Antwerp-based Euronav NV, an independent tanker company, posted a net loss of $12.5 million for the second quarter of 2018, an improvement from a net loss of $24.2 million for last year’s second quarter.
Revenues for this year’s second quarter reached $104.6 million, down 17.3 percent year-over-year.
“Demand for and supply of crude oil remain resilient, boosted recently by a directional change from key OPEC participants and well supported by expansion in ton miles, elevated recycling activity and impending regulatory change,” Euronav CEO Paddy Rodgers said. “However, the rebalancing of the tanker market requires further affirmative action in reducing primarily older tonnage, restraint from contracting and a supportive oil price structure.”
Euronav merged with Gener8 Maritime Inc. in June, resulting in Gener8 becoming a wholly owned subsidiary of Euronav. In conjunction with the merger, Euronav sold six very large crude carriers (VLCCs) to International Seaways for a total consideration of $434 million, which included $123 million in cash and $311 million in the form of assumption of the outstanding debt related to the vessels.
Currently, Euronav’s owned and operating fleet consists of 43 VLCCs; 27 Suezmaxes (including one that won’t be delivered until the end of August); two ultra-large crude carriers; two large range 1 tankers; and two floating, storage and offloading vessels (both owned in 50-50 joint ventures).