Euronav Luxembourg SA
Euronav Luxembourg SA
08/04/2022 | Press release | Distributed by Public on 08/04/2022 00:05
Euronav announces second quarter and first half 2022 results
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Euronav announces second quarter and first half 2022 results
EURONAV ANNOUNCES SECOND QUARTER
AND FIRST HALF 2022 RESULTS
HIGHLIGHTS
• Stronger freight rate market gaining traction in third quarter to date
• Fleet rejuvenation: 2 VLCCs bought and 4 VLCCs sold & 3 Suezmaxes sold,
significantly reducing fleet age
• Q3 to date spot rates 47% fixed at 12,700 USD per day VLCC with 49% fixed at
23,900 USD per day Suezmax
• Binding combination agreement for merger with Frontline agreed with exchange
offer launch expected during fourth quarter of 2022
• FSOs contracted to 2032 - fully consolidated 100% under Euronav ownership
• Decarbonisation: Commitment to net zero emissions by 2050 with key future
milestones
ANTWERP, Belgium, 4 August 2022 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") reported its non-audited financial results today for the
second quarter ended 30 June 2022.
Hugo De Stoop, CEO of Euronav said: "Recent months have proven to be pivotal for
Euronav. First, freight markets have improved substantially since March and continued this
recovery on a counter-seasonal basis. Second, we have increased future fixed income
streams to 2032 via the FSO joint venture partner buyout. Third, during the quarter we
undertook a significant rejuvenation resulting in a reduction of the average age of our fleet
and still have 10% organic core fleet growth to come from vessels under construction over
the next 18 months. Fourth, our decarbonisation strategy and pathway to net zero by 2050
is the first such framework to be applied by a crude tanker company. Finally, the proposed
combination with Frontline will further substantially enhance this positioning by adding
scale and influence.
Recent trading data points - such as China's return to crude procurement, vessel supply
metrics and improved oil supply - have underpinned a recovery in the freight markets
which is unusual for the season. Euronav is ideally placed to benefit from the shorter-term
cyclical recovery but also the robust medium-term fundamentals of our market."
Key figures
The most important key figures (unaudited) are: to be found in attachment.
For the second quarter of 2022, the Company realized a net loss of USD 4.9 million or USD
(0.02) per share (second quarter 2021: a net loss of 89.7 USD million or USD (0.44) per
share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 74.9
million (second quarter 2021: USD 22.6 million).
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows: to be found in attachment.
EURONAV TANKER FLEET
Fleet rejuvenation
Sale of 3 Suezmaxes
In April 2022, we announced the sale of the Suezmax Bari (2005 - 159,186 dwt). The
vessel was held in a 50/50 joint venture with affiliates of Ridgebury Tankers and clients of
Tufton Oceanic. In June, the Company sold its two eldest Suezmax vessels, the Cap Pierre
(2004 - 159,048 dwt) and the Cap Leon (2003 - 159,048 dwt). As a result of these
transactions the average age of our fully owned Suezmax fleet reduced from 11.4 years to
10.7 years.
Sale of 4 older VLCCs with proceeds re-invested into 2 modern, scrubber fitted
VLCCs
In April 2022, Euronav purchased two eco-VLCCs, the Chelsea (renamed Dalis) (2020 -
299,995 dwt) and the Ghillie (renamed Derius) (2019 - 297,750 dwt), for USD 179 million
in total in cash (sisterships of existing VLCCs). In parallel to this transaction, Euronav sold
four older S-class VLCCs for an en-bloc price of USD 198 million. The four vessels are the
Sandra (2011 - 323, 527 dwt), Sara (2011 - 322,000 dwt), Simone (2012 - 315,988 dwt)
and the Sonia (2012 - 314,000 dwt). All four vessels are non-eco VLCCs with significant
higher consumptions and carbon footprint than modern eco-VLCCs.
The transactions have reduced the average age of Euronav's fully owned VLCC fleet from
7.3 years to 6.6 years, making it amongst the youngest VLCC fleets globally.
Euronav considers regular fleet rejuvenation as an important function of ship management
in providing quality services to our clients. These top of the range eco-vessels will deliver
an improvement in our operational performance upon delivery later this quarter.
FSO consolidation of joint venture
In June 2022, Euronav became the full owner of the FSO platforms previously held in 50-
50 joint venture with International Seaways, Inc. (INSW). Net of adjustments for working
capital and debt, Euronav paid approximately USD 140 million in cash for the purchase of
the two converted ULCCs. The current contract for these two custom-made units with a
capacity of 2.8 million barrels runs until Q3 2022. After that and in direct continuation,
they will switch to a new 10-year contract that was agreed with North Oil Company (NOC)
in 2020. As a consequence, the 2 FSO companies are fully consolidated as of June 2022.
The April and May results are still integrated as investments in equity accounted investees
based on the JV relationship with INSW. Going forward and taking into consideration the
renewed contract rates as from Q4 2022 onwards quarterly revenues will be positively
impacted for an amount of USD 15.75 million whereas EBITDA contribution is estimated to
be at a level of USD 10 million.
Update - Newbuilding delivery schedule
Outstanding capital expenditure for the six vessels currently under construction at the end
of Q2 2022 was USD 345 million, split as follows: USD 44 million in 2022, USD 268 million
in 2023 and USD 33 million in 2024.
Maintenance
On our existing fleet, we continue to take advantage of the current challenging freight rate
environment to accelerate a number of scheduled dry dockings during 2022, with 16 dry
dockings scheduled (11 VLCCs and 5 Suezmaxes) this year of which 12 (8 VLCCs and 4
Suezmaxes) have been completed already.
