Busy Aug end-of-week, with Euronav (EURN) joining the reporting crowd this past week.
- Rev of $348.1M
- Net income of $161.8M
- Declared div of 80c/sh
- Took delivery of another VLCC newbuild and a Suezmax newbuild.
- Board changes and management changes (new CEO and new legal head)
- VLCC spot avg (TI pool) $55K daily
- Suezmax spot avg $68K daily
Euronav - Euronav announces second quarter and first half 2023 results
Q3 2023
VLCC spot (TI pool) avg 45% fixed $45.75K daily
Suezmax spot avg avg 50% fixed $49.5K daily
Traditionally, Q3 has been the weakest quarter in the annual cycle. Q3 numbers-to-date are exceptionally high. But, I suspect the avg will be lower for the full quarter. Still, if the avg ends up > $30K daily for either category, EURN mgmt will likely be pleased with the result.
No EURN stake - higher tax withholding by Belgium being one reason