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Euronav books loss in Q1 – predicts strengthened rates

Tanker carrier Euronav reduced its deficit in the first quarter. The company, which is proposed to merge with Frontline, is seeing a strengthening in freight rates.

Photo: PR / Euronav
BY

Euronav sets out with a deficit for the first months of the year in a period which for the Belgian tanker company’s part will probably be remembered first and foremost for a proposed merger with rivaling Frontline.

The carrier books a net Q1 deficit of USD 43.4m. Despite these red figures, business has improved since the corresponding period of last year, when Euronav lost an entire USD 71m on its bottom line, according to its unaudited financial figures presented Thursday morning CET.

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