Core Viewpoint - CMB.TECH NV has successfully sold multiple vessels, resulting in a total capital gain of 46.52 million USD, with significant contributions from specific vessel sales [1][2]. Vessel Sales Summary - The Suezmax Cap Lara (2007, 158,826 dwt) was sold, generating a capital gain of 18.77 million USD, with delivery scheduled for Q1 2025 [2]. - The VLCC Alsace (2012, 299,999 DWT) has been delivered to its new owner, resulting in a capital gain of approximately 27.5 million USD, to be booked in Q1 2025 [2]. - The Windcat 6, after 18 years of service, was sold for a capital gain of 0.25 million USD, with delivery at the end of January 2025 [3]. Company Overview - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers, dry bulk vessels, and offshore wind vessels, and also provides hydrogen and ammonia fuel [3]. - The company is headquartered in Antwerp, Belgium, and has a global presence with offices in Europe, Asia, the United States, and Africa [4]. - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [4].

Group 1: Diebold Nixdorf - Diebold Nixdorf (DBD) is considered undervalued despite a recent share price increase of over 73% leading to December 12, 2024, following a brief dip due to worse-than-expected earnings results [3][4] - The company is expected to achieve the high end of its adjusted EBITDA guidance range by year-end, indicating confidence in operational performance [4] - Diebold has shown nearly two years of consecutive quarters of gross margin expansion and has a P/S ratio of 0.5, marking it as a strong value candidate with a potential upside of 30.5% [5] Group 2: CMB.TECH (formerly Euronav) - CMB.TECH is trading at a 52-week low as of December 12, 2024, primarily due to a significant price increase in mid-2022 followed by a decline [6] - The company reported over $98 million in profit in the latest quarter and has a backlog exceeding $2 billion due to a new time charter contract [6] - CMB is diversifying its fleet and making efforts to decarbonize operations, which may attract investor interest despite potential challenges in the shipping industry heading into 2025 [7][8] Group 3: StealthGas - StealthGas Inc. serves liquefied natural gas producers and has a market cap of $190 million as of December 13, 2024, with a P/S ratio of 1.2 and a low debt-to-equity ratio of 0.13 [9] - The company reported nearly $56 million in net income for the first three quarters of 2024, a record and a 29% increase year-over-year, with revenues up nearly 17% [10] - StealthGas is actively paying down debt, having made approximately $107 million in repayments in the first three quarters of 2024, while maintaining a significant cash balance [11] - Despite a nearly 18% decline in shares for the year leading to December 13, 2024, this is attributed more to broader industry challenges rather than company-specific issues [12]

Financial Data and Key Metrics Changes - The company reported a net profit of $98.1 million for Q3 2024, with an adjusted profit of approximately $37 million after capital gains [3][5] - Year-to-date profit reached $777.7 million, with trailing 12-month net income close to $1.2 billion [4][5] - EBITDA for the quarter was $116 million, and liquidity at the end of Q3 stood at $326 million [3][4] - The contract backlog remained stable at $2.06 billion, with outstanding CapEx at $2.5 billion [4][10] Business Line Data and Key Metrics Changes - The tanker division achieved a weighted average earnings of $40,000, with a breakeven of approximately $25,900 [8][20] - The dry bulk division reported rates around $31,000, with a breakeven of $22,000, indicating a positive outlook [27][28] - The chemical tanker market showed healthy operations with spot market rates above $25,000 [39] - The container market is facing caution due to a significant increase in fleet size, with expectations of downward pressure on rates [36][37] Market Data and Key Metrics Changes - Bearish signals from China include a population decline and reduced oil consumption due to the rise of LNG trucks and electric vehicles [13] - In the Middle East, geopolitical risks are impacting oil markets, with a notable increase in the gray fleet's share of oil exports to China [14][15] - Positive signals in iron ore and steel markets are anticipated, with expectations of policy support from China [15][16] - The tanker market is seeing a manageable order book, with VLCCs and Suezmaxes showing positive demand signals [19][20] Company Strategy and Development Direction - The company aims to maintain a diversified fleet and invest in future-proof newbuildings, focusing on decarbonization options [48] - The strategy includes increasing the