The results indicate a return to black compared on a quarterly basis, as Euronav had a net loss of USD 58.7 million in the third quarter of 2018. However, year-on-year the profit was lower, as Euronav’s profit in the fourth quarter of 2017 stood at USD 19.4 million.
“The VLCC trading performance in Q4 2018 gives an important signal on the structure of the large crude tanker market. VLCC freight rates trading at rates not seen in the last two years demonstrate an already tight balance between tanker demand and supply. The factors impacting the crude tanker market are very dynamic and likely to remain so for the foreseeable future. The fundamentals such as oil demand, ton mile expansion and vessel supply remain on an improving trajectory that should be reflected in a healthy rate environment,” Paddy Rodgers, CEO of Euronav, said.
