals market to reach nearly USD 350 Million in 2020, at a CAGR of 4.9% from 2016 to 2020 - iHealthcareAnalyst, Inc. Visit the Radiopharmaceuticals Market 2013-2020 report https://www.ihealthcareanalyst.com/report/radiopharmaceuticals-market/ Medicinal radiocompounds or radiopharmaceuticals are a group of pharmaceutical drugs which have radioactivity and they can be used as diagnostic and therapeutic agents. Radiopharmaceuticals are used in the field of nuclear medicine as radioactive tracers
Orthobiologics Market USD 5.8 Billion by 2020
Orthobiologics Market 2013-2020 report estimates the global orthobiologics market to reach nearly USD 5.8 Billion in 2020, at a CAGR of 6.2% from 2016 to 2020 - iHealthcareAnalyst, Inc. Visit the Orthobiologics Market 2013-2020 report https://www.ihealthcareanalyst.com/report/orthobiologics-market/ The global orthobiologics market report provides market size (Revenue USD Million 2013 to 2020), market share and forecasts growth trends (CAGR%, 2016 to 2020). The global orthobiologics market segmentation is based on product types (allograft, bone