Tanker operator Euronav booked a $350m profit in 2015, its best since 2008, in what ceo Paddy Rodgers described as a “landmark year”.
Euronav has reported sharply improved Q4 and full-year 2015 results, adding that tanker market fundamentals “remain healthy and look sustainable.”
Tanker owners remained bullish at a Marine Money conference in London on Wednesday despite concerns about an oversupply of tonnage as the newbuilding orderbook continues to grow.
Tanker owner Euronav has sold a secondhand VLCC at a price of $38.4m to Hong Kong-listed Agritrade Resources.
Euronav has declined to exercise options on four VLCC newbuild resales, despite booking a $245m profit in the first three quarters.
Euronav has signed for a new $750m credit facility with a group of banks led by DNB Bank and Nordea Bank.
Euronav has recorded profits of $92.3m in the second quarter of 2015, breaking a further post-2008 quarterly record, thanks to a strong tanker market.
Euronav has bought four VLCC newbuilds from Metrostar Management for $96m each, with options for four extra vessels at $98m each.
Tanker owner Euronav has seen its best quarterly result since before the global financial crisis, with massive year on year profit increase in Q1 to $80.9m versus $1.3m the same period in 2014.