EURONAV ANNOUNCES FOURTH QUARTER 2019 RESULTS
• Strong tanker dynamics - highest quarterly rate performance in ten years • Crude tanker market fundamentals remain constructive for 2020 • Q1 trading VLCC rates so far USD 89,200 per day; Suezmax USD 57,500 per day • Adoption of quarterly dividends under new Belgian company code to start Q1 2020 • Returns to shareholder guidance to target 80% including fixed annual dividend USD 12 cents • Final dividend proposal for 2019 of USD 0.35 per share
ANTWERP, Belgium, 30 January 2020 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today reported its non-audited financial results for the fourth quarter of 2019 ended 31 December 2019.
Hugo De Stoop, CEO of Euronav said: “Tanker sector fundamentals improved further during Q4 to drive large tanker markets to their highest level since 2008. Specific catalysts have continued to influence short term freight rates - reflecting the current balance in market dynamics. Our fuel procurement strategy has delivered operational security over the key implementation period of IMO 2020. With continued limited contracting of new vessels, an order book at 25 year low and fleet expansion capital being rationed, the prospects for a sustainable cyclical upturn remain in place. The updated guidance on dividend policy provides a clear mechanism for future returns to shareholders”.