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Crude oil market hit by less demand

Crude oil market hit by less demand
Euronav reported a third-quarter net loss just below analyst forecasts and said it remained cautious for the rest of the year.

Euronav reported a third-quarter net loss just below analyst forecasts and said it remained cautious for the rest of the year.

Belgian crude oil transporter Euronav (EUAV.BR: Quote, Profile, Research) on Tuesday reported a third-quarter net loss just below analyst forecasts and said it remained cautious for the rest of the year.

The freight market for transport of crude oil has been hit by reduced demand for crude oil, but was picking up as the economy appeared to be coming out of the recession and demand for crude oil recovers, Euronav said in a statement.

Its net loss amounted to $21.0 million compared with an average forecast of a net loss of $20 million in a poll of five analysts.

So far in the fourth quarter, earned VLCC (very large crude carrier) rates remained low for the season, but last week's increased chartering activity and an improvement in freight rates could be the start of an improvement, the group said. The group reported weak first-half results at the end of August and also slashed its interim dividend at the time.

Euronav is based in Antwerp, one of Europe's largest harbours.

www.TurkishMaritime.com.tr

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