contract backlog and engaging in long-term contracts, despite recent delays in project confirmations [53] - The company is cautious about the container market due to the anticipated increase in fleet size and potential downward pressure on rates [36][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, while remaining cautious about the container sector [45] - The company is closely monitoring geopolitical risks and their potential impact on oil demand and supply dynamics [17][24] - Management highlighted the importance of customer willingness to engage in dual fuel options as a key driver for business growth [59] Other Important Information - The company has undergone a name change from Euronav to CMB.TECH, with a new ticker symbol [6] - A mandatory tender offer is currently running, set to close on November 21 [47] - The company is committed to maintaining its listings on Euronext and NYSE [47] Q&A Session Summary Question: About the contract backlog and its flat evolution - Management confirmed that the flat backlog is due to delays in project confirmations and a relatively quiet market, but they remain confident in increasing the backlog soon [53] Question: On India's crude oil demand and the gray fleet - It is difficult to quantify the portion of oil demand in India fulfilled by the gray fleet, but it is clear that both India and China are significant users of such vessels [54] Question: Comments on the MEPC meeting and US elections impact - The MEPC meeting was viewed positively, with expectations for a carbon levy agreement in April next year, though the impact of US elections on decarbonization strategies remains uncertain [56][58] Question: On CII compliance and its effects - The global fleet's compliance is worsening, which could positively impact supply if ships need to take corrective measures [61][64] Question: On debt and floating interest rates - The majority of the company's interest-bearing debt is floating, and they aim to match hedging with long-term contracts [71] Question: On the CSOV market and breakeven levels - The breakeven for CSOVs is around $32,000 to $33,000, with current rates still above that level [81] Question: On fleet composition by 2027 - The ideal fleet composition by 2027 will focus on profitability and modern vessels, with an emphasis on dual fuel capability [82][83] Question: On CapEx commitments and secured financing - Current CapEx stands at $2.5 billion, with approximately $950 million of ships not yet secured in financing [94][95]

Decarbonise Today Navigate Tomorrow Earnings release Q3 2024 November 7th 2024 – Alexander Saverys & Ludovic Saverys 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 and financial performance and may include statements concerning plans, objectives, goals, stra ...

Oil Trading and Market Impact - The company reported a significant impact on oil trading due to the EU ban on Russian crude imports, which began in December 2022, resulting in a loss of approximately 1.8 million barrels per day in the European export market[508]. - The company anticipates that the re-routing of Russian crude oil will lead to increased demand growth, particularly benefiting oil exports to India and China[508]. - The company noted that nearly 10% of global seaborne crude oil transited the Bab-el-Mandeb strait last year, with 52% being Russian crude, and disruptions in this area could lead to increased freight rates due to longer shipping routes[513]. - The company is closely monitoring the impacts of the EU embargo on Russian oil and the development of a "dark fleet" to cover Russian business, which may affect overall fleet supply and trading patterns[509]. Financial Performance - Total shipping revenues increased by 69%, or $664.9 million, to $1,630.9 million for the year ended December 31, 2023, compared to $966.0 million for 2022[607]. - Voyage charter and pool revenues rose by 46%, or $336.9 million, to $1,074.2 million for the year ended December 31, 2023, driven by improved freight rates[608]. - Time charter revenues increased by 37%, or $43.5 million, to $160.9 million for the year ended December 31, 2023, due to a higher number of vessels in long-term charters[609]. - Net gain on sale of assets increased by 289%, or $276.6 million, to $372.4 million for the year ended December 31, 2023, compared to a net gain of $95.8 million for 2022[612]. Vessel Operations and Fleet Management - The company sold 24 VLCC tankers for a total of $2.35 billion, with 11 delivered before December 31, 2023, and 13 booked as held for sale with a total carrying value of $862.6 million[553]. - The fleet development shows a decrease in VLCCs from 40 at the start of 2023 