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 daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International pool was approximately USD 47,000 per day in the first quarter of 2009 (first quarter 2008: USD 100,000 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 38,500 per day (first quarter 2008: USD 36,600 per day) for the first quarter 2009. The result is affected by the revaluation at marked-to-market levels of non cash items such as hedge instruments on interest rates for a total of USD -3.6 million and rate of exchange difference for a total of USD 1.3 million. During the first quarter, Euronav took delivery of the double hulled VLCC Antarctica (2009 – 315,981 dwt) which was put immediately under time charter to Total for a period of just over 6 years. The company also renewed the time charter contract on the Finesse (149,994 dwt – 2003) with Petrobras for an additional period of 36 months. Euronav will also take delivery of a Newbuilding Suezmax from Samsung Heavy Industries from South-Korea in June. The ship to be named Felicity (hull 1743 – 159,000 dwt) will be operated under time charter contract with Total for a period of up to 30 months.

These contracts further increase the cover ratio of the company. Euronav intends to continue to operate its fleet in a balanced strategy of spot market and long term contracts. Euronav is also pleased to announce that it has signed a USD 300 million senior secured facility with Nordea, Calyon, Societe Generale, Bank of America and Scotiabank acting as Lead arrangers; Nordea, Calyon and Societe Generale acting as bookrunners and Nordea as sole facility agent. Skandinaviska Enskilda Banken, Dexia Bank, Fortis Bank Belgium and Ethias acting as co-arrangers. The credit facility will finance two VLCCs: the Olympia (2008 – 315,981) and the Antarctica (2009 – 315,981 dwt) and four Suezmaxes: the Cap Felix (2008 – 158,764 dwt) and the Cap Theodora (2008 – 158,800 dwt) and two newbuilding Suezmaxes: hull 1743, to be named Felicity, (159,000 dwt) and scheduled for delivery in June of this year and hull 1744, to be named Fraternity (159,000 dwt) scheduled for delivery in November of this year. Following seasonal trends the market has softened significantly in recent weeks but at rates lower than expected. This is due to a lower demand for transportation caused by a reduced demand for crude oil as part of the global economic recession. Management remains cautious over the outlook for the rest of the year. So far in the second quarter, Euronav VLCC fleet operated in the Tankers International pool has earned USD 37,000/day and 44% of the available days have been fixed.
Euronav has published its annual report on its website (www.euronav.com) and a hard copy of the report will be available upon request.

: 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
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This release was published on openPR.