Combination with Frontline
On 11 July 2022 we announced that Euronav and Frontline have entered into a definitive
agreement for a stock-for-stock combination based on an exchange ratio of 1.45 Frontline
shares for every Euronav share (the "Combination"), which was unanimously approved by
all the members of Frontline's Board of Directors and by all members of Euronav's
Supervisory Board. The agreement confirms the principal aspects of the previously
announced term sheet that was signed on 7 April 2022. More details are provided in the
press release of 11 July. https://www.euronav.com/en/investors/company-newsreports/press-releases/2022/frontline-ltd-considers-voluntary-public-takeover-bid-oneuronav-nv/
Indicative Timetable and Next Steps
Frontline will be relocated from Bermuda to Cyprus, a member state of the European Union
prior to the launch of the tender offer. The tender offer is expected to be launched in Q4
2022, once the relocation is achieved, and Frontline intends to proceed with a simplified
squeeze out if certain conditions are met. A merger will be pursued as soon as possible
following the tender offer, with the aim then being to submit the merger to the Frontline
and Euronav shareholders' meetings. In the meantime, the parties will pursue all corporate
and other steps necessary for the Combination.
Euronav looks forward to the exchange offer and delivery of a merger with Frontline which
we believe is in the best interests of all our stakeholders. Our recent AGM (19 May 2022)
contained a number of key resolutions where shareholders had the opportunity to express
their views on the strategic direction of the company and on which the majority of
shareholders expressed support for current strategy.
Should Frontline decide to formally launch the tender offer, it will deposit a file for this
purpose with the Belgian Financial Services and Markets Authority (FSMA), including a draft
prospectus. The Euronav Supervisory Board will then examine the draft prospectus and
present its detailed opinion in a response memorandum. If Frontline decides not to proceed
with the tender offer, it will report about this in accordance with its legal obligations.
Distribution to shareholders
COUPON 29:
Ex-dividend date 30/08/2022
Record date 31/08/2022
Payment date 09/09/2022
Euronav maintains its stated policy of distributing USD 3 cents per share per quarter.
Following the decision of the shareholders meeting of November 2021 to make the issue
premium reserve account available for distribution and in line with the decision of the
annual shareholders meeting of 19 May 2022, a distribution of USD 3 cents related to Q2
2022 will be paid via a repayment from that issue premium reserve. This distribution
approach will again be optimal for shareholders as Euronav anticipates there will be zero
withholding tax (WHT) associated with such a payment. USD 3 cents per share will thus
be paid to shareholders on 9th of September.
FINANCING AND ACCOUNTING AT EURONAV
Liquidity
Euronav continues to maintain a strong financial base and excellent relationships with its
capital providers: commercial banks, equity, and debt investors. At the end of June 2022,
the Company had liquidity of USD 459 million, comprising USD 275 million cash and USD
184 million undrawn committed credit facilities.
On 21 June 2022, the group entered into a USD 150 million senior secured amortizing term
loan facility to finance the acquisition of the 50% ownership in the FSO joint ventures. The
new facility has been concluded with ING and ABN Amro who were also the supporting
banks in the existing facility. The new facility is linked to the sustainability performance of
the Company. The commercial terms include a reduction of the interest rate when the
Company achieves its targets in relation to two sustainability KPI's. The facility will have a
duration of 7.75 years with maturity on March 30, 2030.
Moreover, fleet emission data for 2021 has been independently verified. The sustainability
target aligned with the Poseidon Principle's trajectory has been successfully achieved. Five
bps margin reduction has been achieved on sustainability linked financings of USD 713M
and EUR 80M.
TANKER MARKET & OUTLOOK
Dislocation from the Russia-Ukraine war has been the key driver of tanker markets since
late Q1. The movement of crude has become (and is likely to stay) less efficient as Europe
recalibrates its crude imports from Russia to Atlantic and Middle East sourced barrels
instead. This current trend has further to run and will likely expand as other nations
diversify their crude suppliers. This should drive longer ton-miles as crude should travel
further - both factors absorbing additional vessel capacity now and going forward.
The time charter activity is beginning to show some positive signs of life. More than fifteen
VLCC time charters with a duration of 12 months or more have been agreed so far in 2022
(source: Bloomberg), compared with just 10 in 2021. Recent rates have been set in the
USD 35-38,000 per day (for 2020-21 tonnage) with charter duration also rising toward
three years.
The current counter-seasonal increase in freight rates is establishing a potentially dynamic
market for crude transportation this winter. Short term factors are underpinned for the
second half, with the IEA expecting Chinese oil demand to increase from 14.6 Mb/d in 2022
Q2 to 15.7 Mb/d in Q3 and 15.9 Mb/d in Q4 with demand to average 16.2 Mb/d (+5.2%).
Higher refining utilisation and the addition of new refining capacity will drive growth in the
import demand. Vessel supply is also exhibiting supportive momentum - the surplus
number of VLCCs in the Middle East recently hit a two-year low (source: Bloomberg
TNNGSD Index) indicating a growing tightness in core tanker markets.
The expectation going forward is that global oil demand growth will need to be satisfied by
non-OPEC producers in the Atlantic Basin thus driving ton miles further. The USA is forecast
to add 1m bpd of production between now and the end of 2023 supported by Brazil, Canada
and Guyana (200k bpd each).
Looking further ahead, fundamental data point to a sustainable recovery. The order book
to fleet ratios (VLCC 4.9%, Suezmax 3.9%) remain at multi-year lows. The limited new
vessel supply dynamic is driven by higher pricing (VLCC USD 119 million - 22 July -
Clarksons quote) and shipyards being busy until 2025 with other segment orders. New
regulations (EEXI) will start to progressively bite into a global fleet where 14% of the global
VLCCs will be aged over 20 years and 29% aged over 15 years upon delivery of the current
order book at the end of 2023.