to 34 at the end, with 6 acquisitions and 12 disposals during the year[557]. - The company has 5 newbuildings on order as of December 31, 2023, down from 8 in 2022[557]. - The carrying value of VLCCs decreased from $2,229,373,000 in 2022 to $712,107,000 in 2023, reflecting significant market volatility[548]. Expenses and Financial Liabilities - Total vessel operating expenses rose by 7%, or $14.9 million, to $231.0 million during the year ended December 31, 2023, primarily due to the acquisition of FSO Asia and FSO Africa[614]. - General and administrative expenses increased by 21%, or $10.8 million, to $62.5 million for the year ended December 31, 2023, attributed to higher legal and service fees[618]. - Finance expenses rose by 29%, or $38.9 million, to $171.9 million for the year ended December 31, 2023, primarily due to increased interest expenses on financial liabilities[623]. Cash Flow and Indebtedness - As of December 31, 2023, cash and cash equivalents amounted to $429.4 million, up from $179.9 million as of December 31, 2022[630]. - Net cash from operating activities for the year ended December 31, 2023 was $837.4 million, compared to $255.6 million for the year ended December 31, 2022[636]. - Total indebtedness decreased from $1,696.3 million as of December 31, 2022 to $930.7 million as of December 31, 2023[637]. - The company entered into a $1,290.0 million secured loan facility on November 7, 2023, to refinance 30 vessels and finance four newbuilding Suezmax vessels[640]. Strategic Initiatives and Partnerships - The company has established a centralized big data platform for sensor data collection across all vessels, enhancing operational efficiency and decision-making capabilities[586]. - A strategic partnership with ZeroNorth was announced to enhance the FAST digital platform, ensuring continued growth and innovation in maritime digitalization[593]. - The company completed the acquisition of 100% of CMB.TECH NV for $1.150 billion in cash, enhancing its fleet and aligning with its strategy for diversification and decarbonization[665][676]. Shareholder Returns and Financial Obligations - The company proposed a distribution of $4.57 per share to shareholders, combining a dividend and repayment from the share issue premium[670]. - The company recognized a financial liability of $124.4 million related to the sale and leaseback of three VLCCs, which were repurchased in 2023[650]. - The company has a purchase obligation of $7.39 million at the end of the bareboat contract for the Suezmax Cypress, with an outstanding amount of $75.7 million as of December 31, 2023[651]. Market Conditions and Future Outlook - The company anticipates sustained production cuts from OPEC+ into 2024, which may lead to a plateau in cargo counts[603]. - The large tanker market has shown resilience, with demand returning to pre-pandemic levels, although growth in 2024 may be limited[606]. - The tanker orderbook is at historically low levels, with VLCC orderbook at 5% and Suezmax orderbook at 13% of the current fleet[684]. Risk Factors and Financial Controls - The company’s assumptions regarding future cash flows are highly subjective and may change materially, impacting the evaluation of potential impairments[542]. - The company maintains effective internal control over financial reporting as of December 31, 2023, based on COSO criteria[937]. - There were no changes in internal controls over financial reporting that materially affected the company during the reporting period[943].

Oil Trade and Market Dynamics - The company reported a significant impact on oil trade due to the EU ban on Russian crude imports, with Russian exports losing approximately 1.8 million barrels per day in the European market but remaining broadly unchanged in 2023 [536]. - The company anticipates that the average ballast time will increase due to changes in trade routes for Russian oil, requiring more tonnage to move the same volume of cargo [540]. - The company is experiencing a shift in the tanker market dynamics due to the development of a "dark fleet" for Russian oil trade, which may affect mainstream fleet operations [537]. - The company is closely monitoring the implications of geopolitical events, such as the war in Ukraine, on the supply and demand of crude oil and tanker shipping [535]. - The global demand for oil transportation is expected to align with or exceed pre-COVID levels, with 2022 oil demand averaging 100.5 million barrels per day, an increase of 2.2 million barrels compared to 2021 [710]. - The company has suspended operations with Russian customers, which previously represented an insignificant portion of turnover [698]. Financial