Slide 1: Investor Presentation February 2021
INVESTOR PRESENTATION FEBRUARY 2021
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events
Slide 3: Who We Are
WHO WE ARE Gauss: 3
Slide 4: Listed on Euronext and NYSE
WHO WE ARE LISTED ON EURONEXT AND NYSE 1.1m shares or $9.2m value traded per day 2.1m shares or $18.3m value traded per day 4
Slide 5: World's largest independent quoted tanker platform
WHOEURONAV WE ARE – WHO WE ARE WORLD’S LARGEST INDEPENDENT QUOTED TANKER PLATFORM 5
Slide 6: Our fleet and fleet age
WHOEURONAV WE ARE – WHO WE ARE OUR FLEET AND FLEET AGE 2021 MIX FIXED & SPOT 45 VLCC incl. 4 N/B 26 Suezmax* 11% Av Age Av Age Fixed days 6.5 Yrs 11.5 Yrs Spot days 89% 2 FSO* 2 ULCC * Includes JV and 2 TC in vessels 6
Slide 7: Financial strength & optionality: repayment schedule
FINANCIAL STRENGTH & OPTIONALITY FAVOURABLE REPAYMENT SCHEDULE 450 400 350 300 250 $ million 200 150 100 50 0 2021 2022 2023 2024 2025 Amortisations Bullets Bond repayment Source: Euronav 7
Slide 8: Financial strength provides optionality
FINANCIAL STRENGTH & OPTIONALITY FINANCIAL STRENGTH PROVIDES OPTIONALITY Sector low leverage FSO with 10 year Capacity to deploy Access to “green” Extensions to 2032 $700m+ financing secured & unlevered 2022 8 Source: Euronav
Slide 9: Tanker market structure: seasonal industry
TANKER MARKET STRUCTURE SEASONAL INDUSTRY Quarterly average VLCC rate 1990-2018 46 Thousands 44 42 40 38 36 34 32 30 Q1 Q2 Q3 Q4 Source: Euronav 9
Slide 10: Few customers, lots of suppliers
TANKER MARKET STRUCTURE FEW, CUSTOMERS, LOTS OF SUPPLIERS Traders Oil Refiners Companies Ship Broker owner Pool owner owner owner owner 10
Slide 11: Cyclical industry
TANKER MARKET STRUCTURE CYCLICAL INDUSTRY Monthly average 1 Year TCE rate 1990-2018 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 1990 2000 2010 2020 Source: Clarksons 11
Slide 12: Freight cost small as % of cargo value
TANKER MARKET STRUCTURE FREIGHT COST SMALL AS % OF CARGO VALUE 30% typical freight cost as % of cargo value 25% 20% 15% 10% 5% 0% VLCC (Crude) LR2 (Naptha) VLGC (Propane) Capesize (Iron ore) Source: Arctic 12
Slide 13: Operationally geared + contract income
FSO 5 year contract to 2022 + 10 year Extension to 2032 OPERATIONALLY GEARED + CONTRACT INCOME Commercial TC relationships Each $5,000 uplift in both VLCC and Suezmax rates improves Long term TC 7 year contract to 2024 net revenue and EBITDA by $112mm $1,232 SPOT FOCUS WORKED IN 2020* $560 300.000 $
Slide 14: FSO – 10 year extension to 2032
FSO – 10 YEAR EXTENSION TO 2032 • 10 year contract extension starting Q3 2022 • $645m additional Revenue for JV over 10 years • Debt free by Q3 2022 • 100% uptime since original contract 2010 • NO additional capex required FSO+ : More than storage…A sophisticated Oil Processing Storage Platform
Slide 15: Tanker Market Dynamics
TANKER MARKET DYNAMICS | @euronav.