So far in the third quarter of 2022, the Euronav VLCC fleet that operated in the Tankers
International Pool has earned about USD 12,700 USD per day and 47% of the available
days have been fixed. Euronav's Suezmax fleet trading on the spot market has earned
about USD 23,900 USD per day on average with 49% of the available days fixed. Freight
rates for fixtures in recent weeks in both VLCC and Suezmax have been substantially above
the run rate for Q3 indicating a tightening of the market ahead of the winter trading season.
SUSTAINABILITY AND ESG ACTIVITIES
Webber Research 2022 ESG Scorecard
Euronav has been placed in the top quartile of the only major report into Shipping
Corporate Governance undertaken by Webber Research since 2016 (previously Wells
Fargo). The Company was listed 5th out of 52 shipping companies of various sectors
(containers, bulk, tankers) in the scorecard for 2022. Euronav will continue to observe and
apply the highest standards of corporate governance. The ESG Scorecard ranks the public
shipping universe on a number of corporate governance metrics with the goal of identifying
both high quality shipping platforms and points of conflict based on underlying factors. The
2022 scorecard reflects that shipping sector is gradually integrating ESG standards and
competition is becoming more intense.
Euronav's road to decarbonisation
On 5 May 2022, Euronav presented its decarbonisation strategy and targets through a
virtual event called 'Euronav's road to decarbonisation'. As the world's largest independent
quoted tanker company engaged in the ocean transportation and storage of crude oil,
Euronav is uniquely placed to develop sustainable business within the energy transition.
The Company has set a decarbonisation strategy that not only aligns with the emission
reduction targets of IMO 2030 and IMO 2050, but even exceeds them in order to be fully
aligned with the Paris agreement. The replay and presentation of the event are still
available here: https://euronav.connectid.cloud/register.
Waterborne Technology Platform
On 23 May 2022, Euronav announced that it became a member of the Waterborne
Technology Platform. Waterborne TP has been set up as an industry-oriented Technology
Platform with the objective to establish a continuous dialogue between all waterborne
stakeholders. This is a broad target audience, comprised of amongst others classification
societies, shipbuilders, shipowners, maritime equipment manufacturers, infrastructure and
service providers, universities, or research institutes, and with the EU Institutions,
including Member States.
IR Magazine - final nominee
In June 2022, Euronav attended the IR Magazine Awards Europe 2022 as the Company
was shortlisted as a finalist for the category 'Best in sector: industrials'. This category
covers companies that have impressed the investment community the most with their
overall IR program in their sector. This recognition of our sustainability and investor
relations effort is our third such acknowledgement in the past four years. Euronav was
nominated next to some big contestants such as ABB, Deutsche Post DHL, DSV, Schneider
Electric and Siemens. Deutsche Post DHL took the award home.
Marine Money - '2021 sustainability-linked deal of the year' award
In June 2022, Euronav was awarded the 2021 sustainability-linked deal of the year award
during Marine Money Week in New York, for our EUR 80 million sustainability linked credit
facility signed with a number of commercial banks and including partnership with the
Flemish Government. Marine Money's Deal of the Year awards recognise the global
bankers, financial advisors and legal teams who execute transactions that they believe are
exceptional. Their criteria for selection include value creation for stakeholders, creativity,
overcoming execution, challenges, and innovation.
CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find details of this
conference call below and on the "Investor Relations" page of the Euronav website
athttps://www.euronav.com/investors/.
Webcast Information
Event Type: Audio webcast with user-controlled slide presentation
Event Date: 4 August 2022
Event Time: 8 a.m. EST / 2 p.m. CET
Event Title: "Q2 2022 Earnings Conference Call"
Event Site/URL: https://event.choruscall.com/mediaframe/webcast.html?webc
astid=2msHmXOF
Telephone participants may avoid any delays by pre-registering for the call using the
following link to receive a special dial-in number and PIN conference call registration link:
https://dpregister.com/sreg/10168797/f38e482bbe Pre-registration fields of information to be
gathered: name, company, email.
Telephone participants located in the U.S. who are unable to pre-register may dial in to
+1-877-328-5501 on the day of the call. Others may use the international dial-in number
+1-412-317-5471.
A replay of the call will be available until 11 August 2022, beginning at 9 a.m. EST / 3 p.m.
CET on 4 August 2022. Telephone participants located in the U.S. can dial +1-877-344-
7529. Others can dial +1-412-317-0088. Please reference the conference number
10168797.
*
* *
Publication of half year report 2022: Wednesday 10 August 2022
IMPORTANT INFORMATION FOR INVESTORS
Frontline Relocation
Frontline intends to file with the SEC a registration statement on Form F-4 with proxy
materials containing information about the relocation. Frontline will mail a final prospectus
and proxy materials and other relevant documents after the SEC completes its review.
Frontline shareholders are urged to read the preliminary prospectus, including the
information and any amendments thereto and the final prospectus in connection with the
solicitation of proxies for the special meeting(s) to be held to approve the relocation,
because these documents will contain important information about Frontline and the
proposed relocation. The final prospectus and the proxy materials will be mailed to
Frontline shareholders of a record date to be established for voting on the proposed
transaction. Frontline shareholders will also be able to obtain a free copy of the proxy
materials, as well as other filings containing information about Frontline without charge, at
the SEC's website (www.sec.gov). Copies of the filings with the SEC can also be obtained,
without charge, by directing a request to:
Lars H. Barstad
Chief Executive Officer, Frontline Management AS
Tel: +47 23 11 40 37
Email: [email protected]
Additionally, all documents filed with the SEC can be found on Frontline's website,
https://www.frontline.bm/sec-filings/. The information on Frontline's website is not
incorporated by reference into this press release.
