ShippingWatch

Euronav doubles deficit in first six months

In the first half of 2013, shipping company Euronav saw its deficit double compared to the same period 2012. The reason is the crowded market for tank shipping, writes the company in a financial update.

It's hard times for the tanker market, something made even more clear by shipping company Euronav, which published a financial update for the first half of the year on Wednesday, showing a doubling of the company's deficit compared to the first half of 2012.

Euronav achieved a deficit after taxes of USD 41.4 million in the first half of 2013, compared to a deficit of USD 19.9 million after taxes in the first half of 2012. The company's finances are weighed down by its tank division, as the company's FSO (Floating Storage and Offloading Unit) division performed well in the first half of 2013, with USD 15 million in profits. However, that result is counteracted by a USD 56.5 million deficit in the company's tank division.

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