Euronav’s YTD performance
Euronav’s (EURN) YTD (year-to-date) returns were -1% as of June 28. Despite the negative return, it was the fourth-best performer among peers so far this year behind DHT Holdings (DHT), Frontline (FRO), and Nordic American Tankers (NAT) with YTD returns of 30.6%, 27.9%, and 7%, respectively.
Euronav has outperformed the shipping ETF. Since the start of the year, the Invesco Shipping ETF (SEA) has fallen 12.1%. Oil and gas transportation companies account for 47.7% of SEA. The Dow Jones Industrial Average (DIA) has fallen 2.1% YTD as of June 28. The SPDR S&P 500 ETF (SPY) has risen 1.5% during the same period.
Euronav is an independent tanker company involved in the transportation and storage of crude oil. Euronav operates its fleet in the spot and period markets. The company owns and operates a fleet of 43 double-hulled vessels.
Euronav’s first-quarter highlights
- Euronav maintained its balance sheet strength and substantial liquidity.
- Euronav reported revenues of $98.1 million in the first quarter, 11.5% higher than Reuters’ consensus estimate of $88.1 million.
- Euronav reported EBITDA of $25.7 million, 75% down year-over-year.
- Euronav reported a net loss of $39.1 million in the first quarter compared to a net profit of $34.3 million in the first quarter of 2018.