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.
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