Exchange Offer
The exchange offer described in this press release has not yet commenced. This
announcement is for informational purposes only and is neither a recommendation, nor an
offer to purchase nor a solicitation of an offer to sell any ordinary shares of Frontline or
any other securities, nor is it a substitute for any offer materials that Frontline or Euronav
will file with the SEC. At the time the exchange offer is commenced, a tender offer
statement on Schedule TO, including an offer to exchange, a letter of transmittal and
related documents, and a Registration Statement on Form F-4 will be filed with the SEC by
Frontline. In addition, a Solicitation/Recommendation Statement on Scheduled 14D-9 will
be filed with the SEC by Euronav with respect to the exchange offer. The offer to exchange
all outstanding ordinary shares of Euronav will only be made pursuant to the offer to
exchange, the letter of transmittal and related documents filed as part of the Schedule TO
and no offering of securities shall be made, except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT,
REGISTRATION STATEMENT AND THE SOLICITATION/RECOMMENDATION STATEMENT
REGARDING THE EXCHANGE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM
TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD
CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR EURONAV
SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors
and security holders may obtain a free copy of these documents (when available) and other
documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by
directing such requests to the information agent for the exchange offer, which will be
named in the tender offer statement. Investors may also obtain, at no charge, the
documents filed or furnished to the SEC by Euronav under the "SEC Filings" section of
Euronav's website at https://www.euronav.com/en/investors/company-news-reports/secfilings/ and by Frontline at https://www.frontline.bm/sec-filings/. The information on these
websites is not incorporated by reference into this press release.
In addition, you will be able to obtain free copies of these documents by contacting the
investor relations department of Frontline or Euronav at the following:
Euronav NV
Mr. Brian Gallagher
Head of IR and Communications
Tel: +44 20 7870 0436
Email: [email protected]
Frontline Ltd.
Lars H. Barstad
Chief Executive Officer
Frontline Management AS
Tel: +47 23 11 40 37
Email: [email protected]
The information included in this announcement is defined as inside information pursuant
to article 7 of the Market Abuse Regulation and is publicly disclosed by Frontline in
accordance with article 17 of the Market Abuse Regulation and section 5-12 of the
Norwegian Securities Trading Act.
NO OFFER OR SOLICITATION
This press release shall not constitute an offer to sell or the solicitation of an offer to buy,
sell, or solicit any securities or any proxy vote or approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction. No offering
of securities shall be made except by means of a prospectus meeting the requirements of
Section 10 of the U.S. Securities Act of 1933, as amended.
About Euronav NV
Euronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices
throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under
the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs
on the spot market are traded in the Tankers International pool of which Euronav is one of
the major partners. Euronav's owned and operated fleet consists of 2 V-Plus vessels, 40
VLCCs (three of which on a bareboat contract and three of which time chartered in) with
further three under construction), 24 Suezmaxes (of which two vessels are time chartered
in) with a further three under construction and 2 FSO vessels.
About Frontline Ltd.
Frontline is an independent tanker company engaged in the ocean transportation of crude
oil. The company is incorporated in Bermuda and headquartered in Oslo, Norway with
commercial offices in London, UK. Frontline is listed on both the NYSE and OBX exchange
in Oslo under the symbol FRO. Frontline employs its fleet both on the spot and period
market. Frontline's owned and operated fleet consists of 18 VLCCs (with further five due
for delivery in 2022), 29 Suezmaxes and 20 LR2/Aframax tankers.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides safe harbor
protections for forward-looking statements within the meaning of the Reform Act. Forwardlooking statements include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts. The Company desires to take advantage of
the safe harbor provisions of the Reform Act and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe", "anticipate", "intends",
"estimate", "forecast", "project", "plan", "potential", "may", "should", "would", "will",
"expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions,
many of which are based, in turn, upon further assumptions, including without limitation,
our management's examination of historical operating trends, data contained in company
records and other data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that could cause actual
results to differ materially from those discussed in the forward-looking statements include
the ability of Frontline and Euronav to successfully complete the proposed combination on
anticipated terms and timing, including, among other things, obtaining required
shareholder and regulatory approvals, the occurrence of the Merger, unforeseen liabilities,
future capital expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses, future prospects, business and
management strategies, expansion and growth of the combined group's operations and
other important conditions to the completion of the acquisition, risks relating to the
integration of operations of Frontline and Euronav and the possibility that the anticipated
synergies and other benefits of the proposed combination will not be realized or will not be
realized within the expected timeframe, the outcome of any legal proceedings related to
the proposed combination, the failure of counterparties to fully perform their contracts with
Frontline or Euronav, the strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel values (including the
possibility of a material decline or prolonged weakness in such rates), changes in demand
for tanker vessel capacity, changes in the companies' operating expenses, including bunker
prices, dry-docking and insurance costs, the market for the companies' vessels, availability
of financing and refinancing to meet the capital needs of the combined group, charter
counterparty performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions taken
by regulatory authorities in the tanker industry, including without limitation, legislation
adopted by international organizations such as the International Maritime Organization and
the European Union or by individual countries, potential liability from pending or future
litigation, general domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns, crew wages,
changes in demand for oil and petroleum products, including but not limited as a result of
inflation, and instances of off-hires and other factors. Please see our filings with the U.S.
Securities and Exchange Commission (the "SEC") for a more complete discussion of these
and other risks and uncertainties.
You are cautioned not to place undue reliance on Euronav's forward-looking statements.
These forward-looking statements are and will be based upon our management's thencurrent views and assumptions regarding future events and operating performance, and
are applicable only as of the dates of such statements. Euronav does not assume any duty
to update or revise forward-looking statements, whether as a result of new information,
future events or otherwise, as of any future date.
