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Euronav reports $495m Q1 profit from diversified fleet

Tankers, dry bulk vessels, container ships, chemical tankers and offshore wind vessels all contributed to the first results from a new-look Euronav.

Gary Howard, Middle East correspondent

May 8, 2024

1 Min Read
Euronav Alex Alice
Euronav

Asset sales brought a bumper profit for Euronav in the first quarter 2024, with net gains on disposal of assets contributing $407.6m to the company’s $495m first quarter profit. The result compares to a $175m profit in the first quarter 2023.

The quarter included the 100% purchase of CMB.Tech by Euronav for $1.1bn, along with its fleet of 60 vessels and 46 newbuilds on order. A mandatory takeover bid for Euronav by CMB was also carried out in the period, resulting in CMB and its affiliates owning 88.6% of Euronav shares.

A capital gain of $372.7m was booked in the quarter for the delivery of the last 13 VLCCs to Frontline under the stalemate-breaking deal struck in 2023. A further $82.7m will be booked in Q2 from the sale of three other VLCCs.

Time charter equivalent rates for its tank fleet were down across the board compared to the same period last year for both VLCCs and suezmaxes. Dry bulk vessels, container vessels, chemical tankers and offshore wind vessels were added to the company’s earnings report for the first time.

Euronav ordered two bitumen tankers during the quarter, as well as two newcastlemax bulkers and an ammonia-powered container ship. 

The company had 57 vessels on order at the end of the quarter with commitments totalling $2.98bn through 2027.

Related:CMB controls 88.61% of Euronav as shareholders cash out $1.2bn

About the Author

Gary Howard

Middle East correspondent

Gary Howard is the Middle East Correspondent for Seatrade Maritime News and has written for Seatrade Cruise, Seatrade Maritime Review and was News Editor at Lloyd’s List. Gary’s maritime career started after catching the shipping bug during a research assignment for the offshore industry. Working out of Seatrade's head office in the UK, he also produces and contributes to conference programmes for Seatrade events including CMA Shipping, Seatrade Maritime Logistics Middle East and Marintec. 

Gary’s favourite topics within the maritime industry are decarbonisation and wind-assisted propulsion; he particularly enjoys reporting from industry events.

Conferences & Webinars

Gary Howard regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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