Euronav’s (EURN) YTD (year-to-date) returns were 3.7% as of December 18, 2017. It was the best performer among its peers in 2017. Euronav has outperformed the shipping ETF. However, it significantly underperformed the broad equity market indexes. Since December 30, 2016, the Guggenheim Shipping ETF (SEA) has risen 1.1%. Oil and gas transportation companies account for 47.7% of SEA. The Dow Jones Industrial Average (DIA) has risen 25.4% YTD as of December 18, 2017. The SPDR S&P 500 ETF (SPY) rose 19.9% during the same period.
On December 4, 2017, Euronav hit a 52-week high of $8.95. Currently, it’s trading 7.8% lower than its 52-week high. It fell to a 52-week low of $6.9 on August 17, 2017.
Euronav is an independent tanker company involved in the transportation and storage of crude oil. Euronav operates its fleet in the spot and period market. The company own and operates a fleet of 54 double-hulled vessels.
Performance in 9M17
Euronav’s revenue in the first nine months of 2017 was $395 million—26% lower than $537 million recorded in same period last year. It recorded a net loss of $17.9 million in first nine months of 2017—compared to a net profit of $153.7 million in the same period in 2016. Euronav has taken up a fleet renewal program. As part of this program, Euronav has sold three old vessels—two VLCCs (very large crude carriers) and one Suezmax vessel. It has four newbuild Suezmaxes under construction. In September 2017, the Global Maritime Forum was launched with Euronav as one of the 14 founding members.
In this series, we’ll look at the stock performances of the other top crude tanker stocks including Gener8 Maritime (GNRT), Navios Maritime Midstream Partners (NAP), DHT Holdings (DHT), and Tsakos Energy Navigation (TNP).