Euronav has released preliminary, unaudited financial results for the three months ended June 30. The company made a net loss of US$24.3 million, while EBITDA for the same period was US$31.5 million.
The company has agreed with Samsung Heavy Industries, South Korea, that the deliveries of its newbuild Suezmax tankers 'Maria' and 'Captain Michael C.' will each be postponed to the second half of 2011 and first half of 2012 respectively. Similarly, the delivery of a new VLCC initially intended for 2011 has been postponed to the first half of 2012.
According to Euronav, though world oil demand has increased in 2011 so far, mainly due to China's continuous growth resulting in increased oil usage, the root cause of the low rates was that the tanker market is still overtonnaged. High bunker prices have encouraged many shipowners to introduce or maintain a super slow-steaming policy reduce fuel consumption. Euronav's management remains cautious in respect of the outlook for the rest of the year.
{WISroYQ symbol='EURN.BR'}
