Financial Data and Key Metrics Changes - The company generated revenue of $1.6 billion in Q2 2025, a decrease of 15% year-over-year, primarily due to lower freight rates and volumes [4][15] - Net income for Q2 was $24 million, down from $373 million in the same quarter last year [21] - Adjusted EBITDA was $472 million with an adjusted EBITDA margin of 29%, compared to 40% in Q2 2024 [20][21] - Total liquidity stood at $2.9 billion as of June 30, 2025, after paying approximately $470 million in dividends during the quarter [5][15] - The company raised its full-year guidance for adjusted EBITDA to a range of $1.8 billion to $2.2 billion [6][23] Business Line Data and Key Metrics Changes - Carried volumes in Q2 were 895,000 TEUs, a 6% decline year-over-year, attributed to weak Transpacific demand [21][22] - Revenue from non-containerized cargo totaled $111 million, down from $128 million in Q2 2024 [16] - The average freight rate per TEU in Q2 was $1,479, down from $1,674 in the same quarter last year [15][16] Market Data and Key Metrics Changes - The company experienced a 10% volume growth year-over-year in Latin America, contrasting with the decline in volumes from China [10][22] - The Transpacific demand was weak, and the company does not anticipate a strong peak season due to ongoing tariff uncertainties [9][10] - The overall market fundamentals indicate supply growth outpacing demand, with a projected 6% increase in supply for 2025 [13][25] Company Strategy and Development Direction - The company aims to build a strong commercial presence in key markets and diversify its geographic footprint to enhance business resilience [7][8] - A focus on maintaining a modern and cost-competitive fleet is emphasized, with plans for long-term charter agreements for LNG dual-fuel vessels [11][12] - The company is adapting its Transpacific network to changes in cargo flow due to tariff announcements, aiming to capitalize on growth in Southeast Asia [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current turbulent market environment, citing a transformed fleet and improved cost structure [6][61] - The company anticipates continued pressure on freight rates and a weaker peak season due to tariff-related disruptions [10][23] - Management highlighted the importance of agility in operational capacity to respond to shifting market dynamics [12][13] Other Important Information - The company operates 123 containerships with a total capacity of 767,000 TEUs, with two-thirds of this capacity coming from new vessels delivered in 2023 and 2024 [17][18] - The company has options to extend charter periods and purchase options for its LNG vessels, providing flexibility in capacity management [18][19] Q&A Session Summary Question: Expectations on volume for the second half of the year - Management indicated that the expectation of flat volumes is driven by both market conditions and potential pullbacks in capacity due to expiring charters [30][31] Question: Capacity renewal strategy - Management stated that if market conditions continue to deteriorate, they are more likely to downsize rather than renew charters [35] Question: Impact of tariff changes on capacity - Management noted that the influx of capacity has not been rerouted due to ongoing market conditions and alliance adjustments [36][37] Question: Timing effects of freight rates - Management confirmed that there is a timing lag in revenue recognition due to the surge in spot rates, which will impact Q3 performance [42][43] Question: Cost structure and breakeven levels - Management acknowledged that costs have increased compared to pre-pandemic levels, influenced by various factors including fuel transition and operational inefficiencies [46][50] Question: Cost improvement initiatives - Management outlined several cost improvement strategies, including scaling up vessel sizes, transitioning to LNG, and leveraging partnerships to maintain cost efficiency [55][58]

Q1 2019 Highlights - VLCC average spot rate in TI Pool was $35,195 per day, compared to $18,725 in Q1 2018[8] - VLCC average time charter rate was $27,630 per day[8] - Suezmax average spot rate was $27,380 per day, compared to $14,000 in Q1 2018[8] - Suezmax average time charter rate was $32,680 per day[8] - In Q1 so far, VLCC 535% fixed at around $26500 per day[12] - In Q1 so far, Suezmax 493% fixed at around $18000 per day[12] Financial Performance - Revenue increased to $232589 thousand in Q1 2019 from $98136 thousand in Q1 2018[13] - Net profit for the period was $19526 thousand in Q1 2019, compared to a loss of $39091 thousand in Q1 2018[13] - Result after taxation per share was $009 in Q1 2019, compared to $(025) in Q1 2018[13] - Cash increased to $1785 million in Mar-19 from $1730 million in Dec-18[15] Market Signals - US crude export outlook shows potential for growth to 2022[18] - Correlation between Euronav share price and new build VLCC value is 84%[25] - Demand 3% Supply 3% - VLCC $35K Q4 & Q1[26] Liquidity and Leverage - Liquidity increased to $785 million[17] - Leverage is 462% marked to market[16]

Investment Rating - The report does not explicitly state an investment rating for the global shipping industry Core Insights - Capacity growth in the global shipping industry is projected at +8% year-over-year in June, a decrease from +10% in May [3] - Air freight rates have shown a growth of +2% year-over-year in April, down from +4% in March [1] - The overall number of scheduled sailings has increased by approximately +11% year-over-year [3] - The idling rate of vessels has decreased to 4.0% by TEU, compared to 4.5% the previous week, aligning with the ten-year average [3] - Schedule reliability improved to 57.5% in March, up from 54.5% in the previous month [3] Summary by Sections Capacity and Sailings - Capacity growth into the US is +4%, while growth into Europe is +10% [3] - Cancelled sailings decreased to 8.0% this week from 9.8% last week, which is higher than the previous year's level of 5.5% [3] Congestion and Reliability - Global congestion has decreased, with a seven-day moving average at 9.59 million TEU, down from 9.69 million TEU last week [4] - Congestion at the US West Coast decreased to 0.56 million TEU, while the US East Coast saw an increase to 0.72 million TEU [4] Market Dynamics - The China-US shipping lane experienced a volume drop of 30%-40% in April [8] - Shippers are currently in a "wait and see" mode, relying heavily on existing inventories across Canada, Mexico, and the US [8] - There is a significant impact expected on goods with no alternative to Chinese supply, with US consumers likely to absorb inflation if the situation does not resolve by summer [8] - If normalization occurs, demand growth is expected to catch up according to Maersk [8]