(ABM FN) Euronav is going through tough times and saw first-quarter sales and profits under significant pressure. This came in a report figures from the oil company this morning, Thursday.
Sales decreased to $ 113.4 million. A year ago this was nearly quadruple. The result was a 71.0 million loss versus a 225.6 million profit in the first quarter of 2020.
Euronav itself spoke of a challenging quarter due to slow recovery in demand and limited supply. OPEC +, among others, remains bound by production restrictions. In addition, the impact on freight rates due to conglomeration in the Suez Canal was limited by the high supply of ships.
The fleet was also renewed again during the quarter.
So far in a second, the mega-tanker ships have been chartered at around 10,000 per day and 48 percent of the available days have been committed. Suez Max’s fleet averaged around 10,500 per day.
Moreover, the shipping company did not anticipate any concrete outlook.
ABM Financial News; [email protected]; Revised text: +31 (0) 20 26 28999.
From Beursplein 5, eds ABM Financial News Developments on stock exchanges, and the Amsterdam Stock Exchange in particular, are closely watched. The information in this column is not intended as professional investment advice or as a recommendation to make specific investments.