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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lawyer: Korea Ferry Owners Accept Responsibilities

The family that has a major stake in companies that control the shipping operator whose ferry sank last week, likely to have killed hundreds, will take social and

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

Marine Propulsion

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

Fishing Vessels Fit with Wärtsilä’s NOx Reducer

Wärtsilä said its new NOx Reducer will be fitted to two new fishing vessels under construction at the Celiktrans yard in Turkey. The ships are owned by HB Grandi,

NCL Spotlights Eco-Smart Cruising Program

On Earth Day, Norwegian Cruise Line NCL) celebrated key achievements from the past year that, as a part of its Eco-Smart Cruising program, help preserve the world's oceans.

Tanker Trends

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Finance

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

Fuels & Lubes

Marine Diesel Purification Breakthrough by SurePure

Liquid photopurification specialist company SurePure Inc. apprises of a breakthrough in the microbiological purification of contaminated marine diesel fuel, using

ABS Approves Design for GTTNA’s LNG Bunker Barge

GTT North America (GTTNA), the Houston-based subsidiary of French engineering and technology company Gaztransport & Technigaz SA (GTT), received approval in principle from ABS for the design of a 2,

Ill-Considered Energy Policies Threaten US Navy: Report

The United States government has pursued energy policies based on “the mistaken belief in the unproven science that claims carbon dioxide (CO2) emissions from burning

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Sonar 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: 0.1286 sec (8 req/sec)