Slide 16: Outlook: tanker market awaiting recovery
OUTLOOK TANKER MARKET AWAITING RECOVERY Demand for Supply Euronav Oil Ton miles Vessel Supply of Oil Balance sheet 2nd wave restrictions OPEC+ & Saudi China ton miles Fleet Age & Liquidity of $1bn lowering demand driving growing up but Orderbook to fleet + ADDITIONAL but vaccine to get supply cuts b
Slide 17: Tanker Market Dynamics: Oil Demand
TANKER MARKET DYNAMICS OIL DEMAND 17
Slide 18: Oil demand pre-COVID: GDP correlation
Oil Demand OIL DEMAND PRE-COVID RESILIENT = WORLD GDP X 0.5 BUT TRANSPORT HEAVY GDP GROWTH CORRELATION WITH OIL DEMAND Oil demand % growth Global GDP growth 6,00% 5,00% 4,00% % growth oil demand and GDP 3,00% 2,00% 1,00% 0,00% 1990 1995 2000 2005 2010 2015 2020 -1,00% -2,00% Source IEA 18
Slide 19: Crude usage is transport heavy
Oil Demand OIL DEMAND PRE-COVID RESILIENT = WORLD GDP X 0.5 BUT TRANSPORT HEAVY CRUDE USAGE IS TRANSPORT HEAVY 45 40 Oil demand m bpd by sector 2018 35 30 25 20 15 10 5 0 Road transport Aviation & Shipping Industry & Petrochemicals Buildings & Power Other sectors Source: Kepler Chevereaus, WEO 2019
Slide 20: Crude demand recovery deferred
Oil Demand CRUDE DEMAND RECOVERY DEFERRED & TONNAGE ADDED UNLESS GET RECYCLING IEA DEMAND FOREACT SEES RECOVERY DEFERRED – 2022 BEFORE HIT 2019 CONSUMPTION LEVELS 105 810 VLCC Qtr 104k 84k 88k 23k 15k Trading VLCC fleet (fleet minus storage plus new builds) 800 100 IEA global oil demand forecast m b
Slide 21: Peak oil demand uncertain
Oil Demand “PEAK OIL DEMAND” UNCERTAIN TANKER FLEET DYNAMICS HAVE VISIBILITY TO 2030 No of VLCC <17.5 years 2020 –> 703 2025 –> 639 2030 –> 372 21
Slide 22: Tanker markets & inventory draw
100.000 120.000 140.000 160.000 180.000 20.000 40.000 60.000 80.000 0 Jan-2013 Apr-2013 Jul-2013 Source: Clarksons Oct-2013 Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 Apr-2015 Jul-2015 Oct-2015 Jan-2016 CYCLES NOT MIX WELL Apr-2016 Jul-2016 Oct-2016 Jan-2017 Apr-2017 EIA global crude inventory Jul
Slide 23: Tanker Market Dynamics: Vessel Supply
TANKER MARKET DYNAMICS VESSEL SUPPLY 23
Slide 24: Vessel supply – balance improving
VESSEL SUPPLY – BALANCE IMPROVING Some technology orders of new tankers CONTRACTING NEW based on LNG dual fuel but contracting been low VESSELS VLCC OB/Fleet = 10% ORDER BOOK Suezmax OB/Fleet = 10% Below historic averages OPERATIONAL FLEET Bifurcated market with eco-vessels built from 2013 at advant
Slide 25: Contracting – recent tick up
Vessel Supply CONTRACTING – RECENT TICK UP VLCC CONTRACTING BOOSTED BY TECHNOLOGY ORDERS 80 70 60 50 40 30 20 10 0 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 VLCCs contracted over past 12 months VLCCs contracted over past 12 months Ex DF LNG Sou
Slide 26: Orderbook as % of fleets 25 year lows
Vessel Supply ORDERBOOK AS % OF FLEETS 25 YEAR LOWS 60 50 40 30 20 10 0 VLCC Orderbook % Fleet Suezmax Orderbook % Fleet VLCC average Suezmax average Source: Clarksons 26
Slide 27: Delivery schedule - VLCC
