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Livanos takes the helm as Euronav goes deeper in the red in Q2

Livanos takes the helm as Euronav goes deeper in the red in Q2
Euronav has reported a $22.6m loss in the second quarter, compared to a $10.7m loss in the same period last year.

The company's tanker arm lost $29.4m in the quarter, offsetting a positive contribution of $6.8m from its FSO division.

A $7.4m loss was recorded in the second quarter relating to the a third party exercising purchase options on two VLCCs for an aggregate of $178m.

By the end of the quarter Euronav had taken delivery of 13 of the VLCCs it purchased from Maersk earlier this year, with the 14th delivered outside of the period in late July.

Pete Livanos has taken over as Euronav Chairman as of today, following on from the announcement in on 22 July. Livanos replaces Marc Saverys who has been appointed vice chairman of the board.

Marc Saverys said: "I am pleased to step down after one of the busiest times the company had in its history and give the chairmanship to Peter for a period that promises to be very exciting, as the expected tanker shipping markets recovery seems in sight. Peter and Euronav can continue to count on my full support going forward."

Livanos added: "I am delighted to be able take over the chairmanship of Euronav... During Marc's tenure as Chairman of the company, we successfully navigated through the world financial crisis and global recession. I am very conscious of continuing this successful stewardship of the company as we move into what looks to be an exciting period in shipping industry."

The company also announced it will book a $4.3m profit from the sale of the Cap Isabella, a ship it had on bareboat charter with a profit share if the vessel sold over a certain threshold.

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