Euronav Records Good 3Q Results

Tuesday, November 07, 2006
The executive committee of Euronav NV reported its provisional financial results for the three months ended 30th September 2006. The company had net income of $53.8m (2005: $5.8m) or $1.02 (2005: $0.11) per share, for the three months ended September 30, 2006. EBITDA was $110.5m (2005: $56.9m). Euronav owned VLCCs operated through the Tankers International (TI) Pool earned a time charter equivalent, in average for the quarter, of $69,500 (2005: $35,858). The time charter earnings of the Suezmax fleet which is fixed on long term time charters, was $35,860/day for the third quarter. The freight market for seaborne transportation of crude oil was particularly high in the third quarter compared to seasonal expectation due to geopolitical tensions in the Middle East and the closure of the Prudhoe Bay pipeline. During the third quarter, Euronav sold the TI Guardian (1993 - 290,927 dwt) for $86,295,000 and will take it back on a time charter contract for seven years with purchase options as from the end of year three. The transaction will be considered as a finance lease. The capital gain of this sale of about $11.7 million will be spread over the period of the time charter contract. The Cap Guillaume (2006 - 157,800 dwt) and the Cap Charles (2006 - 157,800 dwt) were delivered during Q3. The Cap Victor and the Cap Lara will be delivered in 1Q07 and both have been time chartered out for a total of 72 months. Euronav also ordered two double-hull - 159,000 dwt - Suezmaxes from Samsung Heavy Industries (Samsung), Koje Island, South Korea. The Newbuildings are expected to be delivered from the yard in October 2009 and March 2010. The contract price amounts to $164.6 million for both vessels. These newbuildings add another two Suexmaxes to the list of nine Suexmaxes built by Samsung and confirm Euronav's confidence in the excellence in the design and construction at Samsung.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1331 sec (8 req/sec)