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Tanker owner gets more profit

Tanker owner gets more profit
Above average earnings from its VLCCs in 2008 helped Belgian tanker owner and operator Euronav NV achieve a 300% increase in net profits year-on-year.

Above average earnings from its VLCCs in 2008 helped Belgian tanker owner and operator Euronav NV achieve a 300% increase in net profits year-on-year.

Above average earnings from its VLCCs in 2008 helped Belgian tanker owner and operator Euronav NV achieve a 300% increase in net profits year-on-year.

Net profits for the Euronext Brussels-listed operator in 2008 was some $400 million compared to the $100 million achieved in 2007.

?This makes it the highest net result ever recorded in the company's history,? said a press release.

According to Euronav, ?VLCC rates throughout the year 2008 have been exceptional and by far the highest ever seen during a full year.?

?The high rate environment that the tanker market enjoyed underlined a very tight balance between supply and demand for double hull quality ships caused in part by negative growth in the VLCC world fleet.?

Average TCE rates earned by Euronav's fleet in the Tankers International (TI) pool was some $95,700 for the full year 2008.

TCE earnings of Euronav's suezmax fleet fixed on long term charters, including profit shares, was $41,650 for the full year 2008.

Euronav's fleet currently 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.

Euronav owns and also operates 16 suezmaxes and two aframaxes, and currently has a further six suezmaxes and three VLCCs on order.

There are 42 supertankers in the TI pool at present including three V Plus carriers of some 441,500 dwt each, and 39 double hull VLCCs.

www.TurkishMaritime.com.tr

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