EURN - Euronav suspends operations with Russian customers; marine fuels prices rising

Euronav (EURN +1.6%) said it has suspended operations with Russian customers, joining the growing ranks of Western companies trimming ties with Russia following its invasion of Ukraine. The oil tanker company said it could be adversely affected by trade tariffs and embargoes in light of the invasion, but its Russian customers comprise less than 5% of its turnover. Euronav also said the price of marine fuels had increased as a result of the conflict and likely will remain elevated for the foreseeable future, as Russia supplies bunker markets with 20% of global fuel demand in HSFO, VLSFO and MGO markets. In the longer term, Euronav said ton miles may increase due to the adjustment of trade flows to compensate refineries and markets for the lack of Russian oil flows. In FY 2021, Euronav swung to a $338M loss from a $473M profit a year earlier.

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Euronav suspends operations with Russian customers; marine fuels prices rising