Euronav - First Semester Results 2010

The executive committee of Euronav NV (NYSE EURONEXT BRUSSELS: EURN) today reported its preliminary and unaudited financial results for the six months ended 30th June 2010.

Antwerp, Belgium, July 25, 2010 --( For Full Press Release Please Go to Euronav Corporate Website

The company had a net income of USD 59.3 million (first semester 2009: USD 27 million) or USD 1.19 (first semester 2009: USD 0.54) per share, for the first semester 2010.

EBITDA for the same period was USD 185.9 million (first semester 2009: USD 125.2 million). The average time charter equivalent rates (TCE) obtained by the company’s owned VLCC fleet in the Tankers International (TI) pool was approximately USD 45,000 per day in the second quarter (second quarter 2009: USD 28,700 per day) and USD 47,000 in the first semester of 2010 (first semester 2009: USD 38,100 per day).

The average time charter equivalent earnings of the Euronav Suezmax fleet, was USD 31,000 per day in the second quarter (second quarter 2009: USD 31,500 per day) and USD 31,600 per day for the first semester 2010 (first semester 2009: USD 34,900 per day).

The result of the second quarter is positively affected by the revaluation at marked-tomarket levels of non cash items such as hedge instruments on interest rates for a total of USD 3.2 million.


As already announced in our press release dated 22 March 2010 the company has sold the VLCC Namur (2000 – 298,552 dwt) for a selling price of USD 59.2 million. The capital gain of this sale transaction of USD 14.3 million has been recorded on 21 April 2010, day of delivery of the Namur to its new owner.

So far in the third quarter, Euronav VLCC fleet operated in the tankers International pool has earned on average USD 44,300 per day and 65% of the available days have been fixed.

In recent weeks the market has softened noticeably but with a very high volatility following a much anticipated seasonal trend. With demand typically increasing towards the end of the third and during the fourth quarter due to both weather disruptions and seasonal heating demand, the outlook for the rest of the year remains positive.

FSO (Floating, Storage and Offloading)

The FSO Asia is currently being operated at the Al Shaheen oilfield offshore Qatar and is performing very well.

The FSO Africa remains unemployed at the moment, however the joint venture partners have continued to look for employment with various parties and are hopeful that a contract could be signed in the not too distant future.

Both FSO are the largest and most sophisticated double-hulled FSO in the world and are owned by joint ventures in which OSG and Euronav each have a 50% interest.

Euronav NV
Jane Finlay
+44 (0)1689 860660