Contact:
Brian Gallagher - Head of IR, Research and Communications & Management Board
member
Tel: +44 20 78 70 04 36
Email: [email protected]
The condensed consolidated statements(unaudited) are: to be found in attachment.
AND FIRST HALF 2022 RESULTS
HIGHLIGHTS
• Stronger freight rate market gaining traction in third quarter to date
• Fleet rejuvenation: 2 VLCCs bought and 4 VLCCs sold & 3 Suezmaxes sold,
significantly reducing fleet age
• Q3 to date spot rates 47% fixed at 12,700 USD per day VLCC with 49% fixed at
23,900 USD per day Suezmax
• Binding combination agreement for merger with Frontline agreed with exchange
offer launch expected during fourth quarter of 2022
• FSOs contracted to 2032 - fully consolidated 100% under Euronav ownership
• Decarbonisation: Commitment to net zero emissions by 2050 with key future
milestones
ANTWERP, Belgium, 4 August 2022 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") reported its non-audited financial results today for the
second quarter ended 30 June 2022.
Hugo De Stoop, CEO of Euronav said: "Recent months have proven to be pivotal for
Euronav. First, freight markets have improved substantially since March and continued this
recovery on a counter-seasonal basis. Second, we have increased future fixed income
streams to 2032 via the FSO joint venture partner buyout. Third, during the quarter we
undertook a significant rejuvenation resulting in a reduction of the average age of our fleet
and still have 10% organic core fleet growth to come from vessels under construction over
the next 18 months. Fourth, our decarbonisation strategy and pathway to net zero by 2050
is the first such framework to be applied by a crude tanker company. Finally, the proposed
combination with Frontline will further substantially enhance this positioning by adding
scale and influence.
Recent trading data points - such as China's return to crude procurement, vessel supply
metrics and improved oil supply - have underpinned a recovery in the freight markets
which is unusual for the season. Euronav is ideally placed to benefit from the shorter-term
cyclical recovery but also the robust medium-term fundamentals of our market."
Key figures
The most important key figures (unaudited) are: to be found in attachment.
For the second quarter of 2022, the Company realized a net loss of USD 4.9 million or USD
(0.02) per share (second quarter 2021: a net loss of 89.7 USD million or USD (0.44) per
share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 74.9
million (second quarter 2021: USD 22.6 million).
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows: to be found in attachment.
EURONAV TANKER FLEET
Fleet rejuvenation
Sale of 3 Suezmaxes
In April 2022, we announced the sale of the Suezmax Bari (2005 - 159,186 dwt). The
vessel was held in a 50/50 joint venture with affiliates of Ridgebury Tankers and clients of
Tufton Oceanic. In June, the Company sold its two eldest Suezmax vessels, the Cap Pierre
(2004 - 159,048 dwt) and the Cap Leon (2003 - 159,048 dwt). As a result of these
transactions the average age of our fully owned Suezmax fleet reduced from 11.4 years to
10.7 years.
Sale of 4 older VLCCs with proceeds re-invested into 2 modern, scrubber fitted
VLCCs
In April 2022, Euronav purchased two eco-VLCCs, the Chelsea (renamed Dalis) (2020 -
299,995 dwt) and the Ghillie (renamed Derius) (2019 - 297,750 dwt), for USD 179 million
in total in cash (sisterships of existing VLCCs). In parallel to this transaction, Euronav sold
four older S-class VLCCs for an en-bloc price of USD 198 million. The four vessels are the
Sandra (2011 - 323, 527 dwt), Sara (2011 - 322,000 dwt), Simone (2012 - 315,988 dwt)
and the Sonia (2012 - 314,000 dwt). All four vessels are non-eco VLCCs with significant
higher consumptions and carbon footprint than modern eco-VLCCs.
The transactions have reduced the average age of Euronav's fully owned VLCC fleet from
7.3 years to 6.6 years, making it amongst the youngest VLCC fleets globally.
Euronav considers regular fleet rejuvenation as an important function of ship management
in providing quality services to our clients. These top of the range eco-vessels will deliver
an improvement in our operational performance upon delivery later this quarter.
FSO consolidation of joint venture
In June 2022, Euronav became the full owner of the FSO platforms previously held in 50-
50 joint venture with International Seaways, Inc. (INSW). Net of adjustments for working
capital and debt, Euronav paid approximately USD 140 million in cash for the purchase of
the two converted ULCCs. The current contract for these two custom-made units with a
capacity of 2.8 million barrels runs until Q3 2022. After that and in direct continuation,
they will switch to a new 10-year contract that was agreed with North Oil Company (NOC)
in 2020. As a consequence, the 2 FSO companies are fully consolidated as of June 2022.
The April and May results are still integrated as investments in equity accounted investees
based on the JV relationship with INSW. Going forward and taking into consideration the
renewed contract rates as from Q4 2022 onwards quarterly revenues will be positively
impacted for an amount of USD 15.75 million whereas EBITDA contribution is estimated to
be at a level of USD 10 million.
Update - Newbuilding delivery schedule
Outstanding capital expenditure for the six vessels currently under construction at the end
of Q2 2022 was USD 345 million, split as follows: USD 44 million in 2022, USD 268 million
in 2023 and USD 33 million in 2024.
Maintenance
On our existing fleet, we continue to take advantage of the current challenging freight rate
environment to accelerate a number of scheduled dry dockings during 2022, with 16 dry
dockings scheduled (11 VLCCs and 5 Suezmaxes) this year of which 12 (8 VLCCs and 4
Suezmaxes) have been completed already.
