Euronav Reports $175m Net Gain, Management Board Promotions as Cash Rolls In

Photo credit: Euronav

Euronav scores a net gain of $175 million in the first quarter, against a loss of $43.4 million in the same period last year. Revenue jumped to $340 million from $114 million in 2022. Tanker company also strengthens top team with the three appointments to the management board during the first quarter of 2023.

The New York and Brussels listed independent tanker owner said a counter seasonal rally delivers strongest freight market in March.

The boss of Euronav Hugo De Stoop said the “counter seasonal strength recorded in first quarter underpins our view that strong and durable drivers are in place to continue a multi-year upcycle in large crude tanker freight markets.”

“Our confidence is reflected in our returns to Shareholders,” the CEO of Euronav Hugo De Stoop added.

Tanker giant Euronav reported proportionate Ebitda for the same period of $258.5 million compared to $42.9 million last year.

Tanker owner also strengthens top team with three promotions during the first quarter of 2023. Thierry de Grieze joined the company as Chief People Officer in March 2023 and joined the management board in May 2023. Sofie Lemlijn joined Euronav in 2019 as Senior Legal Counsel progressing to Secretary General in 2022 and a member of the Management board in April 2023. Michail Malliaros joined Euronav Ship Management Hellas in 2005 moving to General Manager in June 2022 and a member of the Management Board in April 2023.

Meanwhile Euronav offloaded the elderly suezmax vessel “Cap Charles” in February from which it  generated a capital gain of $22.1 million. Also signed a deal on 10th of March 2023 with the UN to sell the VLCC “Nautica” of 307,284 deadweight (built in 2008) as part of a wider salvage operation for the FSO Safer located in Yemen.

The company gave also today an update on its newbuilding delivery schedule, mentioning that took delivery of the 299,158 deadweight VLCC Cassius on 11 January 2023, and of the 299.158 deadweight VLCC Camus on 28 February 2023.

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