Release Date: 27 October 2008
Release ID: 148
– The executive committee of Euronav NV
(EURONEXT BRUSSELS: EURN) today reported its financial results for the three months ended 30th September 2008.
The company had a net income of USD 158 million (third quarter 2007: USD -23.3 million) or USD 3.05 (third quarter 2007: USD -0.44) per share, for the third quarter 2008. EBITDA for the same period was USD 216.6 million (third quarter 2007: USD 43.8 million). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International pool was approximately USD 116,000 per day (third quarter 2007:USD 36,500 per day). The time charter equivalent earnings of the Euronav Suezmax fleet which is fixed on long term time charters, including profit shares when applicable, was USD 46,000 per day (third quarter 2007: USD 28,900 per day) for the third quarter 2008.
The result is affected by the revaluation at marked-to-market levels of non cash items (unrealized) such as: hedge instruments on interest rates for a total of USD -8 million, rate of exchange difference for a total of USD 1.8 million, FFA portfolio USD 4.8 million and USD –11.5 million on the company’s short term investments portfolio.
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