Slide 1: Earnings Call Q2 2018
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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: Content
CONTENT 1. Q2 2018 HIGHLIGHTS 2. FINANCIAL REVIEW 3. CURRENT THEMES 4. OUTLOOK 5. Q&A 3
Slide 4: Highlights Q2 2018
HIGHLIGHTS Q2 2018 30000 VLCC 25000 Q2 P&L 17 B/E • GENER8 MARITIME MERGER COMPLETED IN JUNE 20000 • RECYCLING IN LARGE TANKER MARKET ON GOING USD/day 15000 Q2 18 • EARLY EVIDENCE OF HEADWINDS BECOMING TAILWINDS 10000 • OUTLOOK – Q3 SO FAR VLCC 60% FIXED AT AROUND $17,000 PER DAY 5000 Q3 SO FAR SUEZ
Slide 5: Financial Highlights – Income
FINANCIAL HIGHLIGHTS – INCOME T he mo st impo rtant key figures are: HIGHLIGHTS F irst F irst (in thousands of USD) F irst quarter Seco nd semester semester 2018 quarter 2018 2018 2017 Revenue Other operating income 98,136 - 1,178 104,612 36,280 955 202,748 36,280 2,133 290,591 - 2,775 1 Limited Gen
Slide 6: Financial Highlights – Balance Sheet
FINANCIAL HIGHLIGHTS – BALANCE SHEET (in $ million) 2018 Jun-18 2017 Dec-17 HIGHLIGHTS Cash 109.6 143.5 1 Leverage Restricted cash 96.7 0.1 Other current assets 242.1 137.0 Long term assets: Newbuildings Vessels 39.2 3,605.6 63.7 2,271.5 48% marked to market Other long term assets 94.8 195.2 Total a
Slide 7: Combined Business Euronav & Gener8
COMBINED BUSINESS EURONAV & GENER8 MAJOR POWERHOUSE IN LARGE CRUDE TANKERS SEGMENT 20 Euronav VLCC Suezmax Combined 15 VLCC Suezmax Total Fleet DWT 21 28 10 27 Gener8 5 43 VLCC Suezmax 0 6 15 + 2 FSO, 2 ULCC & 2 LR2s 18.9 million DWT in total in pro-forma combined business* * For total pro-forma bus
Slide 8: Headwinds to Tailwinds - Russia & Saudi Barrels Already Returning
HEADWINDS TO TAILWINDS - RUSSIA & SAUDI BARRELS – ALREADY RETURNING 22.5 22.0 Saudi & Russia oil production m bpd 21.5 21.0 20.5 20.0 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 8
Slide 9: Headwinds to Tailwinds - Iranian VLCCs Used for Storage to Leave Global Fleet
HEADWINDS TO TAILWINDS - IRANIAN VLCCS USED FOR STORAGE TO LEAVE GLOBAL FLEET 25 Number of Iranian VLCCs used for floating storage 20 15 10 5 0 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 9
Slide 10: Headwinds to Tailwinds - Recycling Has Accelerated and Pipeline Full
HEADWINDS TO TAILWINDS - RECYCLING HAS ACCELERATED AND PIPELINE FULL Recycling has accelerated during 2018… …with a pipeline of VLCC facing survey VLCC Demolition Suezmax Tanker Demolition 14 80 74 70 No of VLCC facing survey before end of 2020 12 60 No of vessels recycled each month 10 50 47 40 8 4
Slide 11: Vessel Supply – Balance Improving
VESSEL SUPPLY – BALANCE IMPROVING Number of VLCCS CONTRACTED so far in 2018 for delivery 2020/1 32 2020 pro forma ORDER BOOK TOTAL DUE for DELIVERY 2018 48 new orders OPERATIONAL FLEET – moved from 2018 storage to general fleet so far 10 impact 14 -18 RECYCLED so far -33 in 2018 1.4m bpd DEMAND shou
Slide 12: Outlook
OUTLOOK Demand for Ton Miles Vessel Supply Financing Supply of Oil Oil US EXPORTS S/TERM BARRIER TO OPEC CUTS HEADWINDS ENTRY EXPORTS GROW ROBUST EXTENDED L/TERM MANAGEABLE CHANGE TO No change No change REDUCE RED? No Change GREEN ? 12
Slide 13: Q&A
Q&A 13