The tank shipping market is struggling with massive overcapacity, and Belgian Euronav has not had an easy year so far. Slightly better than expected, according to the company's 3rd quarter interim report, where Euronav increased its revenue a little compared to the same quarter 2012. According to Fearnley, this development was caused by the company's recent success with the spot rates on Suezmax vessels. EBITDA grew to USD 31.2 million compared to USD 24.2 million in the 3rd quarter 2012.
However, the analyst's prospects fore the rest of Euronav's year remain somewhat bleak, and the company will resort to further liquidity to keep the business going, predicts Fearnley.
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