Euronav(US:EURN)2023-04-02 16:00Financial Performance - Euronav reported a full year revenue of USD 854.7 million for 2022, a significant increase from USD 419.8 million in 2021, representing a 103% year-over-year growth[17]. - The company achieved a profit of USD 203.3 million for the year, compared to a loss of USD 338.8 million in 2021, marking a substantial turnaround[23]. - Total shipping income for 2022 was $965,970,000, a significant increase of 117.5% compared to $445,093,000 in 2021[63]. - Profit for the period in 2022 was $203,251,000, a turnaround from a loss of $338,777,000 in 2021[65]. - Total comprehensive income for the period in 2022 was $234,532,000, compared to a comprehensive loss of $327,003,000 in 2021[65]. - Net cash from operating activities in 2022 was $255,553,000, a recovery from a cash outflow of $25,305,000 in 2021[69]. - Basic earnings per share for 2022 was $1.01, compared to a loss per share of $1.68 in 2021[63]. Fleet and Operations - The average daily time charter equivalent (TCE) rates for VLCC increased to USD 27,600 in 2022 from USD 11,300 in 2021, while Suezmax rates rose to USD 31,200 from USD 11,100[22]. - The average time charter rate for Suezmax vessels was USD 30,300 in 2022, slightly up from USD 29,800 in 2021, indicating stable demand[22]. - Euronav rejuvenated its VLCC fleet by purchasing two Eco-VLCCs for a total of USD 179 million and sold four older S-class VLCCs[33]. - The company contracted two new Suezmax vessels scheduled for delivery in Q3 2024, continuing its fleet renewal strategy[9]. - The company contracted two new Suezmax vessels for delivery in 2024, indicating future fleet expansion[42]. Financial Position - Euronav's total assets increased to USD 3.969 billion as of December 31, 2022, compared to USD 3.769 billion in 2021[61]. - Euronav's equity attributable to owners increased to USD 2.173 billion in 2022 from USD 1.961 billion in 2021[61]. - Euronav's cash and cash equivalents increased to USD 179.9 million in 2022 from USD 152.5 million in 2021[61]. - Cash and cash equivalents at the end of 2022 increased to $179,929,000 from $152,528,000 at the end of 2021[69]. - Euronav's bunker inventory decreased to USD 41.6 million in 2022 from USD 69 million in 2021[61]. Strategic Initiatives - Euronav plans to propose a final dividend of USD 1.10 per share, bringing the total return to shareholders for 2022 to USD 1.22, reflecting strong performance and a robust balance sheet[14][15]. - The company initiated arbitration proceedings against Frontline following the unilateral termination of a combination agreement, reflecting ongoing strategic maneuvers in the market[5]. - Euronav's sustainability-linked loan facility of USD 377 million represents 52% of the company's total financing, aligning with its goal to reduce CO2 emissions by 40% by 2030[8]. Market Conditions - The ongoing war between Russia and Ukraine has led to increased bunker fuel costs, impacting the company's cost structure[47]. - The average age of the global fleet of large tankers is at its highest in 20 years, with orderbooks at over 25-year lows, indicating a constrained supply environment[5]. Environmental and ESG Performance - The company was awarded a B score by the Carbon Disclosure Project for its climate action efforts[44]. - Euronav was positioned in the top quartile of Webber Research's ESG Scorecard, ranking 5th among 52 shipping companies[39]. Expenses and Financial Metrics - Total operating expenses decreased to $671,696,000 in 2022 from $726,666,000 in 2021, reflecting a reduction of 7.5%[63]. - Finance expenses increased to $133,009,000 in 2022 from $95,541,000 in 2021, representing an increase of 39.1%[63]. - The company reported gains on disposal of vessels and other tangible assets of $96,160,000 in 2022, compared to $15,068,000 in 2021[63]. - The weighted average number of shares (basic) increased slightly to 201,747,963 in 2022 from 201,677,981 in 2021[63].