VLCC purchase pulls down Euronav

Belgian Euronav finished the 3rd quarter with a USD 20.6 million deficit. More than half of this loss is attributed to the purchase of Maersk's VLCC fleet, but the carrier expects a strong finish to the year.

Belgian tanker carrier Euronav, which on Wednesday postponed a planned IPO on the New York Stock Exchange due to the unfavorable share climate, suffered a USD 20.6 million net deficit in the 3rd quarter. More than half of this figure, USD 12.4 million, represent financial costs related to the acquisition of Maersk Tankers' fleet of supertankers, a total of 15 VLCCs, according to Euronav's interim report.

Compared to the 3rd quarter 2013, VLCC earnings are up 80 percent and the prospects of a seasonally strong 4th quarter are the best in four years, says Euronav, which is listed on the Brussels Stock Exchange.

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