Vessel Supply DELIVERY SCHEDULE - VLCC 80 60 40 68 47 50 20 39 37 32 38 20 8 0 3 -2 -2 -4 -2 -13 -23 -26 -31 -35 -20 -40 Assume 30% of tankers >19 years recycled -60 2015 2016 2017 2018 2019 2020 2021 2022 2023 Deliveries To be Delivered Recycled Recycle forecast Source: Clarksons 27
Slide 28: Delivery schedule - Suezmax
Vessel Supply DELIVERY SCHEDULE - SUEZMAX 70 60 50 40 30 57 20 32 30 27 26 16 27 10 15 10 5 0 -1 -6 -3 -13 -16 -10 -21 -18 -22 -20 -30 2015 2016 2017 2018 2019 2020 2021 2022 2023 Deliveries To be Delivered Recycled Recycle forecast Assume 30% of tankers >19 years recycled Source: Clarksons 28
Slide 29: Vessel supply – ripe for re-sizing
Vessel Supply VESSEL SUPPLY – RIPE FOR RE-SIZING VLCC GLOBAL FLEET AGE STRUCTURE 25% VLCC fleet > 15 years Average fleet age = 10 years Orderbook 9% Back to level not seen since 2002 80 11 70 10 10 60 Average age of VLCC fleet Few >20 year old trading 9 50 & sanction effected No of VLCC 9 40 8 30 8
Slide 30: Vessel supply – Suezmax
Vessel Supply VESSEL SUPPLY – SUEZMAX SIMILAR DYNAMICS TO VLCC PROFILE 25% Suezmax fleet > 15 years Average fleet age = 10 years Orderbook 10% Back to level not seen since 2002 60 11 10,5 50 10 40 average fleet age Few >20 year old trading 9,5 No of Suezmax & sanction effected 30 9 8,5 20 8 10 7,5 0
Slide 31: Only half 20 year old plus tankers trading
ONLY HALF 20 YEAR OLD PLUS TANKERS TRADING & SANCTION LEGACY TOO EMPLOYMENT STRUCTURE OF VLCC & SUEZMAX OVER 20 YEARS OLD 10 VLCC & 12 Suezmax highly unlikely to re-enter trading fleet given sanctions history 35 30 25 12 No of vessels 20 15 14 10 19 7 3 5 9 7 6 5 1 0 1 1 Long term storage Sanctioned
Slide 32: Not all tankers are equal
Vessel Supply NOT ALL TANKERS ARE EQUAL… “Market” VLCC 15 Year Old VLCC “Eco” VLCC Fuel Fuel Freight Fuel Freight Freight TCE TCE TCE x80% Consumption 60 tonnes 70 tonnes 54 tonnes Utilisation 100 % 80 % 100 % Opex + DD $10,095 $11,740 $9,800 TCE rate $15,000 $9,600 $16,800 Costs OPEX +DD LSFO $300
Slide 33: Older tonnage under pressure
Vessel Supply OLDER TONNAGE UNDER PRESSURE PRESSURE FROM MULTIPLE SOURCES Industry Post 15 years of age Tier 1 convention customers reluctant to take older vintages Emissions – Older ships emit more CO2 increased & increasingly under scrutiny focus Ship Suppliers of ship finance Finance under pressu
Slide 34: Older tonnage - post 15 years changes
Vessel Vesse Supply Supply OLDER TONNAGE UNDER PRESSURE OLDER TONNAGE - POST 15 YEARS CHANGES 12.000 10.000 8.000 VLCC ton-miles per year 6.000 4.000 2.000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Age in years - VLCC Source: Braemar 34
Slide 35: Recycling reflects owner pressure
Vessel Supply RECYCLING REFLECTS OWNER PRESSURE STEEL PRICE AND REGULATORY PRESSURE OLDER TONNAGE COMES UNDER INCREASING PRESSURE OWNERS DILEMMA Older vessels = Increased opex from heavy consumers IMO2020 Volatile steel/scrap price Lower cash earnings for older vessels Ballast water capex $1.5m from
Slide 36: Shipowners dilemma
Vessel Supply SHIPOWNERS DILEMMA NEW TONNAGE BECOMING INCREASINGLY COMPLEX Regulation Emissions Technology Cost Demand Shape of Multiple Unlikely to be Tanker space Uncertainty future commitments category still capital over shape regulation? to reduce killer as new intensive with and duration Primac