Performance - Total shipping revenues increased by 117%, or $520.9 million, to $966.0 million for the year ended December 31, 2022, compared to $445.1 million for 2021 [620]. - Voyage charter and pool revenues rose by 112%, or $388.8 million, to $737.3 million for the year ended December 31, 2022, compared to $348.4 million for 2021 [621]. - Time charter revenues increased by 65%, or $46.1 million, to $117.4 million for the year ended December 31, 2022, compared to $71.3 million for 2021 [621]. - Gains on disposal of vessels/other tangible assets surged by 538%, or $81.1 million, to $96.2 million for the year ended December 31, 2022, compared to $15.1 million for 2021 [622]. - The net gain on the sale of assets increased by 536%, or $80.7 million, to $95.8 million for the year ended December 31, 2022, compared to a net gain of $15.1 million for 2021 [627]. Operating Expenses and Costs - The company noted that elevated inflation and rising interest rates are affecting operating expenses and may lead to a higher cost of capital [542]. - Voyage expenses and commissions rose by 47%, or $56.4 million, to $(175.2) million for the year ended December 31, 2022, compared to $(118.8) million for 2021 [625]. - Total vessel operating expenses slightly decreased by 2%, or $4.6 million, to $216.1 million during the year ended December 31, 2022, compared to $220.7 million for 2021 [630]. - General and administrative expenses increased by 60%, or $19.3 million, to $51.7 million for the year ended December 31, 2022, compared to $32.4 million for 2021 [634]. - Net finance expenses recognized in profit or loss increased by 31%, or $25.3 million, to $105.9 million for the year ended December 31, 2022, compared to $80.6 million for 2021 [641]. Fleet Management and Development - The carrying value of the fleet as of December 31, 2022, was $3,076,393,000, an increase from $2,967,787,000 in 2021 [573]. - The total number of vessels decreased from 71.5 in 2021 to 64.0 in 2022, with 12.5 vessels disposed of during the year [580]. - The company has three newbuilding VLCCs scheduled for delivery in Q1 2023, costing $186 million in total [585]. - The company acquired two eco-VLCCs for $179 million in total cash, enhancing its fleet with the latest generation of vessels [587]. - The company has five newbuilding Suezmaxes contracted for a total cost of $199.2 million, with deliveries expected in late 2023 and early 2024 [586]. Cash Flow and Liquidity - Net cash from operating activities for the year ended December 31, 2022 was $255.6 million, a significant improvement compared to $(25.3) million for the year ended December 31, 2021 [653]. - The company expects continued volatility in market rates for vessels, affecting short- and medium-term liquidity [648]. - The company has sufficient working capital resources to meet its requirements for the next 12 months from the date of the annual report [654]. - The company expects to finance its funding requirements through cash on hand, operating cash flow, and bank debt, with potential alternatives including raising equity or selling assets if cash flow is insufficient [655]. Debt and Financing - Total indebtedness as of December 31, 2022 was $1,795.6 million, slightly down from $1,807.9 million as of December 31, 2021 [654]. - The outstanding balance on the $713.0 million Sustainability Linked Senior Secured Credit Facility was $350.8 million as of December 31, 2022, down from $524.1 million as of December 31, 2021 [666]. - The outstanding balance on the $200.0 million Senior Secured Credit Facility was $90.0 million as of December 31, 2022, compared to $55.0 million as of December 31, 2021 [662]. - The company has a new €80 million ($100 million) unsecured revolving credit facility, which includes sustainability and emission reduction components in its margin pricing [667]. - The Group's credit facilities contain financial covenants requiring a minimum cash balance of at least $30.0 million and a stockholders' equity to total assets ratio of at least 30% [680]. Regulatory and Environmental Adaptation - The company is adapting to regulatory changes such as IMO 2020, which reduces sulfur emissions from ships, impacting operational practices [535]. - The new credit facilities are linked to sustainability performance, allowing for interest rate reductions upon achieving specific sustainability KPIs [669]. Strategic Focus and Relationships - The company is focusing on maintaining and growing customer relationships as a key factor for future operational success [535]. - The company is actively pursuing a constructive dialogue with Famatown, which holds 24.99% of the shares outstanding [705].

