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Euronav losses narrow in 2013

Euronav losses narrow in 2013
Acquisitive tanker owner Euronav narrowed its losses in 2013. Euronav reported a loss of $89.8m last year compared to $118.6m in 2012.

Full year revenues were down slightly at $400.9m last year compared to $410.7m in 2012.

Looking at the prospects for 2014 the company noted low number of deliveries this year with just six VLCCs and eight suezmaxes to be delivered. If the scrapping rate remained the same as 2013, the global tanker fleet would contract.

“The market is expected to be highly volatile as it has already been so far in the first couple of months of 2014. That should enable owners to lock some voyages at pretty good rates which should have a positive impact on the average TCE result for the year, therefore expected to be better than in 2013,” Euronav said.

Earlier this year Euronav agreed to buy Maersk Tankers fleet of 15 VLCCs for $980m.

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