Slide 1: Earnings Call Q4 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. Q4 2018 HIGHLIGHTS 2. FINANCIAL REVIEW 3. CURRENT THEMES 4. OUTLOOK 5. Q&A 3
Slide 4: Highlights Q4 2018
HIGHLIGHTS Q4 2018 40000 VLCC 35000 Q4 30000 18 • Return of strong freight rate market during quarter – highest in two years 25000 P&L • Strong start of the year 2019 B/E Q4 17 USD/day 20000 • Negative fleet growth for VLCC sector for calendar 2018 • Further fleet rejuvenation with sale of Suezmax F
Slide 5: Financial Highlights – Income
FINANCIAL HIGHLIGHTS – INCOME The most important key figures (unaudited) are: Fourth Quarter Fourth Quarter (in thousands of USD) Full Year 2018 Full Year 2017 2018 2017 • Number of Revenue Other operating income 236,107 1,237 117,978 1,020 600,024 4,775 513,368 4,902 exceptional one Voyage expenses
Slide 6: Financial Highlights – Balance Sheet
FINANCIAL HIGHLIGHTS – BALANCE SHEET 2018 2017 (in $ million) Dec-18 Dec-17 HIGHLIGHTS Cash 173.0 143.5 Restricted cash 0.1 0.1 Other current assets 351.9 137.0 Long term assets: Newbuildings 0.0 63.7 1 Leverage Vessels 3,520.1 2,271.5 48.6% marked to market Other long term assets 82.1 195.2 Total a
Slide 7: Recycling – VLCC Fleet More Mature
RECYCLING – VLCC FLEET MORE MATURE av age demolition average average age vlcc fleet 26 9.50 24 9.00 Average age recycling at 20.6 years of age Average Age of VLCC in global fleet 22 Average age of VLCC recycled 8.50 20 18 8.00 16 7.50 14 12 7.00 2011 2012 2013 2014 2015 2016 2017 2018 Source: Clarks
Slide 8: Asset Prices - Showing the Way?
ASSET PRICES - SHOWING THE WAY? Euronav NAV $ per share Euronav share price $ New build VLCC $m 16 100 15 95 14 VLCC new build price $m 13 Euronav share price $ 90 12 11 85 10 9 80 8 7 75 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Source: Fearnleys, Clarksons 8
Slide 9: Challenge - Tanker Market Can Absorb Vessel Supply + OPEC Cuts
CHALLENGE - TANKER MARKET CAN ABSORB VESSEL SUPPLY + OPEC CUTS …Potentially yes given Iran, US export growth and impact IMO 140 120 22 20 No of VLCC equivalent for 2019 100 37 80 20 79 14 60 43 99 40 20 0 VLCC equivalent to be Demand from 1.4m Iranian VLCC taken out US exports additional IMO 2020 Re
Slide 10: Open Loop Scrubbers – Changing Landscape
OPEN LOOP SCRUBBERS – CHANGING LANDSCAPE Ports where open loop scrubbers are banned @ 24.1.19 Source : http://www.gard.no/web/updates/content/26939066/beware-of-local-restrictions-before-discharging-washwater- from-exhaust-gas-scrubbing 10
Slide 11: Outlook for 2019
OUTLOOK FOR 2019 CHALLENGES BUT ALSO OPPORTUNITIES Demand Supply IMO Vessel Euronav for Oil of Oil 2020 Supply Balance sheet Robust US v Saudi Positive Challenging Flexibility from Q3 Change No change No change No change No change No Change 11
Slide 12: Q&A
Q&A 12