COVID-19 Impact - The company faced significant challenges in crew changes due to COVID-19, resulting in additional costs of $1.2 million and lost revenues of $0.9 million[457]. - The tanker market started weak in 2022, impacted by ongoing oil supply issues and the lingering effects of the COVID-19 pandemic[458]. - The company reported a total of 97.7 days impacted by COVID-19, with specific segments experiencing 31.4 days for Suezmax and 66.3 days for VLCC, leading to additional costs of $0.2 million and $1.0 million respectively[464]. - The company continues to monitor the economic impact of COVID-19 on oil demand and its operations, making future financial results difficult to quantify[460]. - Current forecasts indicate that overall tanker demand is expected to rise above pre-pandemic levels next year[459]. Financial Performance - Total shipping revenues decreased by 65%, or $790.4 million, to $430.0 million for the year ended December 31, 2021, compared to $1,220.5 million for 2020[538]. - Voyage charter and pool revenues decreased by 68%, or $749.2 million, to $348.4 million for the year ended December 31, 2021, compared to $1,097.6 million for 2020[539]. - Time charter revenues decreased by 37%, or $41.4 million, to $71.3 million for the year ended December 31, 2021, compared to $112.7 million for 2020[539]. - Revenue for 2021 was weak, below 2020 rates and breakeven levels, with a net loss of $(118.8) million compared to $(125.4) million in 2020[543]. - Net gain on sale of assets decreased by 34%, or $(7.7) million, to $15.1 million in 2021 from $22.7 million in 2020[544]. Vessel and Fleet Information - The carrying value of the fleet as of December 31, 2021, was $2,967,787,000, an increase from $2,865,308,000 as of December 31, 2020[491]. - The fleet consisted of 64 vessels as of December 31, 2021, including 42 VLCCs and 22 Suezmax vessels[491]. - The estimated market values of certain vessels may have declined below their carrying amounts, with six VLCCs having an aggregate carrying value exceeding market value by approximately $44.9 million as of December 31, 2021[494]. - The company has newbuilding contracts for two eco-Suezmax vessels at a total cost of $113 million, expected for delivery in January 2022[500]. - The company has a total of eight newbuildings on order as of December 31, 2021, compared to four as of December 31, 2020[496]. Expenses and Costs - Total vessel operating expenses increased by 1%, or $2.3 million, to $220.7 million in 2021 compared to $218.4 million in 2020[548]. - Time charter-in expenses increased by 7%, or $0.5 million, to $8.5 million in 2021 compared to $8.0 million in 2020[552]. - General and administrative expenses decreased by 13%, or $4.9 million, to $32.4 million in 2021 compared to $37.3 million in 2020[554]. - Depreciation and amortization expenses increased by 8%, or $25.2 million, to $345.0 million in 2021 compared to $319.8 million in 2020[560]. - Finance expenses increased by 4%, or $4.0 million, to $95.5 million in 2021 compared to $91.6 million in 2020[563]. Debt and Financing - Total indebtedness increased from $1,375.5 million as of December 31, 2020, to $1,807.9 million as of December 31, 2021, representing a growth of approximately 31.3%[579]. - Total interest-bearing debt as of December 31, 2021, was $1,691.7 million, up from $1,227.2 million as of December 31, 2020, indicating a year-over-year increase of about 37.8%[581]. - The outstanding balance of the $713.0 million Sustainability Linked Senior Secured Credit Facility rose from $185.0 million in 2020 to $524.1 million in 2021, reflecting a significant increase of approximately 183.8%[590]. - The company plans to finance funding requirements through cash on hand, operating cash flow, and various debt financing options, including potential equity raises or asset sales if cash flow is insufficient[580]. - The company has a total of 41% of its commercial bank financing linked to sustainability components as of December 31, 2021[591]. Strategic Initiatives - The company is focused on sustainability and the potential positive impact on scrap steel prices from end-of-life vessels due to the steel industry's commitment to carbon neutrality by 2050[471]. - The company has implemented the FAST platform on 30 vessels, with plans for full implementation across all vessels in 2022[520]. - The company has retrofitted 10 vessels with Variable Frequency Drives (VFDs) to reduce electrical power consumption[516]. - The company acknowledges increased cybersecurity risks and has implemented appropriate mitigating actions[619]. - Regulatory requirements for low sulfur fuel and EEXI compliance starting in 2023 may lead to older vessels being removed from the trading fleet[626]. Market Outlook - Global oil demand is expected to increase by 4.6 million barrels per day in 2022 compared to 2021, approaching pre-COVID levels[624]. - The tanker market is currently experiencing pressure from reduced demand, but the outlook for the remainder of 2022 is more positive with expected increases in freight levels[625]. - The VLCC orderbook is currently 8% of the fleet, while the Suezmax orderbook is 6% of the fleet, indicating a measured supply of tankers[626]. - A $1,000 increase in spot tanker freight rates would have increased profit by $21.3 million in 2021[877]. - 14% of the VLCC fleet and 17% of the Suezmax fleet are over 18 years old, prompting potential divestment considerations by shipowners[626].

