Euronav NV - Ready to Reap the Rewards of Gener8 Acquisition

Equity Analyst

Nikesh Shukla

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Will minimum dividend policy support Euronav’s stock?Revenues in line with estimates, losses greater than expected: Euronav (EURN) reported operating revenue of USD 99.3m for 1Q18, in line with our forecast of USD 97.9m. The operating revenues are down 40% over the same quarter last year as average VLCC and Suezmax spot rates at USD 18,725pd and USD 14,000pd respectively, during the quarter were 53.8% and 41.7% lower compared with rates in the same quarter last year. The Time Charter Equivalent…

Will minimum dividend policy support Euronav’s stock?Revenues in line with estimates, losses greater than expected: Euronav (EURN) reported operating revenue of USD 99.3m for 1Q18, in line with our forecast of USD 97.9m. The operating revenues are down 40% over the same quarter last year as average VLCC and Suezmax spot rates at USD 18,725pd and USD 14,000pd respectively, during the quarter were 53.8% and 41.7% lower compared with rates in the same quarter last year. The Time Charter Equivalent…

Will Minimum Dividend Policy Support Euronav’s Stock?