Slide 37: Recycling
Vessel Supply RECYCLING WHEN VLCC RATES GO BELOW P&L BREAK EVEN = ON AVERAGE 5% FLEET DEPARTS 5% OF CURRENT FLEET = 41 VLCC 9% 30.000 8% 8% 8% 8% 7% 25.000 % of VLCC fleet recycled during year 7% VLCC freight rate for Year 6% 6% 20.000 5% 5% 5% 5% 5% 4% 15.000 4% 3% 3% 3% 10.000 2% 2% 5.000 1% 0% 0
Slide 38: Recycling – strong correlation with low freight rates
VLCC freight rates INVERTED 100.000 120.000 140.000 160.000 180.000 200.000 20.000 40.000 60.000 80.000 0 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 200,000 0 Q1-2011 Q2-2011 Source: Clarksons Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013 Q3-2013 Q4-2013 Q1
Slide 39: Recycling – pricing outlook
Vessel Supply RECYCLING – PRICING OUTLOOK STEEL PRICES RISING - FORECAST TO REMAIN HIGHER 5000 22 20 4500 Steel price composite index CNY/tonne 18 18 4000 VLCC scrap price $m 16 3500 14 3000 12 2500 10 2000 8 Composite Steel price index & Future price VLCC scrap price Source: Clarksons 39
Slide 40: Tanker Market Dynamics: Ton Miles
TANKER MARKET DYNAMICS TON MILES 40
Slide 41: Ton miles – what it all means
Ton Miles TON MILES – WHAT IT ALL MEANS STRUCTURAL DEMAND GROWTH FAR EAST – KEY FOR TANKERS IS WHERE OIL SUPPLY IS SOURCED FROM Atlantic Basin – Far East route Middle East - Asia Pacific route Annual 1.1 mbpd x 365 days = 402m barrels 1.1 mbpd x 365 days = 402m barrels VLCC 402m barrels / 2m capacit
Slide 42: Global refinery capacity changes
Ton Miles GLOBAL REFINERY CAPACITY CHANGES SUPPORTIVE OF TON MILE DEVELOPMENT REFINERY PLANNED DEVELOPMENTS 2020-2023 2000 1500 k bpd refinery capacity 1000 500 0 -500 -1000 North Europe China India Japan SE Asia Australasia Middle East Latin America Africa America 2020 2021 2022 2023 Source: Braema
Slide 43: Global refinery capacity changes: eastern focus
Ton Miles GLOBAL REFINERY CAPACITY CHANGES SUPPORTIVE OF TON MILE DEVELOPMENT 2020-2023 REFINERY GROWTH – EASTERN FOCUS 3.2m bpd -0.6m bpd West of Suez East of Suez Increasing crude flows from West to East 43
Slide 44: Tanker Market Dynamics: Financing of Shipping
TANKER MARKET DYNAMICS FINANCING OF SHIPPING 44
Slide 45: Under growing pressure, ESG will intensify this
Financing of UNDER GROWING PRESSURE Shipping ESG WILL INTENSIFY THIS BANK LENDING TO SHIPPING DOWN 48% CAPITAL MARKETS 2/3 BELOW AVERAGE 500 25 $bn raised in shipping IPO, follow ons & Bond issuance 450 20 $ billion bank lending to shipping 400 15 350 10 300 5 250 200 0 2010 2011 2012 2013 2014 2015
Slide 46: Current Themes
CURRENT THEMES | @EuRoONav. 46
Slide 47: US crude exports followed US production
US CRUDE EXPORTS FOLLOWED US PRODUCTION 14.000 4.500 13.000 4.000 12.000 3.500 11.000 US crude production k bpd 3.000 US crude exports k bpd 10.000 2.500 9.000 2.000 8.000 1.500 7.000 1.000 6.000 5.000 500 4.000 0 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 US crude production k b
Slide 48: Too many ships…not enough cargoes
