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Tanker boom pushes Euronav’s earnings up

A recovery of the tanker market led to the best three-month period since 2008 for Belgian tanker company Euronav. The company has decided not to exercise an option for four new VLCCs.

Photo: Richard Drew, AP

The Belgian tanker carrier Euronav landed operating profit (EBITDA) of USD 127.9 million and net profit of USD 72.2 million in the third quarter of 2015, the company, which pulled off a Wall Street IPO earlier in the year, says in a press release.

“The positive thesis for the tanker sector started in early 2014 continues to evolve as expected. The four key drivers of our business: robust demand for crude oil, moderate vessel supply, high supply of oil and continued ton-mile expansion – all delivered further gains in what is usually a seasonally weak quarter,” says Paddy Rodgers, CEO of Euronav.

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