Euronav NV net profits have fallen 79.2% but the Antwerp-based tanker owner and operator has managed to secure a $300 million loan.
Euronav NV net profits have fallen 79.2% but the Antwerp-based tanker owner and operator has managed to secure a $300 million loan.
The Euronext Brussels-listed company reported a $16.8 million net profit for the first three months of this year, compared to the $80.7 million net profit it earned in the same period last year.
Average daily TCE rate achieved by Euronav's fleet in the Tankers International (TI) pool was some $47,000 per vessel compared to the $100,000 per day per vessel earned in the first three months of 2008.
On a positive note, TCE earnings by Euronav's suezmax fleet fixed on long term time charters, including profit shares where applicable, was $38,500 per day per vessel compared to the $36,600 per day per vessel earned in the three months of last year.
A press release said Euronav had signed a $300 million senior secured facility with Nordea, Calyon, Societe Generale, Bank of America and Scotiabank acting as lead arrangers.
Nordea, Calyon and Societe Generale are acting as bookrunners while Nordea is the sole facility agent.
Skandinaviska Enskilda Banken, Dexia Bank, Fortis Bank Belgium and Ethias are acting as co-arrangers.
The $300 million loan is slated to finance the acquisition of two VLCCs and four suezmaxes including two newbuilds.
According to Euronav, ?following seasonal trends the market has softened significantly in recent weeks but at rates lower than expected.?
?This is due to a lower demand for transportation caused by a reduced demand for crude oil as part of the global economic recession,? Euronav said.
Euronav's fleet consists of 24 VLCCs and ULCCs, of which 11 vessels are chartered in from third parties either directly or jointly with partners.
17 VLCCs and one ULCC are managed in the TI pool of which Euronav is one of the major partners.
Two ULCCs are currently being converted to FSOs.
Euronav owns and also operates 16 suezmaxes and two aframaxes, and currently has a further six suezmaxes and two VLCCs on order.
There are 42 supertankers in the TI pool including three V Plus carriers of some 441,500 dwt each, and 39 double hull VLCCs.
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