Euronav Q4 Results: Fleet Expansion, Strong Q1 2024 Spot Rates

TL;DR

**Euronav is expanding its fleet and securing strong Q1 2024 rates, signaling potential revenue growth.**

AI Summary

Euronav NV announced its Q4 2023 financial results on February 1, 2024, highlighting a new chapter with corporate governance changes and fleet expansion. The company has ordered four VLCCs and two Suezmaxes since Q4 2023, signaling growth. For Q1 2024, Euronav has already fixed 46% of its VLCC fleet at $50,430 per day and 54% of its Suezmax fleet at $54,892 per day, indicating strong current market rates. This matters to investors as it shows Euronav is actively expanding its fleet and securing favorable rates, which could lead to increased future revenue and profitability.

Why It Matters

This filing shows Euronav is growing its fleet and locking in high shipping rates, which could boost future earnings and make the stock more attractive to investors.

Risk Assessment

Risk Level: low — The filing indicates positive operational developments and strong forward bookings, suggesting a stable outlook.

Analyst Insight

A smart investor would view Euronav's fleet expansion and strong Q1 2024 spot rates as positive indicators for future earnings, potentially warranting further research into the company's growth strategy and market position.

Key Numbers

• 4 — VLCCs on order (part of fleet expansion since Q4 2023)
• 2 — Suezmaxes on order (part of fleet expansion since Q4 2023)
• 46% — VLCC fleet fixed for Q1 2024 (indicating current booking status and revenue visibility)
• 54% — Suezmax fleet fixed for Q1 2024 (indicating current booking status and revenue visibility)
• $50,430 — VLCC spot rate per day (average rate for fixed Q1 2024 VLCC contracts)
• $54,892 — Suezmax spot rate per day (average rate for fixed Q1 2024 Suezmax contracts)

Key Players & Entities

• Euronav NV (company) — the registrant announcing Q4 2023 results
• Alexander Saverys (person) — commentary excluded from incorporation by reference
• Ludovic Saverys (person) — Chief Financial Officer who signed the report
• $50,430 (dollar_amount) — VLCC fleet spot rate per day for Q1 2024
• $54,892 (dollar_amount) — Suezmax fleet spot rate per day for Q1 2024

Forward-Looking Statements

• Euronav's revenue will increase in Q1 2024 due to strong spot rates and fleet expansion. (Euronav NV) — high confidence, target: 2024-03-31
• The new fleet additions will contribute to Euronav's operational capacity and market share. (Euronav NV) — medium confidence, target: 2025-12-31

FAQ

Key Financial Figures

• $18.43 — tline's 26.12% stake in the Company for $18.43 per share; Frontline acquired 24 VLCC
• $2.35 billion — VLCC tankers from the Euronav fleet for $2.35 billion (the "Vessel Sale"); The Company's pen

Filing Documents

• d10967045_6-k.htm (6-K) — 544KB
• image2.jpg (GRAPHIC) — 8KB
• 0000919574-24-000627.txt ( ) — 556KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURONAV NV (Registrant) Dated: February 1, 2024 By: /s/ Ludovic Saverys Ludovic Saverys Chief Financial Officer EXHIBIT 99.1 PRESS RELEASE Regulated information 1 February 2024 – 08.00 am CET _______________________________________ EURONAV ANNOUNCES FOURTH QUARTER 2023 RESULTS HIGHLIGHTS New chapter for Euronav, changes in corporate governance & company structure Fleet expansion with 4 VLCC's & 2 Suezmaxes on order since Q4 Q1 2024 spot rates to-date: 46% fixed at 50,430 USD per day for VLCC fleet and 54% fixed at 54,892 USD for Suezmax fleet ANTWERP, Belgium, 1 February 2024 – Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") reported its non-audited financial results today for the fourth quarter ended 31 December 2023. Alexander Saverys, CEO of Euronav said: "The fourth quarter of 2023 has been a transformative one for Euronav. A solution for the deadlock with Frontline was found, CMB solidified its position as anchor shareholder and the CMB.TECH transaction was announced. Whilst the acquisition of CMB.TECH would be a very big step in our diversification and decarbonisation strategy, we have also continued to optimise and modernise our fleet with the new orders of 2 Suezmaxes and 2 more VLCC's, that will be ready to be powered by ammonia, and the sale of the oldest ship in our fleet. We have also concluded the sale and delivery of 23 VLCC's to Frontline, with only one remaining to be delivered. Euronav is quickly gearing up to become the reference in sustainable shipping." PRESS RELEASE Regulated information 1 February 2024 – 08.00 am CET _______________________________________ Key figures The most important key figures (unaudited) are: (in thousands of USD) Fourth Quarter 2023 Fourth Quarter 2022 YTD 2023 YTD 2022 Re

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates

View Full Filing

View this 6-K filing on SEC EDGAR