Financial Performance - Total shipping revenues increased by 32%, or $298.4 million, to $1,240.9 million for the year ended December 31, 2020, compared to $942.5 million for 2019[490]. - Voyage charter and pool revenues rose by 33%, or $274.8 million, to $1,116.9 million in 2020, driven by higher average TCE rates for VLCCs and Suezmax tankers[490]. - Time charter revenues increased by 26%, or $23.6 million, to $113.9 million for the year ended December 31, 2020[492]. - Net gain on sale of assets increased by 54%, or $7.9 million, to a net gain of $22.7 million for the year ended December 31, 2020[495]. - Total vessel operating expenses decreased by 1%, or $1.2 million, to $210.6 million during the year ended December 31, 2020[497]. - Finance expenses decreased by 24%, or $28.3 million, to $91.6 million for the year ended December 31, 2020[507]. - Interest expense on financial liabilities decreased by 26%, or $22.0 million, primarily due to a reduction in average outstanding debt and lower floating interest rates[508]. - General and administrative expenses decreased by 2%, or $1.4 million, to $65.5 million for the year ended December 31, 2020[501]. - Depreciation and amortization expenses decreased by 5%, or $18.0 million, to $319.8 million for the year ended December 31, 2020[504]. - Share of results from equity accounted investees decreased by $5.5 million, or 34%, from $16.5 million in 2019 to $10.9 million in 2020[513]. - Income tax expense increased by 223%, or $1.3 million, from $0.6 million in 2019 to $1.9 million in 2020, primarily due to the reversal of a deferred tax asset[516]. - Cash and cash equivalents decreased from $297.0 million in 2019 to $161.5 million in 2020, a decline of $135.5 million[519]. - Net cash from operating activities increased significantly to $969.8 million in 2020, compared to $272.0 million in 2019[523]. - Total indebtedness decreased from $1,853.0 million in 2019 to $1,375.5 million in 2020, a reduction of $477.5 million[525]. Fleet and Asset Management - The carrying amount of vessels is regularly reviewed for impairment, with no impairment required as of December 31, 2020, as recoverable amounts exceeded carrying amounts[443]. - The useful economic life of vessels is estimated at 20 years, with FSO service vessels estimated at 25 years, and the end of useful life for certain vessels set to 30 years due to contract extensions[448]. - The company’s vessels are valued at the lower of cost or net realizable value, with no significant impairment losses recognized as of the reporting date[443]. - As of December 31, 2020, the total carrying value of the fleet was $2,865.3 million, down from $3,189.9 million in 2019, representing a decrease of approximately 10.2%[466]. - 18 VLCC vessels had carrying values exceeding their market values by approximately $93.5 million as of December 31, 2020, compared to $44.8 million in 2019[466]. - The fleet consisted of 62 vessels as of December 31, 2020, a decrease from 65 vessels in 2019, with 4 newbuildings on order[466]. - The company sold 6 VLCCs for a total consideration of $434.0 million, which included $123.0 million in cash and $311.0 million in debt assumption[481]. - The company has entered into agreements for the acquisition of four VLCC newbuilding contracts with delivery dates in the first quarter of 2021[479]. - As of December 31, 2020, there were no vessels classified as non-current assets held for sale, compared to one Suezmax in 2019[470]. - The company’s fleet development included a total of 69.5 vessels at the end of 2020, with 4 newbuildings on order[471]. - The estimated market values for vessels are based on independent ship brokers and are subject to significant uncertainty due to market volatility[465]. Market Conditions and Economic Impact - The overall market is expected to become more challenging as crude oil demand is negatively impacted by the COVID-19 pandemic, disrupting the supply-demand balance[440]. - The company anticipates that the long-term global macro-economic impact of COVID-19 on its results remains difficult to quantify due to various uncontrollable factors[440]. - Global oil demand is expected to increase by 5.9 million barrels per day in 2021 compared to 2020, despite a weaker first quarter[560]. - The VLCC orderbook is 7.0% of the fleet, and the Suezmax orderbook is 8.1%, indicating a measured tanker orderbook[562]. Financing and Liquidity - The company plans to finance funding requirements through cash on hand, operating cash flow, and bank debt[526]. - The company expects continued volatility in market rates for vessels, impacting short- and medium-term liquidity[517]. - As of December 31, 2020, the company had $0.0 million in available syndicated credit lines, down from $60.0 million in 2019[521]. - The company entered into a $173.5 million revolving credit facility, with an outstanding balance of $143.6 million as of December 31, 2020, down from $156.9 