Combination with Frontline
On 11 July 2022 we announced that Euronav and Frontline have entered into a definitive
agreement for a stock-for-stock combination based on an exchange ratio of 1.45 Frontline
shares for every Euronav share (the "Combination"), which was unanimously approved by
all the members of Frontline's Board of Directors and by all members of Euronav's
Supervisory Board. The agreement confirms the principal aspects of the previously
announced term sheet that was signed on 7 April 2022. More details are provided in the
press release of 11 July. https://www.euronav.com/en/investors/company-newsreports/press-releases/2022/frontline-ltd-considers-voluntary-public-takeover-bid-oneuronav-nv/
Indicative Timetable and Next Steps
Frontline will be relocated from Bermuda to Cyprus, a member state of the European Union
prior to the launch of the tender offer. The tender offer is expected to be launched in Q4
2022, once the relocation is achieved, and Frontline intends to proceed with a simplified
squeeze out if certain conditions are met. A merger will be pursued as soon as possible
following the tender offer, with the aim then being to submit the merger to the Frontline
and Euronav shareholders' meetings. In the meantime, the parties will pursue all corporate
and other steps necessary for the Combination.
Euronav looks forward to the exchange offer and delivery of a merger with Frontline which
we believe is in the best interests of all our stakeholders. Our recent AGM (19 May 2022)
contained a number of key resolutions where shareholders had the opportunity to express
their views on the strategic direction of the company and on which the majority of
shareholders expressed support for current strategy.
Should Frontline decide to formally launch the tender offer, it will deposit a file for this
purpose with the Belgian Financial Services and Markets Authority (FSMA), including a draft
prospectus. The Euronav Supervisory Board will then examine the draft prospectus and
present its detailed opinion in a response memorandum. If Frontline decides not to proceed
with the tender offer, it will report about this in accordance with its legal obligations.
Distribution to shareholders
COUPON 29:
Ex-dividend date 30/08/2022
Record date 31/08/2022
Payment date 09/09/2022
Euronav maintains its stated policy of distributing USD 3 cents per share per quarter.
Following the decision of the shareholders meeting of November 2021 to make the issue
premium reserve account available for distribution and in line with the decision of the
annual shareholders meeting of 19 May 2022, a distribution of USD 3 cents related to Q2
2022 will be paid via a repayment from that issue premium reserve. This distribution
approach will again be optimal for shareholders as Euronav anticipates there will be zero
withholding tax (WHT) associated with such a payment. USD 3 cents per share will thus
be paid to shareholders on 9th of September.
FINANCING AND ACCOUNTING AT EURONAV
Liquidity
Euronav continues to maintain a strong financial base and excellent relationships with its
capital providers: commercial banks, equity, and debt investors. At the end of June 2022,
the Company had liquidity of USD 459 million, comprising USD 275 million cash and USD
184 million undrawn committed credit facilities.
On 21 June 2022, the group entered into a USD 150 million senior secured amortizing term
loan facility to finance the acquisition of the 50% ownership in the FSO joint ventures. The
new facility has been concluded with ING and ABN Amro who were also the supporting
banks in the existing facility. The new facility is linked to the sustainability performance of
the Company. The commercial terms include a reduction of the interest rate when the
Company achieves its targets in relation to two sustainability KPI's. The facility will have a
duration of 7.75 years with maturity on March 30, 2030.
Moreover, fleet emission data for 2021 has been independently verified. The sustainability
target aligned with the Poseidon Principle's trajectory has been successfully achieved. Five
bps margin reduction has been achieved on sustainability linked financings of USD 713M
and EUR 80M.
TANKER MARKET & OUTLOOK
Dislocation from the Russia-Ukraine war has been the key driver of tanker markets since
late Q1. The movement of crude has become (and is likely to stay) less efficient as Europe
recalibrates its crude imports from Russia to Atlantic and Middle East sourced barrels
instead. This current trend has further to run and will likely expand as other nations
diversify their crude suppliers. This should drive longer ton-miles as crude should travel
further - both factors absorbing additional vessel capacity now and going forward.
The time charter activity is beginning to show some positive signs of life. More than fifteen
VLCC time charters with a duration of 12 months or more have been agreed so far in 2022
(source: Bloomberg), compared with just 10 in 2021. Recent rates have been set in the
USD 35-38,000 per day (for 2020-21 tonnage) with charter duration also rising toward
three years.
The current counter-seasonal increase in freight rates is establishing a potentially dynamic
market for crude transportation this winter. Short term factors are underpinned for the
second half, with the IEA expecting Chinese oil demand to increase from 14.6 Mb/d in 2022
Q2 to 15.7 Mb/d in Q3 and 15.9 Mb/d in Q4 with demand to average 16.2 Mb/d (+5.2%).
Higher refining utilisation and the addition of new refining capacity will drive growth in the
import demand. Vessel supply is also exhibiting supportive momentum - the surplus
number of VLCCs in the Middle East recently hit a two-year low (source: Bloomberg
TNNGSD Index) indicating a growing tightness in core tanker markets.
The expectation going forward is that global oil demand growth will need to be satisfied by
non-OPEC producers in the Atlantic Basin thus driving ton miles further. The USA is forecast
to add 1m bpd of production between now and the end of 2023 supported by Brazil, Canada
and Guyana (200k bpd each).
Looking further ahead, fundamental data point to a sustainable recovery. The order book
to fleet ratios (VLCC 4.9%, Suezmax 3.9%) remain at multi-year lows. The limited new
vessel supply dynamic is driven by higher pricing (VLCC USD 119 million - 22 July -
Clarksons quote) and shipyards being busy until 2025 with other segment orders. New
regulations (EEXI) will start to progressively bite into a global fleet where 14% of the global
VLCCs will be aged over 20 years and 29% aged over 15 years upon delivery of the current
order book at the end of 2023.
