Crude oil tanker firm Euronav on Thursday (6 August) published its unaudited financial results for Q2 and 1H 2020 which ended 30 June which reported a profit of USD 259.6 million in Q2, up from USD 225.6 million in Q1.
“Tanker markets continued to deliver strong earnings throughout Q2 and into the early part of the third quarter,” said Hugo De Stoop, CEO of Euronav.
“Floating storage requirements dissipated sooner than expected, pivoting the tanker market to a transition phase ahead of our prior forecast.
“With our sector low leverage, supported by over USD 1 billion liquidity Euronav is very well positioned to navigate challenges and seize opportunities as the market transitions to a lower crude supply and demand dynamic.”
During 2019, Euronav said it purchased 420,000 metric tonnes of compliant fuel and stored it on its vessel, the Oceania (2003 – 441,561 dwt) ahead of the new IMO 2020 fuel regulation.
In view of the significant drop in oil and fuel oil price owing to COVID-19, the Company has actively managed its fuel position by procuring its fuel requirement from both the open market and its stored compliant fuel.
In Q1 2020, the company had to write down the value of the 0.5% sulphur fuel it had in storage “significantly below the acquisition cost” after the oil market collapsed.
The quantity onboard the Oceania on 30 June was approximately 275,000 metric tonnes of compliant fuel and the marked-to-market value was USD -32 million, a much improved position from the last quarter.
The Company concluded that no write down is required at this time but will continue to assess its position each quarter in full compliance with the accounting policy.
Photo credit: Euronav
Published: 7 August, 2020
Patrizia Cosulich becomes first bunker tanker in Singapore to undertake its Mass Flow Meter extension test using the Master Mass Flow Meter, learns bunkering publication Manifold Times.
Bunker claims totalling SGD 628,000 for 88 deliveries of marine gas oil between the period of 7 February 2020 until 15 April 2020, according to documents obtained by Manifold Times.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
INTERTANKO, BIMCO, SSA, IBIA Asia share what the technology brings to the waterfront, while operator Metcore International and manufacturer Endress+Hauser explain its benefits to the bunkering industry.