|
Antwerp, Belgium - 1 February 2024 Highlights • New chapter for Euronav, changes in corporate governance & company structure • Fleet expansion with 4 VLCC's & 2 Suezmaxes on order since Q4 • Q1 2024 spot rates to-date: 46% fixed at 50,430 USD per day for VLCC fleet and 54% fixed at 54,892 USD for Suezmax fleet Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") reported its non-audited financial results today for the fourth quarter ended 31 December 2023. Alexander Saverys, CEO of Euronav said: "The fourth quarter of 2023 has been a transformative one for Euronav. A solution for the deadlock with Frontline was found, CMB solidified its position as anchor shareholder and the CMB.TECH transaction was announced. Whilst the acquisition of CMB.TECH would be a very big step in our diversification and decarbonisation strategy, we have also continued to optimise and modernise our fleet with the new orders of 2 Suezmaxes and 2 more VLCC's, that will be ready to be powered by ammonia, and the sale of the oldest ship in our fleet. We have also concluded the sale and delivery of 23 VLCC's to Frontline, with only one remaining to be delivered. Euronav is quickly gearing up to become the reference in sustainable shipping. Euronav tanker fleet developments 2x new Suezmax time chartered to Valero The two newbuilding ice classed Suezmax orders at Daehan Shipbuilding have been long term time chartered to Valero. Delivery of these vessels is expected in April/May 2026 when each of the time charter contracts will begin. Total of 4x new VLCC under construction Euronav has lifted the option for one more VLCC at Qingdao Beihai shipyard (China) in December and another one in January. Euronav now has four VLCC's on order at Qingdao Beihai following the ordering of two VLCC's earlier in the year. The vessels are expected to be delivered in Q4 2026 & Q1 2027 respectively and will be ready to be powered by a dual-fuel diesel-ammonia engine. Update on vessels sold so far to FRO So far 23 VLCC's out of the 24 VLCC's that were included in the deal, have been sold and delivered to Frontline. The VLCC Camus is expected to be delivered in March. The total capital gain in Q4 amounted to USD 323.3 million, and a capital gain of approximately USD 374.2 million is expected in Q1 2024 (including Camus). Sale of Oceania Euronav has sold the ULCC Oceania (2003 - 441,561 DWT). This sale is part of our ongoing fleet optimisation strategy and in response to new regulations such as EEXI (Energy Efficiency Existing Ship Index) which came into force in 2023. This transaction will generate a capital gain of USD 34.8 million in Q1/2024. The Oceania is debt free and was delivered to her new owner on 15 January 2024. Full report About Euronav NV Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 1 V-Plus vessel, 20 VLCCs (with a further four under construction), 21 Suezmaxes (with a further five under construction) and 2 FSO vessels. Euronav NV press release 
|
