Euronav Loses $39.10 Million In The First Quarter

- Apr 27, 2018-

Due to continued difficulties in the oil market, Euronav suffered a net loss in the first quarter of this year. The company recorded a loss of $39.1 million in the first three months of this year, compared with a net profit of $34.3 million in the same period in 2017. At the same time, the company’s EBITDA for the first quarter was US$30.7 million, a sharp decrease from US$106.1 million in the same period of last year. welding overlay flanges

 

Euronav CEO Paddy Rodgers said that over the past six months, oil demand has been rising. With the increasing level of shipbreaking activities (21 VLCCs have been dismantled this year), all oil shipping companies have made encouraging developments. However, the rebalancing of the oil tanker market needs to take further positive actions, mainly to reduce old-age large-capacity capacity, limit the decline in freight rates, and support the structure of oil prices. Until such a rebalancing process is further advanced, the oil transportation tariff will still be under pressure. Euronav currently retains its current balance sheet capacity and charter visibility and remains stable during this period. On this basis, Euronav maintains confidence in the medium-term trend of the crude oil market. pipe fittings