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- Euronav NV EURN reported that second-quarter revenue improved by 49.7% year-over-year to $148.69 million.
- The company realized a net loss of $(4.9) million for the quarter, or $(0.02) per share, an improvement from $(0.44) in 2Q21.
- Proportionate EBITDA increased by 231.3% Y/Y to $74.94 million, with per share being $0.37 compared to $0.11 a year ago.
- Considering the renewed contract rates from Q4 2022 onwards, the company expects quarterly revenues to be positively impacted by $15.75 million, whereas EBITDA contribution is estimated at $10 million.
- Euronav and Frontline Ltd FRO recently agreed on a stock-for-stock combination based on an exchange ratio of 1.45 Frontline shares for every Euronav share.
- At the end of June 2022, Euronav had liquidity of $459 million, comprising $275 million in cash and $184 million in undrawn committed credit facilities.
- So far in Q3, Euronav’s VLCC fleet that operated in the Tankers International Pool has earned about $12,700 per day, and 47% of the available days have been fixed.
- Euronav’s Suezmax fleet trading on the spot market has earned about $23,900 per day on average, with 49% of the available days fixed.
- Price Action: EURN shares are trading lower by 0.76% at $14.41 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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