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Euronav reduces deficit

Belgian Euronav managed to reduce its deficit a little in 2013, compared to 2012, finishing the year with a deficit of USD 88 million. The acquisition of Maersk's VLCC's is expected to improve the prospects of 2014.

Conditions in recent years for the large crude oil tankers had an unavoidable effect on Belgian Euronav's annual report for 2013, though the market improved, bringing high rates in the final months of the year, finishing the year as "a lion," as the carrier says in the report. This is one of the reasons that Euronav managed to reduce its deficit compared to 2012, according to the company's interim report for the 4th quarter and the year as a whole.

Euronav achieved a net deficit of USD 21.9 million in the 4th quarter 2013, compared to a USD 64 million deficit in the same period 2012. The carrier's EBITDA came to 35.4 million, while the company's EBITDA for the 4th quarter 2012 came to a deficit of USD 6.5 million. For 2013 as a whole the carrier achieved a net deficit of USD 88.3 million, also an improvement over 2012's deficit of USD 118.9 million.

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