TOO MANY SHIPS…NOT ENOUGH CARGOES Persian Gulf supply and demand index. 1 means there's an equal number of 2 million-barrel carrying supertankers relative to expected cargoes over the next 30 days. 1.1 means there is a 10 percent surplus of supertankers relative to expected cargoes over the next 30
Slide 49: Time charters
TIME CHARTERS REMAINS AN ILLIQUID MARKET DESPITE STORAGE FRENZY 25 Very few long term contracts 20 No of longer time charters agreed 15 10 5 0 6m-12m 12m-24m 24m+ 6m-12m 12m-24m 24m+ VLCC Suezmax 2019 2020 Source: Bloomberg 49
Slide 50: Asset prices showing some signs of life
DESPITE VERY TOUGH FREIGHT MARKET ASSET PRICES SHOWING SOME SIGNS OF LIFE +3% +2% +3% +4% 100 88 90 85 80 70 65 63 $m value vessels 60 56 58 50 43 44 40 30 20 10 0 Newbuild Suezmax 5 year old Suezmax 5 year old VLCC Newbuild VLCC End October 2020 End January 2021 Source: Clarksons 50
Slide 51: Asset prices matter more to tanker share prices
….AND ASSET PRICES MATTER MORE TO TANKER SHARE PRICES 175 60 165 50 155 Correlation 85% 145 $m value of new VLCC 40 Euronav share price $ 135 125 30 115 20 105 95 10 85 75 0 VLCC new building $m Euronav share price $ Source: Clarksons 51
Slide 52: …Than freight rates
VLCC long run earnings k per day 100.000 150.000 200.000 250.000 50.000 0 Source Clarksons Dec-04 May-05 Oct-05 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 VLCC long run earnings Jun-12 Nov-12 …THAN FREIGHT RATES Apr-13 Sep-13 Feb-14 Jul-1
Slide 53: Fuel spreads
FUEL SPREADS Oil price Fuel Spread for 2021 Fuel Spread for 2022 53
Slide 54: Low speeds already factored in
100.000 120.000 140.000 160.000 180.000 20.000 40.000 60.000 80.000 0 Jan-2012 Apr-2012 Source: Clarksons Jul-2012 Oct-2012 Jan-2013 Apr-2013 Jul-2013 Oct-2013 Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 Apr-2015 Jul-2015 Oct-2015 Jan-2016 Apr-2016 Jul-2016 Average VLCC Long Run Historical Earnings
Slide 55: Fragmented fleets in VLCC & Suezmax
FRAGMENTED FLEETS IN VLCC & SUEZMAX A CHALLENGE WHEN IT COMES TO FLEET RE-SIZING QUARTER OF FLEETS 15 YEARS OR OLDER CURRENT USAGE – 42% / 24% OUT OF SERVICE Built 2005 or earlier 90% 250 80% 25.5% of fleet 70% 200 211 60% % of fleet 50% # of VLCC & Suezmax 26.3% of fleet 40% 150 30% 142 20% 10% 100
Slide 56: Recycling: Aframax sector early signal
RECYCLING AFRAMAX SECTOR GIVING ANOTHER EARLY SIGNAL? AFRAMAX RECYCLING STARTED BEFORE VLCC & SUEZMAX IN LAST CYCLE – HISTORY REPEATING? 18 16 14 12 # of units scrapped 10 8 6 4 2 0 VLCC Aframax Suezmax Source: Clarksons 56
Slide 57: Iranian return - a negative/neutral
IRANIAN RETURN - A NEGATIVE/NEUTRAL WILL LIKELY TAKE TIME & FLEET AGED IRANIAN CRUDE EXPORTS IRANIAN FLEET - AGED 3000 14 12 So could need 60 VLCC 12 30 VLCC for 1m bpd 2500 10 10 10 Iran crude exports k bpd 2000 # of vessels 8 1500 6 6 5 1000 4 3 500 2 0 0 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Jul-15
Slide 58: Euronav Q4 Earnings Call
EURONAV Q4 EARNINGS CALL| Geuncnav 58
Slide 59: Highlights Q4 2020
HIGHLIGHTS Q4 2020 70000 VLCC 60000 • Sustained pressure freight rates during quarter Q4 50000 19 • Mix of reduced demand, OPEC cuts & too many vessels • FSO extension to current contracts for further 10 years to 2032 40000 USD/day • Fixed cash dividend of USD 3 cents p/share in line with distributi
