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Euronav begins 2015 with significant growth

Euronav, aided by factors including the 15 VLCC supertankers the company acquired from Maersk, delivered its best operating profit in seven years, with an 182 percent improvement, and a USD 80.8 million net profit in the booming crude oil market.

Stock-listed Belgian supertanker carrier Euronav, which controls one of the biggest VLCC fleets in the world, delivered an improved operating profit, EBITDA, of 182 percent, to USD 131.3 million in the first three months of 2015. That represents the best result for the stock-listed tanker carrier since the third quarter 2008. With a net profit of around USD 80.8 million - roughly 80 times larger than the result in the same period 2014 - shareholders likely got more than they have in a long time following the massive boom in the global tanker market.

"With the oil price down and demand up, tankers are benefiting. Ships on the water NOW can pay dividends NOW to reward shareholders for the support and confidence," says Paddy Rogers, CEO of Euronav, which is listed on exchanges in Brussels and New York, in the interim report, published Thursday.

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