Euronav (EURN) Q2 2023 results

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