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

People & Company News

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

U.S. Oil Train Traffic mostly from Midwest to East Coast

U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first

Marine Propulsion

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

MAN Demonstrates Two-Stroke Methanol Engine Concept

MAN Diesel & Turbo successfully demonstrated its ME-LGI concept engine in front of customers and partners at its Diesel Research Center in Copenhagen on March 17th, the company announced today.

Becker Marine at Electric & Hybrid Marine Expo

Becker Marine Systems product presentation at the dutch Electric & Hybrid Marine World Expo will put a strong focus on environmentally-friendly technology for the

Tanker Trends

Maersk to Install Transas ECDIS on 100 Vessels

Maersk Line, the world's largest container company, has selected Transas Marine for ECDIS implementation on more than 100 vessels, Transas announced today. The

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

ECDIS to be Installed on 100 plus Maersk Vessels

Maersk Line selected Transas Marine for  ECDIS implementation on  more than 100 vessels.   The contract features Transas state-of-the-art Navi-Sailor ECDIS 4000

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Fuels & Lubes

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

MAN Demonstrates Two-Stroke Methanol Engine Concept

MAN Diesel & Turbo successfully demonstrated its ME-LGI concept engine in front of customers and partners at its Diesel Research Center in Copenhagen on March 17th, the company announced today.

MARIN, Cruden, Tree C Technology Forge Small Ship Simulator

Severe vibrations and shocks of up to 9G over an average of 1000 hours per year. That’s what instructors of fast small ships such as the Fast Raiding, Interception

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.2644 sec (4 req/sec)