million in 2019[534]. - A $200.0 million secured revolving credit facility was established, with an outstanding balance of $55.0 million as of December 31, 2020, reduced from $100.0 million in 2019[535]. - The company secured a $100.0 million senior secured credit facility for low sulfur fuel oil inventory, with an outstanding balance of $0 million as of December 31, 2020, down from $70.0 million in 2019[536]. - A $700.0 million secured revolving credit facility was entered into, with an outstanding balance of $345.0 million as of December 31, 2020, reduced from $560.0 million in 2019[537]. - The company established a $713.0 million sustainability linked loan, with an outstanding balance of $185.0 million as of December 31, 2020[538]. - As of December 31, 2020, the outstanding balance under the €150.0 million Treasury Notes Program was $38.7 million, down from $122.8 million in 2019[542]. - The company has provided guarantees totaling $45.2 million to financial institutions for credit facilities related to joint ventures[551]. - The joint venture credit facilities at 50% economic interest decreased from $69.6 million in 2019 to $45.2 million in 2020[528]. - The company has outstanding joint venture loans of $90.4 million as of December 31, 2020, down from $139.2 million in 2019[549]. Dividends and Shareholder Returns - The company approved an interim dividend of $0.03 per share for Q4 2020, payable from March 5, 2021[554]. - The company proposed a full year dividend for 2020 of $1.40 per share, with no closing dividend due to interim dividends paid[557]. Risks and Sensitivities - A one percentage point increase in LIBOR would have increased interest expense by approximately $7.6 million for the year ended December 31, 2020[818]. - A 10% strengthening of the Euro against the dollar would have decreased profit by $10.4 million as of December 31, 2020[819]. - Every $1,000 increase in spot tanker freight rates would have increased profit by $19.6 million in 2020[821]. Operational Challenges - The company incurred increased costs of USD 1.8 million and decreased revenues of USD 4.2 million due to crew change challenges related to COVID-19[438]. - The company does not recognize time charter revenues during periods that vessels are off-hire, impacting revenue recognition[445]. - The company generates a significant portion of its revenue from voyage charters, with revenue recognized ratably over the estimated length of each voyage[444]. - The company has not recognized significant additional allowances for expected credit losses on trade receivables as of December 31, 2020, based on customer payment behavior[443]. - The company’s assessment of the resilience of its projections considers business cycles in the tanker market, with management using a long-term view based on historical data[453]. - Time charter-in expenses surged by 1,217%, or $7.4 million, to $8.0 million during the year ended December 31, 2020[500].

Market Demand and Economic Impact - The company anticipates a significant decline in global demand for crude oil and refined petroleum products due to the COVID-19 pandemic, which may adversely affect demand for its vessels and services [436]. - The COVID-19 outbreak has significantly reduced global demand for oil, with forecasts indicating a decrease of 5 million barrels per day in 2020 compared to the previous year [551]. - The company faces potential operational disruptions due to health risks and new regulations arising from the COVID-19 pandemic, which could affect its financial condition [436]. Revenue Generation and Financial Performance - The company’s revenue is primarily generated from voyage charters, with revenue recognized ratably over the estimated length of each voyage under IFRS 15 [439]. - Total shipping revenues increased by 56%, or $337.7 million, to $942.5 million for the year ended December 31, 2019, compared to $604.8 million for 2018 [488]. - Voyage charter and pool revenues rose by 60%, or $317.3 million, to $842.1 million in 2019, driven by an increase in vessel operating days following the merger with Gener8 [488]. - Time charter revenues increased by 20%, or $15.1 million, to $90.3 million for the year ended December 31, 2019 [489]. - Other income surged by 111%, or $5.3 million, to $10.1 million for the year ended December 31, 2019, attributed to improved marine insurance costs and a favorable arbitration claim settlement [490]. - The net gain on sale of assets decreased by 7%, or $1.1 million, to a net gain of $14.8 million for the year ended December 31, 2019 [492]. - Share of results from equity accounted investees increased by 2% to $16.46 million in 2019 from $16.08 million in 2018 [511]. Vessel Valuation and Fleet Management - The useful economic life of the company’s vessels is estimated at 20 years, with FSO service vessels having an estimated useful life of 25 years [443]. - The carrying values of the company’s vessels may not represent