So far in the third quarter of 2022, the Euronav VLCC fleet that operated in the Tankers
International Pool has earned about USD 12,700 USD per day and 47% of the available
days have been fixed. Euronav's Suezmax fleet trading on the spot market has earned
about USD 23,900 USD per day on average with 49% of the available days fixed. Freight
rates for fixtures in recent weeks in both VLCC and Suezmax have been substantially above
the run rate for Q3 indicating a tightening of the market ahead of the winter trading season.
SUSTAINABILITY AND ESG ACTIVITIES
Webber Research 2022 ESG Scorecard
Euronav has been placed in the top quartile of the only major report into Shipping
Corporate Governance undertaken by Webber Research since 2016 (previously Wells
Fargo). The Company was listed 5th out of 52 shipping companies of various sectors
(containers, bulk, tankers) in the scorecard for 2022. Euronav will continue to observe and
apply the highest standards of corporate governance. The ESG Scorecard ranks the public
shipping universe on a number of corporate governance metrics with the goal of identifying
both high quality shipping platforms and points of conflict based on underlying factors. The
2022 scorecard reflects that shipping sector is gradually integrating ESG standards and
competition is becoming more intense.
Euronav's road to decarbonisation
On 5 May 2022, Euronav presented its decarbonisation strategy and targets through a
virtual event called 'Euronav's road to decarbonisation'. As the world's largest independent
quoted tanker company engaged in the ocean transportation and storage of crude oil,
Euronav is uniquely placed to develop sustainable business within the energy transition.
The Company has set a decarbonisation strategy that not only aligns with the emission
reduction targets of IMO 2030 and IMO 2050, but even exceeds them in order to be fully
aligned with the Paris agreement. The replay and presentation of the event are still
available here: https://euronav.connectid.cloud/register.
Waterborne Technology Platform
On 23 May 2022, Euronav announced that it became a member of the Waterborne
Technology Platform. Waterborne TP has been set up as an industry-oriented Technology
Platform with the objective to establish a continuous dialogue between all waterborne
stakeholders. This is a broad target audience, comprised of amongst others classification
societies, shipbuilders, shipowners, maritime equipment manufacturers, infrastructure and
service providers, universities, or research institutes, and with the EU Institutions,
including Member States.
IR Magazine - final nominee
In June 2022, Euronav attended the IR Magazine Awards Europe 2022 as the Company
was shortlisted as a finalist for the category 'Best in sector: industrials'. This category
covers companies that have impressed the investment community the most with their
overall IR program in their sector. This recognition of our sustainability and investor
relations effort is our third such acknowledgement in the past four years. Euronav was
nominated next to some big contestants such as ABB, Deutsche Post DHL, DSV, Schneider
Electric and Siemens. Deutsche Post DHL took the award home.
Marine Money - '2021 sustainability-linked deal of the year' award
In June 2022, Euronav was awarded the 2021 sustainability-linked deal of the year award
during Marine Money Week in New York, for our EUR 80 million sustainability linked credit
facility signed with a number of commercial banks and including partnership with the
Flemish Government. Marine Money's Deal of the Year awards recognise the global
bankers, financial advisors and legal teams who execute transactions that they believe are
exceptional. Their criteria for selection include value creation for stakeholders, creativity,
overcoming execution, challenges, and innovation.
CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find details of this
conference call below and on the "Investor Relations" page of the Euronav website
athttps://www.euronav.com/investors/.
Webcast Information
Event Type: Audio webcast with user-controlled slide presentation
Event Date: 4 August 2022
Event Time: 8 a.m. EST / 2 p.m. CET
Event Title: "Q2 2022 Earnings Conference Call"
Event Site/URL: https://event.choruscall.com/mediaframe/webcast.html?webc
astid=2msHmXOF
Telephone participants may avoid any delays by pre-registering for the call using the
following link to receive a special dial-in number and PIN conference call registration link:
https://dpregister.com/sreg/10168797/f38e482bbe Pre-registration fields of information to be
gathered: name, company, email.
Telephone participants located in the U.S. who are unable to pre-register may dial in to
+1-877-328-5501 on the day of the call. Others may use the international dial-in number
+1-412-317-5471.
A replay of the call will be available until 11 August 2022, beginning at 9 a.m. EST / 3 p.m.
CET on 4 August 2022. Telephone participants located in the U.S. can dial +1-877-344-
7529. Others can dial +1-412-317-0088. Please reference the conference number
10168797.
*
* *
Publication of half year report 2022: Wednesday 10 August 2022
IMPORTANT INFORMATION FOR INVESTORS
Frontline Relocation
Frontline intends to file with the SEC a registration statement on Form F-4 with proxy
materials containing information about the relocation. Frontline will mail a final prospectus
and proxy materials and other relevant documents after the SEC completes its review.
Frontline shareholders are urged to read the preliminary prospectus, including the
information and any amendments thereto and the final prospectus in connection with the
solicitation of proxies for the special meeting(s) to be held to approve the relocation,
because these documents will contain important information about Frontline and the
proposed relocation. The final prospectus and the proxy materials will be mailed to
Frontline shareholders of a record date to be established for voting on the proposed
transaction. Frontline shareholders will also be able to obtain a free copy of the proxy
materials, as well as other filings containing information about Frontline without charge, at
the SEC's website (www.sec.gov). Copies of the filings with the SEC can also be obtained,
without charge, by directing a request to:
Lars H. Barstad
Chief Executive Officer, Frontline Management AS
Tel: +47 23 11 40 37
Email: [email protected]
Additionally, all documents filed with the SEC can be found on Frontline's website,
https://www.frontline.bm/sec-filings/. The information on Frontline's website is not
incorporated by reference into this press release.
