EURN - Euronav narrows quarterly loss as freight rates continue improvement

Euronav (NYSE:EURN) falls more than 3% in European trading on Thursday after reporting a Q1 loss of $0.22/share, lighter than analyst expectations of a $0.26/share loss, on revenues of $114M. Euronav (EURN) said Q1 EBITDA totaled $42.9M, compared with $33.1M in the year-earlier quarter, helped by recovering freight rates and a positive impact from the war in Ukraine. "The uplift to freight rates continues to have momentum as oil supplies have increased driven by higher prices, OPEC+ production rising and strategic reserve releases," CEO Hugo De Stoop said. Some headwinds remain, the crude oil shipper said, pointing to the International Energy Agency's reduced forecasts for crude demand in 2022. The company said spot rates so far in Q2 are 43% fixed at $14K/day for VLCCs and 44% fixed at $19.7K/day for Suezmax. Euronav's (EURN) price return shows an 18% YTD increase and a 16% gain during the past year.

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Euronav narrows quarterly loss as freight rates continue improvement