Euronav NV (Euronav) is a Belgium-based company engaged in the transportation and storage of crude oil and petroleum products. The Company provides shipping services, in addition to the carriage of crude oil on its fleet of large tankers. The Company, along with its group entities, operates in two business segments: the operation of crude oil tankers on the international markets (tankers), and the floating production, storage and offloading operations.
The tone of the company is negative from its 2017Q1 report:
Continued robust demand for crude coupled with a positive dynamic of increased ton
miles driven by USA crude exports of shale oil compensated nicely for the OPEC/nonOPEC
agreement on production cuts. Less positive however, is the return of VLCC
newbuilding orders in the first quarter. This implies a lower for longer tanker freight
market given the already high concentration of new tanker capacity due for delivery
primarily in 2017 but also in 2018. This is likely to generate challenging freight rate
conditions during the remainder of 2017.
read more at
https://www.euronav.com/investors/company-news-reports/press-releases/2017/euronav-announces-first-quarter-results-2017/
The revenue and profits have fallen a lot and will not pick up in the next few quarters.
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