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Euronav's Performance in One of Weakest Quarters for the Industry

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Euronav's Performance in One of Weakest Quarters for the Industry PART 1 OF 5

Euronav’s Performance in One of Weakest Quarters for the Industry

3Q17 results

Euronav’s (EURN) revenues and EBITDA (earnings before interest, tax, depreciation, and amortization) both fell in 3Q17. The third quarter was very challenging for the freight market—the toughest since 3Q13.

Euronav&#8217;s Performance in One of Weakest Quarters for the Industry

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3Q17 highlights

  • The crude tanker industry’s freight market was challenging. Oversupply of tonnage and new vessel deliveries were the key drivers.
  • Euronav reported a loss of $28 million in 3Q17.
  • Since April 2017, Euronav has switched to a fixed dividend policy. It paid a dividend of $0.06 per share in September 2017.
  • In September, the Global Maritime Forum was launched, with Euronav as one of the 14 founding partners.
  • Euronav entered the debt capital market by listing $150 million of unsecured bonds in the Oslo Stock Exchange.

Stock performance

As of November 2, 2017, Euronav stock has risen 3.7% YTD (year-to-date). Below are the YTD returns of other crude oil tanker companies:

  • Teekay Tankers (TNK): fell 34.5%
  • Frontline (FRO): fell 11.5%
  • Nordic American Tankers (NAT): fell 47.7%
  • DHT Holdings (DHT): fell 1.7%
  • Navios Maritime Midstream Partners (NAP): fell 12.4%
  • Gener8 Maritime (GNRT): rose 6.9%

In the same period, the SPDR Dow Jones Industrial Average ETF (DIA) rose 18.9%.

Series overview

In this series, we’ll look at Euronav’s 3Q17 results and analyze the company’s key developments. We’ll also focus on the company’s outlook and take a close look at its views of the crude tanker industry. In the last part, we’ll see what analysts are recommending for Euronav stock.

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