Cmb.tech Nv · EURONEXT:CMBT
Cmb.tech Nv — Euronav — Q4 2019 Earnings Presentation
13 slides from Cmb.tech Nv's earnings presentation, March 2020
Slide 1: Earnings Call Q4 2019
© EeuRO EARNINGS CALL Q4 2019
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. Q4 2019 HIGHLIGHTS 2. FINANCIAL REVIEW 3. CURRENT THEMES 4. OUTLOOK 5. Q&A 3
Slide 4: Highlights Q4 2019
HIGHLIGHTS Q4 2019 70000 VLCC 60000 • Strong tanker dynamics - highest quarterly rate performance in five years Q4 • Crude tanker market fundamentals constructive for 2020 50000 19 • Adoption of quarterly dividends under new Belgian company code to start 40000 Q1 2020 USD/day • Returns to shareholde
Slide 5: Financial Highlights – Income
FINANCIAL HIGHLIGHTS – INCOME Fourth Quarter Fourth Quarter (in thousands of USD) 2019 2018 Full Year 2019 Full Year 2018 Revenue 355,154 236,107 932,377 600,024 Other operating income 5,515 1,237 10,094 4,775 Voyage expenses and commissions (34,881) (44,492) (144,682) (141,416) Vessel operating exp
Slide 6: Financial Highlights – Balance Sheet
FINANCIAL HIGHLIGHTS – BALANCE SHEET 2019 2018 HIGHLIGHTS (in $ million) dec/19 dec/18 Cash Restricted cash 297.0 0.0 173.0 0.1 1 Leverage Other current assets 503.4 348.0 44% book value Long term assets: Newbuildings 0.0 0.0 Vessels 3,077.0 3,520.1 Other long term assets 262.8 86.2 2 Fleet Developm
Slide 7: Fuel Spreads
FUEL SPREADS REDUCING MATERIALLY & EURONAV WITH BUILT IN PROTECTION HSFO Singapore retail LSFO Singapore retail 800 650 LSFO per tonne Singapore 750 HSFO per tonne Singagore 600 550 700 500 650 retail $ retail $ 450 600 400 550 350 500 300 450 250 200 400 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Ja
Slide 8: Chinese Policy Move
CHINESE POLICY MOVE COULD CHANGE FUEL OIL DYNAMIC What was the position China had a levy of $175 p/tonne consumption tax of China on LSFO AND 13% VAT on fuel oil production production? China lifted these restrictions early in January What has changed? However, fuel oil only for use by Chinese shippi
Slide 9: VLCC Supply in 2020
VLCC SUPPLY IN 2020 TO REMAIN CONSTRAINED COSCO ships -26 LT storage -20 IMO storage -20 VLCC retrofits -16 Iranian VLCC -38 9
Slide 10: Share Liquidity Rising
SHARE LIQUIDITY RISING EURONAV CLEAR LEADER IN CRUDE TANKER SECTOR 60 $m value traded per day in stock across all exchanges 50 40 30 20 10 0 12 months $ value traded per day 3 months $ value traded per day 1 month $ value traded per day 10
Slide 11: Outlook
OUTLOOK STRONG START TO Q1 - CYCLE THESIS INTACT Demand for Supply Ton miles & Vessel Euronav Oil IMO 2020 Supply Balance of Oil sheet Robust US v Saudi Positive IMO to help Flexibility from Q3 Change No change No change No change No Change No Change 11
Slide 12: LSFO Availability – Improving
APPENDIX – FROM SEPTEMBER 5 2020 EURONAV IMO WEBINAR IN IMO 2020 LSFO AVAILABILITY – IMPROVING Oil Majors LSFO (0.5% S) Bunker Ports • All majors announced plans for availability across world • For example Exxon patented their compliant fuel Refiners • Most major refiners producing 0.5% fuel already
Slide 13: Q&A
Q&A 13