Euronav Announces Record Results

Tuesday, April 18, 2006
The executive committee of Euronav NV reported its financial results for the three months ended March 31, 2006. The company had net income of $93.5 million (2005: $80.8 million) or $1.78 (2005: $1.92) per share, for the three months ended March 31, 2006. This is the highest result for a first quarter ever. EBITDA for the same period was $141.3 million (2005: $98.7 million).

The average daily time charter equivalent rates, or TCE, obtained by the company’s owned fleet in the Tankers International pool was approximately $82,500/day.

In the first quarter 2006, Euronav also announced that it signed a contract with Hyundai Heavy Industries Co, Ltd (HHI) of Korea to build two 318,000 dwt Very Large Crude Carriers to be delivered in the first quarter of 2009. In accordance with the company’s strategy to have part of its fleet on long term time charter contracts, Euronav also made an agreement to fix out a Suezmax for a period of three years, starting in November 2006, increasing therefore the cover ratio from that moment onwards.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

MacArtney, Moog Focal in Expansion Mode

Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business

GOST Debuts New Technology at Workboat

GOST (Global Ocean Security Technologies), celebrating its 10th year as a world leader in marine security, tracking, monitoring and video surveillance systems,

Patrol Boats

Polish Cargo Ship SZAFIR Attacked off Nigeria

Pirates operating off the coast of Nigeria have taken hostage five Polish sailors, including the captain and officers, from the Polish general cargo ship Szafir.

Raytheon Anschütz Succeeds in SYNTACS SAT

Raytheon Anschütz, a leading integrator of naval integrated bridge systems, has successfully completed the Sea Acceptance Test (SAT) for the Synapsis Tactical Command

U.S. Ups Philippines Aid as South China Sea Turmoil Builds

The United States has raised its military aid to the Philippines this year to $79 million, the U.S. ambassador said on Wednesday, as tension rises in the region

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.0745 sec (13 req/sec)