their fair market values, as market prices tend to fluctuate with changes in charter rates and the cost of constructing new vessels [446]. - The carrying value of the company's vessels as of December 31, 2019, was $3,189.97 million, down from $3,562.07 million in 2018, reflecting a decrease of approximately 10.5% [462]. - As of December 31, 2019, 6 VLCC vessels had carrying values exceeding their market values by approximately $44.8 million, compared to $132.0 million for 17 vessels in 2018 [462]. - The total fleet size decreased from 73 vessels at the end of 2018 to 71 vessels at the end of 2019, with 1 vessel acquired and 3 vessels disposed of during the year [467]. - The company’s fleet development included a significant acquisition of 29 tankers through a merger with Gener8 in June 2018, enhancing its operational capacity [472]. - The estimated market values for vessels are based on independent ship brokers' assessments and are subject to high volatility, making future price realizations uncertain [461]. Operational Costs and Expenses - Total vessel operating expenses rose by 14%, or $26.0 million, to $211.8 million during the year ended December 31, 2019 [495]. - Depreciation and amortization expenses increased by 25%, or $67.0 million, to $337.7 million for the year ended December 31, 2019 [504]. - Finance expenses increased by 34%, or $30.4 million, to $119.8 million for the year ended December 31, 2019 [506]. - Time charter-in expenses increased by 10,167%, or $0.6 million, to $0.6 million during the year ended December 31, 2019 [499]. - Income tax expense rose by 153% to $0.6 million in 2019, compared to $0.2 million in 2018, primarily due to taxes on non-tax exempt dividends [513]. Debt and Financial Position - The company’s overall debt level and interest expenses are critical factors affecting its financial position and operational results [433]. - Total indebtedness decreased slightly to $1,853.0 million as of December 31, 2019, from $1,866.8 million in 2018 [520]. - The company expects continued volatility in market rates for vessels, impacting short- and medium-term liquidity [514]. - The company has $60.0 million in available syndicated credit lines as of December 31, 2019, unchanged from 2018 [517]. - The outstanding balance of the $750.0 million senior secured credit facility decreased to $130.0 million in 2019 from $165.0 million in 2018 [525]. - The company entered into a sale and leaseback agreement for three VLCCs, recognizing a financial liability of $124.4 million [539]. - Financial covenants require the company to maintain a minimum cash balance of at least $30.0 million and a stockholders' equity to total assets ratio of at least 30% [542]. - The company was in compliance with all covenants contained in its debt agreements as of December 31, 2019 [546]. Market Trends and Future Outlook - The company’s assumptions regarding time charter equivalent rates are influenced by factors such as customer business loss, demand changes, and regulatory shifts in the tanker industry [459]. - The average TCE rates for VLCCs and Suezmax tankers increased to $35,678 and $26,542 per day, respectively, in 2019 [488]. - A $1,000 increase in spot tanker freight rates would have increased profit by $22.6 million in 2019 [793]. - The VLCC orderbook is 8% of the fleet, while the Suezmax orderbook is 9% of the current fleet, indicating a measured tanker orderbook [554]. - The tanker market remains influenced by the increase in crude exports from the Atlantic basin, particularly to Far Eastern customers [553]. - The company has no additional funding requirements going forward, supported by strict capital discipline and an established dividend distribution policy [555]. - In 2019, only 13 VLCCs and 6 Suezmaxes were removed from the trading fleet, showing a slowdown in vessel exits [554]. Joint Ventures and Strategic Initiatives - The company entered into joint venture agreements in November 2019, resulting in the incorporation of two 50% joint venture companies, Bari Shipholding Limited and Bastia Shipholding Limited [476]. - Euronav assumed a $633.0 million Senior Secured Loan facility from Gener8, which was initially for shipbuilding contracts for 15 VLCC newbuildings [531]. - The facility provided for term loans up to approximately $963.7 million, including various tranches guaranteed by KEXIM and K-Sure [531]. - As of December 31, 2019, the company had outstanding joint venture loans of $139.2 million, with guarantees amounting to $69.6 million [545]. Risk Management - The company is exposed to credit risk from operating activities, including loans and guarantees extended to joint ventures [792]. - Approximately 12.5% of total operating expenses were incurred in euros, with a potential $10.0 million impact on profit from a 10% strengthening of the euro against the dollar [791].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ [ ] SHELL COMPANY REPORT PURSUAN ...