01-11-2016

Oil shipper Euronav sees difficult tanker market into 2017

TridentAlliance

Belgian crude-oil shipping group Euronav’s daily rates for very large crude carriers (VLCC) are down significantly so far in the fourth quarter, the company said on Monday, with scheduled global vessel supply showing no sign of slowing.

* Euronav said its VLCC tankers averaged earnings of $23,958 a day, with 56 percent of the available days fixed in the current quarter, down on the third quarter’s $41,480.

* “Scheduled vessel supply, however, remains at elevated levels,” a company statement said, adding that the tanker market will remain difficult into 2017.

* Euronav earlier pushed back two scheduled deliveries for the current quarter to January 2017.

* Core earnings (EBITDA) were down by about 80 percent to $69.0 million in a tough third quarter, but that was well ahead of the consensus forecast of $58.4 million in a Reuters poll of seven analysts.

* CEO Paddy Rodgers said that third-quarter freight rates were lower because of seasonal weakness compounded by altered pricing behaviour by tanker owners on the back of higher vessel supply from several sources.

Source: Reuters

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