Exchange Offer
The exchange offer described in this press release has not yet commenced. This
announcement is for informational purposes only and is neither a recommendation, nor an
offer to purchase nor a solicitation of an offer to sell any ordinary shares of Frontline or
any other securities, nor is it a substitute for any offer materials that Frontline or Euronav
will file with the SEC. At the time the exchange offer is commenced, a tender offer
statement on Schedule TO, including an offer to exchange, a letter of transmittal and
related documents, and a Registration Statement on Form F-4 will be filed with the SEC by
Frontline. In addition, a Solicitation/Recommendation Statement on Scheduled 14D-9 will
be filed with the SEC by Euronav with respect to the exchange offer. The offer to exchange
all outstanding ordinary shares of Euronav will only be made pursuant to the offer to
exchange, the letter of transmittal and related documents filed as part of the Schedule TO
and no offering of securities shall be made, except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT,
REGISTRATION STATEMENT AND THE SOLICITATION/RECOMMENDATION STATEMENT
REGARDING THE EXCHANGE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM
TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD
CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR EURONAV
SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors
and security holders may obtain a free copy of these documents (when available) and other
documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by
directing such requests to the information agent for the exchange offer, which will be
named in the tender offer statement. Investors may also obtain, at no charge, the
documents filed or furnished to the SEC by Euronav under the "SEC Filings" section of
Euronav's website at https://www.euronav.com/en/investors/company-news-reports/secfilings/ and by Frontline at https://www.frontline.bm/sec-filings/. The information on these
websites is not incorporated by reference into this press release.
In addition, you will be able to obtain free copies of these documents by contacting the
investor relations department of Frontline or Euronav at the following:
Euronav NV
Mr. Brian Gallagher
Head of IR and Communications
Tel: +44 20 7870 0436
Email: [email protected]
Frontline Ltd.
Lars H. Barstad
Chief Executive Officer
Frontline Management AS
Tel: +47 23 11 40 37
Email: [email protected]
The information included in this announcement is defined as inside information pursuant
to article 7 of the Market Abuse Regulation and is publicly disclosed by Frontline in
accordance with article 17 of the Market Abuse Regulation and section 5-12 of the
Norwegian Securities Trading Act.
NO OFFER OR SOLICITATION
This press release shall not constitute an offer to sell or the solicitation of an offer to buy,
sell, or solicit any securities or any proxy vote or approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction. No offering
of securities shall be made except by means of a prospectus meeting the requirements of
Section 10 of the U.S. Securities Act of 1933, as amended.
About Euronav NV
Euronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices
throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under
the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs
on the spot market are traded in the Tankers International pool of which Euronav is one of
the major partners. Euronav's owned and operated fleet consists of 2 V-Plus vessels, 40
VLCCs (three of which on a bareboat contract and three of which time chartered in) with
further three under construction), 24 Suezmaxes (of which two vessels are time chartered
in) with a further three under construction and 2 FSO vessels.
About Frontline Ltd.
Frontline is an independent tanker company engaged in the ocean transportation of crude
oil. The company is incorporated in Bermuda and headquartered in Oslo, Norway with
commercial offices in London, UK. Frontline is listed on both the NYSE and OBX exchange
in Oslo under the symbol FRO. Frontline employs its fleet both on the spot and period
market. Frontline's owned and operated fleet consists of 18 VLCCs (with further five due
for delivery in 2022), 29 Suezmaxes and 20 LR2/Aframax tankers.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides safe harbor
protections for forward-looking statements within the meaning of the Reform Act. Forwardlooking statements include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts. The Company desires to take advantage of
the safe harbor provisions of the Reform Act and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe", "anticipate", "intends",
"estimate", "forecast", "project", "plan", "potential", "may", "should", "would", "will",
"expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions,
many of which are based, in turn, upon further assumptions, including without limitation,
our management's examination of historical operating trends, data contained in company
records and other data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that could cause actual
results to differ materially from those discussed in the forward-looking statements include
the ability of Frontline and Euronav to successfully complete the proposed combination on
anticipated terms and timing, including, among other things, obtaining required
shareholder and regulatory approvals, the occurrence of the Merger, unforeseen liabilities,
future capital expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses, future prospects, business and
management strategies, expansion and growth of the combined group's operations and
other important conditions to the completion of the acquisition, risks relating to the
integration of operations of Frontline and Euronav and the possibility that the anticipated
synergies and other benefits of the proposed combination will not be realized or will not be
realized within the expected timeframe, the outcome of any legal proceedings related to
the proposed combination, the failure of counterparties to fully perform their contracts with
Frontline or Euronav, the strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel values (including the
possibility of a material decline or prolonged weakness in such rates), changes in demand
for tanker vessel capacity, changes in the companies' operating expenses, including bunker
prices, dry-docking and insurance costs, the market for the companies' vessels, availability
of financing and refinancing to meet the capital needs of the combined group, charter
counterparty performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions taken
by regulatory authorities in the tanker industry, including without limitation, legislation
adopted by international organizations such as the International Maritime Organization and
the European Union or by individual countries, potential liability from pending or future
litigation, general domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns, crew wages,
changes in demand for oil and petroleum products, including but not limited as a result of
inflation, and instances of off-hires and other factors. Please see our filings with the U.S.
Securities and Exchange Commission (the "SEC") for a more complete discussion of these
and other risks and uncertainties.
You are cautioned not to place undue reliance on Euronav's forward-looking statements.
These forward-looking statements are and will be based upon our management's thencurrent views and assumptions regarding future events and operating performance, and
are applicable only as of the dates of such statements. Euronav does not assume any duty
to update or revise forward-looking statements, whether as a result of new information,
future events or otherwise, as of any future date.
Contact:
Brian Gallagher - Head of IR, Research and Communications & Management Board
member
Tel: +44 20 78 70 04 36
Email: [email protected]
The condensed consolidated statements(unaudited) are: to be found in attachment.