Euronav (EURN) Tops Q1 EPS by 12c, Offers Outlook

Euronav (NYSE: EURN) reported Q1 EPS of $0.72, $0.12 better than the analyst estimate of $0.60. Revenue for the quarter came in at $214.9 million versus the consensus estimate of $211.6 million.

OUTLOOK

With year-on-year improvement in freight rates the market structure for larger crude tanker remains constructive. The oil price continues to stimulate demand to levels which should enable the increase in vessel supply to be adequately absorbed going forward. Oil production levels remain elevated and oil market analysts and observers generally expect that oil production levels are likely to remain above demand even with an agreed output freeze. Finally, low ordering of VLCC and Suezmax should prevent an oversupply of tonnage in the years to come.

So far in the second quarter of 2016 the Euronav VLCC fleet operated in the Tankers International Pool has earned about USD 59,342 per day and 43% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned about USD 32,595 per day on average with 41.5% of the available days fixed for the second quarter of 2016.

Euronav's 2015 annual report can be downloaded from our website (www.euronav.com) and includes this year's special report which focuses on the benefits of pooling in the large crude tanker sector.

For earnings history and earnings-related data on Euronav (EURN) click here.

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