The international oil shipping services provider posted net profits of $350.1 million on revenues of $846.5 million for 2015.
Euronav, an international oil shipping services provider based out of Antwerp, Belgium, saw full year net profits for 2015 skyrocket to $350.1 million, compared to a $45.8 million loss in 2014, according to the company’s most recent unaudited financial statements.
Revenues for the full year totaled $846.5 million, a sharp increase from $474 million in 2014.
In the fourth quarter of 2015 alone, Euronav posted net profits of $104.7 million, compared to a net loss of $3.9 million in the same 2014 period.
Revenues for the fourth quarter also surged, totaling $225.6 million, compared to the prior year’s revenues of $144.9 million.
The fourth quarter saw the return of high volatility of freight rates due to the balance between supply and demand being very tight, which is a positive structure for tanker owners, Euronav said.
Demand for crude oil continues to remain firm, it added. Since the OPEC meeting in early December, the oil price has declined by more than one-third, which could potentially result in increased demand.
“With a constructive structure of crude oil demand, supported by oil prices at twelve year lows and a manageable vessel supply pipeline, Euronav believes that the outlook remains positive for the tanker sector,” the company said.
Overall, Euronav’s owned and operated fleet consists of 56 double hulled vessels. These vessels include 29 very large crude carriers (VLCCs), one of which is owned in a 50/50 joint venture; two VLCCs that are currently under construction; 22 Suezmaxes, four of which are owned in 50/50 joint ventures; two FSO vessels, both of which are owned in a 50/50 joint venture; and one V-Plus vessel.
On Nov. 11, Euronav sold the Suezmax Cap Laurent for $22.25 million and the capital gain on that sale of $11.1 million was recorded in the fourth quarter of 2015.
In addition, on Jan. 15, the company sold the VLCC Famenne for $38.4 million. The capital gain of around $13.8 million for that sale will be recorded at delivery, which is expected to take place this quarter.
Just this week, Euronav took delivery of the VLCC Alice, the second of the four VLCCs that were acquired as resales of existing newbuilding contracts.
Euronav reports strong growth in 2015
