Euronav Reports Earnings; Pushes Fuel Economy

Press Release
Wednesday, January 23, 2013

Belgium's Euronav reported a net loss of US$ 31-million in its Q4 2012 financial report.

The result of the fourth quarter is affected positively by the revaluation at marked-to-market levels of non cash items (unrealized) such as hedge instruments on interest rates for a total of US$ 600,000.


Fuel savings measures

After successfully implementing a strict slow and super slow steaming policy whenever possible, Euronav continues to apply measures to reduce fuel consumption across its spot fleet. The company has already retrofitted a VLCC, with a Mewis Duct, improving propeller efficiency, which demonstrated to be the most efficient energy saving device. The same retrofitting will be done on at least 4 Suezmax vessels this year. Furthermore the company will install electrical fuel oil heaters on 10 Suezmax vessels which can decrease the consumption by up to 20% when the ship is doing super slow steaming. Finally the company will deploy fuel oil mass flow meters to monitor and improve the consumption more accurately.

Euronav Tanker Fleet
The time charter contract of the VLCC TI Guardian (1993. – 290,927 dwt) which was running until October 2013 and would have cost the company in charter hire an estimated 13 million was terminated in November 2012. She was the oldest vessel of the fleet and was booked as a finance lease. As a result, the company booked a capital gain of 2.8 million in the 4th quarter. Euronav directly time-chartered in fleet consist now of only one vessel.
 
The Suezmax Cap Georges (1998 – 146,652 dwt), which is an ice-class vessel, has been chartered out for the winter starting 1 December 2012.
 
The company observes that the global supply of ships must be reduced, and specifically the balance between the newbuildings due to be delivered this year and the scrapping of older ships, which is fundamental to a stronger rebound in the tanker market.

 

Maritime Today


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

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Xeneta: No Silver Lining for Container Shipping in Brexit Storm

Xeneta, a  global benchmarking and market intelligence platform for containerized ocean freight, believes that the UK’s decision to leave the European Union will

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

ClassNK Amends IGC Code Rules and Guidance

Classification society ClassNK has amended its Rules and Guidance for the Survey and Construction of Steel Ships in response to the latest industry developments,

Marine Propulsion

Solstad CSV Gets Propulsion Overhaul at Gibdock

Gibraltar’s Gibdock shipyard has completed its scope of work on Solstad Shipping’s Normand Cutter, a 127-meter-long, 10,979grt construction support vessel (CSV)

Rolls-Royce Azimuth Thrusters Ordered for New Tug

Rolls-Royce has won an order for US255 FP z-drives from San Francisco’s Vessel Chartering LLC, a wholly owned division of Baydelta Navigation. The thrusters will

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Tanker Trends

Tanker Allision on the Piscataqua River

The U.S. Coast Guard says it is continuing to monitor the condition of the chemical tanker Chem Venus, after it allided with three unoccupied, moored sailboats

NAT Takes Delivery of Suezmax, Earnings Capacity Up

Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan.

BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down

BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016.

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

Fuels & Lubes

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize

Panama Canal Expansion: Impacts on the Bunker Industry

The total volume of the Panama bunker market has increased in recent years as price levels are becoming increasingly competitive to U.S. bunker hubs like Houston, New Orleans and New York.

LUKOIL Introduces New Crankcase and Cylinder Oils

LUKOIL Marine Lubricants has introduced the newly formulated NAVIGO 6 CO crankcase oil and NAVIGO 70 MCL AW cylinder oil, offering newly designed additive packages

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1144 sec (9 req/sec)