Slide 60: Financial highlights – income
FINANCIAL HIGHLIGHTS – INCOME KEY KPI’S Q4 • Revenues : 138 M$ • EBITDA : 36 M$ • Net income : -58,7 M$ CASH BREAKEVEN • VLCC : 18 k $/day • Suezmax : 16 k $/day DRY DOCKING FOCUS 27 dry dockings scheduled in during this winter season 60
Slide 61: Financial highlights: cashflow & balance sheet
FINANCIAL HIGHLIGHTS CASHFLOW & BALANCE SHEET HIGHLIGHTS 1. Cashflow robust Tough freight market but positive quarterly cash flow 2. Leverage 37.3% leverage to book value 6
Slide 62: Share buy back for longer term value creation
$m value of newbuild VLCC 65 70 75 80 85 90 95 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Source: Clarksons, Euronav Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Buy backs Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 VALUE CREATION Jun-18 Jul-18 New build VLCC $m Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 M
Slide 63: Conducive conditions for recycling
CONDUCIVE CONDITIONS FOR RECYCLING WHICH ARE ALSO INTENSIFYING OLDER TONNAGE VALUES & FREIGHT RATE OUTLOOK SUPPORTIVE OF RECYCLING… Recycle value VLCC >$18m 1 year TC rate < $25,000 VLCC 1 year VLCC* recycled Recycle $m TC rate over next12 months 2010 18.6 19,800 20 2017 15.8 27,100 20 2018 18.2 22,
Slide 64: Conducive conditions for recycling: special surveys
CONDUCIVE CONDITIONS FOR RECYCLING WHICH ARE ALSO INTENSIFYING …WITH CATALYST OF 62 VLCCS REQUIRING SPECIAL SURVEYS DURING 2021 20 18 16 6 14 6 12 8 10 4 8 8 8 6 5 5 4 2 4 3 3 2 0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 22.5 year survey 20 year survey 17.5 year survey Source: Clarksons * VLCC equivalents in
Slide 65: Crude demand recovery trajectory deferred to 2022
CRUDE DEMAND RECOVERY TRAJECTORY INCREASING DEFERRED – NOW 2022 IEA GLOBAL OIL DEMAND FORECAST – RECOVERY DEFERRED AND CURRENT TRAJECTORY FOR Q3 2022 BEFORE RECOVER TO 2019 PEAK LEVELS OF CONSUMPTION 105 101,5 100,9 IEA global oil demand forecast m bpd 100 95 90 85 80 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q
Slide 66: Outlook: tanker market awaiting recovery
OUTLOOK TANKER MARKET AWAITING RECOVERY Demand for Supply Euronav Oil Ton miles Vessel Supply of Oil Balance sheet 2nd wave restrictions OPEC+ & Saudi China ton miles Fleet Age & Leverage 37% lowering demand driving growing up but Orderbook to fleet + ADDITIONAL but vaccine to get supply cuts but oi
Slide 67: Sustainability at Euronav
SUSTAINABILITY AT EURONAV 67
Slide 68: Shipping already has track record
SHIPPING ALREADY HAS TRACK RECORD ON SPILLS, MARINE LIFE AND EMISSIONS Dramatic improvement in Single hull to double hull Ballast water IMO 2020 – 85% cut to oil pollution spills transition treatment systems SO2 emissions 30 No of spills >700t 25 28% 20 VLCC global fleet dwt 60% 15 10 72% 5 Mandator
Slide 69: Shipping's positioning on emissions
SHIPPING’S POSITIONING ON EMISSIONS IN STRONG RELATIVE POSITION SHIPPING – LOW RELATIVE EMISSIONS Air 425 Road 80 2.7% of global CO2 emissions Rail 35 Shipping 5 0 100 200 300 400 500 gCO2/ton-km(1,2,3) Source: IMO GHG study 2009. Notes: 1) Energy-efficient transport is much dependent on the load fa
