Monday, December 23, 2024

Euronav News

Oil Storage at Sea Approaching Record Levels

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Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

Euronav to Store Low-Sulfur Oil

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore.

Euronav Reports Lowest Freight Rates since 2013

(Photo: Euronav)

Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.

Euronav Bags Five-Year FSO Deals

Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. The new contracts for these custom-made 3 million barrels capacity units which have been significantly converted…

Insurance Snags May Impede Iran Oil Exports

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe. But many foreign firms remain wary of violating other sanctions that were imposed by the United States and have not been lifted.

Euronav Reports: Tanker Market is "Full Steam Ahead"

Euronav NV (NYSE: EURN) this morning issued a release to set the record straight with investors, from its perspective, on current market conditions in the large tanker market. According to Euronav, despite the current capital market's predominantly negative sentiment , Euronav said that it continues to experience robust and fundamental strength in the VLCC and Suezmax sectors. The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the tankers International pool in the fourth quarter 2015 was approximately $62,000 per day (4Q14: $31,650/day).

Euronav in $384m Deal for 4 VLCCs

Euronav has entered into an agreement for the acquisition through resale of four VLCCs which are completing construction at Hyundai Heavy Industries for an aggregate purchase price of $384 million or $96 million per unit. The vessels are due to be delivered as early as September 2015, January, March and May 2016. In addition and against the payment of an option fee of an aggregate amount of $8 million, the seller has also agreed to grant Euronav an option to acquire up to a further four VLCCs sisters of the ones acquired at a price of $98 million each.

Euronav Warns Against Speeding up Tankers

Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This answer is very much linked to how supply and demand balance one another in a bulk tramping market. Whilst there is no precise correlation between earnings and supply, it is critically important to understand that small changes can have major impact on the market as a whole. When the market is undersupplied with tankers…

Tanker Firms Eye US Listings as Market Rebounds

Photo courtesy of Euronav

Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings. While crude prices have fallen more than 50 percent since June, tanker prospects have brightened, helped by a drop in bunker fuel prices and demand for oil among bargain hunters. Overcapacity, which has dogged owners for years, is also receding. Average earnings for supertankers have reached over $83,000 a day this week, not far from a peak of more than $120,000 a day seen before the 2008 slump in trade.

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding, Machinery, and Marine Technology (SMM) Exhibition, from September 9-12, 2014. Taking place in the strategic shipping hub of Hamburg, Germany, Drydocks World will attend SMM 2014 with representatives from Maritime World, Dubai Chamber and Dubai Council for Marine and Maritime Industries. In the past…

Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers, called Very Large Crude Carriers (VLCCs), although the intention is to get out of these contracts too, Maersk Tankers spokeswoman Stine Pedersen said. Buying the vessels from their owners allows Maersk to exit the charter contracts.

EURONAV to Buy 4 Japanese-built VLCCs

EURONAV has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of $342 million. The vessels are on average three years old. This acquisition fits into the company’s strategy to further strengthen its position as the leading listed crude tanker company. The transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ acquisition of four of the best vessels that can be found in today’s second hand market.

Euronav Posts 62% Core Profit Increase

Photo courtesy Euronav

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year. Euronav said that while rates were very volatile in the first three months of 2014, they had improved from the first quarter of 2013 when excess capacity on the oil tanker market had kept prices low. The group said it expected this trend to continue as few new ships were scheduled to enter the market over the course of the next 24 months.