Euronav NV Proposes Dividend, Sells VLCCs, Orders New Vessels

TL;DR

Euronav proposing dividend May 16, selling 3 VLCCs, buying new ships. Fleet optimization underway.

AI Summary

Euronav NV announced on March 20, 2024, that its Supervisory Board will propose a dividend distribution at the Annual Shareholders' Meeting on May 16, 2024. The company is also optimizing its fleet by selling three VLCCs, taking delivery of one super-eco Newcastlemax, and ordering two Newcastlemaxes and one VLCC.

Why It Matters

This announcement signals Euronav's strategic moves in fleet management and potential returns to shareholders, impacting investor confidence and future operational capacity.

Risk Assessment

Risk Level: low — The filing is a routine report of a press release and does not contain new material financial information or significant operational changes that would inherently increase risk.

Key Numbers

• 3 — VLCCs sold (Fleet optimization)
• 1 — Newcastlemax delivered (Fleet optimization)
• 2 — Newcastlemaxes ordered (Fleet optimization)
• 1 — VLCC ordered (Fleet optimization)

Key Players & Entities

• Euronav NV (company) — Registrant
• March 20, 2024 (date) — Press Release Date
• May 16, 2024 (date) — Annual Shareholders' Meeting Date
• three VLCCs (dollar_amount) — Vessels sold
• one super-eco Newcastlemax (dollar_amount) — Vessel delivered
• two Newcastlemaxes (dollar_amount) — Vessels ordered
• one VLCC (dollar_amount) — Vessel ordered

FAQ

Filing Documents

• d11008858_6-k.htm (6-K) — 23KB
• image00001.jpg (GRAPHIC) — 28KB
• 0000919574-24-002117.txt ( ) — 63KB

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: March 21, 2024 By: /s/ Ludovic Saverys Ludovic Saverys Chief Financial Officer EXHIBIT 99.1 PRESS RELEASE Regulated information - This press release contains inside information within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Wednesday 20 March 2024 – 9:15 p.m. CET ______________________________________________ EURONAV ANNOUNCES DIVIDEND PROPOSAL AND FURTHER FLEET OPTIMISATION AND GROWTH ANTWERP, Belgium, 20 March 2024 – Euronav NV ("EURN", "Euronav" or "the Company") (NYSE: EURN & Euronext: EURN) announces its dividend proposal at the Annual Shareholders' Meeting and further fleet optimisation with the sale of three VLCCs, the delivery of the Mineral France and orders of two Newcastlemaxes & an additional VLCC. Closing a transformative chapter The year 2023 to date has been a transformative period for Euronav & CMB.TECH and its shareholders. The deadlock with Frontline was resolved, the renewed strategy to become the benchmark in sustainable shipping was rolled out through the successful completion of the CMB.TECH transaction, and the mandatory public takeover bid was concluded. The Supervisory Board will propose to the Annual Shareholders' Meeting of 16 May 2024 to distribute USD 4.57 per share to all shareholders. This payout is proposed to be a combination of a dividend and a repayment from the share issue premium. This distribution approach will be optimal for shareholders as Euronav anticipates that the share issuance payment part of the distribution will represent more than 90% of the distribution. This distribution is exempt from any withholding tax. A new chapter is being written - full steam ahead to execut

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