Slide 70: Crude's role in the energy transition
CRUDE & ITS SAFE TRANSPORTATION WILL HAVE A CENTRAL ROLE TO THE ENERGY TRANSITION CRUDE REMAINS CORE PART OF ENERGY MIX IEA FORECAST CRUDE EXPANSION TO 2040 120 4,3% Million bpd consumption estimate by IEA 6,4% 100 13 5,0% 12 9 33,1% 80 13 23 60 18 16 12 27,0% 40 20 41 45 24,2% 0 2017 2040 Road Tran
Slide 71: Sustainability – it's in our DNA
SUSTAINABILITY – IT’S IN OUR DNA SUPERVISORY BOARD 6 members : 3 Male + 3 Female Oversee all strategic actions 5 independents - No executive on Sup Board MANAGEMENT BOARD SUSTAINABILITY COMMITTEE 7 members 6 members 5 Male - 2 Female 4 Male - 2 Female Take the day to day Only shipping or tanker resp
Slide 72: Carbon Disclosure Project
CARBON DISCLOSURE PROJECT MAIDEN SCORE OF “B” RATING
Slide 73: Sustainable financing in action
SUSTAINABLE FINANCING IN ACTION Ship Financing – the past Ship Financing – the future Emission targets > IMO All banks to agree $469m revolver Euronav and its bank $713m partners finalized the first sustainable linked loan on sustainable September 10th, 2020 linked loan $244m term loan Independent m
Slide 74: Case studies: better than Poseidon Principles
CASE STUDIES EURONAV TARGETING BETTER THAN POSEIDON PRINCIPLES VLCC Trajectory Values 2,50 2,40 2,37 2,33 2,31 2,30 2,27 2,25 2,21 2,19 2,20 2,15 2,13 2,10 2,08 2,07 2,02 2,00 1,90 1,80 2020 2021 2022 2023 2024 2025 POSPRI EURONAV 74
Slide 75: Shipping can make its emission goals
SHIPPING CAN MAKE ITS EMISSION GOALS NEW FUELS IMPORTANT AS IS SHIPOWNER INFRASTRUCTURE ROAD MAP FOR ZERO CARBON EMISSIONS IN SHIPPING LOWER TON-MILE GROWTH REDUCE SPEED & OTHER EFFICIENCY METHODS eg Paints, Technology GLOBAL FLEET MIX FUEL CHANGE TOWARD LOWER EMISSION FUELS SUCH AS LNG, AMMONIA & P
Slide 76: Fuel of the future
FUEL OF THE FUTURE LOTS TO CHOOSE FROM AT THIS STAGE – UNLIKELY WILL BE ONE CATEGORY KILLER HOWEVER LNG Ammonia Methanol Hydrogen Biofuels Currently available Partially 2030? Available viable 2025 available earliest today Exact CO2e LT better Scaleable? Highest Scale? cut? solution but potential but
Slide 77: Accomplishments
ACCOMPLISHMENTS STRONG CORPORATE LEVEL BELIEF THAT YOU NEED TO FOCUS ON E, S AND G ONE CANNOT DO WITHOUT THE OTHER Environmental Social Governance Tangible 2020-25 emission targets set Consistent survey top 10 Bloomberg Index is company wide audit Independent board & highest standards on social issu
Slide 78: Case studies: premium antifouling paints
CASE STUDIES PREMIUM ANTIFOULING PAINTS Potential relative emission savings in CO2 tons for a five year period 14000 12000 10000 8000 $400k investment $300k investment 6000 4000 2000 0 VLCC Suezmax 78
Slide 79: Thank you
THANK YOU EURONAV.
Slide 80: Brian Gallagher, Head of Investor Relations
Brian GALLAGHER ir@euronav.com Head of Investor Relations www.euronav.com Member of Executive Committee Please consider the environment Phone +44 20 7870 0436 before printing Mobile +44 77 0368 4996 80