Financial Performance Highlights - The company's revenue for Q1 2020 was $416.7 million, a significant increase compared to $232.6 million in Q1 2019[12] - Net income for Q1 2020 reached $225 million, substantially higher than the $19.5 million reported in Q1 2019[15, 12] - Fuel procurement project resulted in $17.5 million savings in Q1 2020, impacting VLCC rates by $5,000 per day[14] - Dividends totaling $1.08 per share will be paid in June[11] Fleet and Market Dynamics - Average spot rates for VLCCs in Q1 2020 were $72,750 per day, compared to $35,195 in Q1 2019[8] - Average spot rates for Suezmax vessels in Q1 2020 were $59,250 per day, versus $27,380 in Q1 2019[8] - For Q2, 71% of VLCC days were fixed at approximately $95,000 per day, and 57% of Suezmax days were fixed at around $65,400 per day[11] - 125 VLCCs are currently used for storage, including 65 taken for market storage in April and 38 Iranian VLCCs[31] Balance Sheet and Capital Allocation - The company's cash position increased to $312.2 million in March 2020 from $297 million in December 2019[17] - Mandatory debt repayment for Q1 2020 was $28 million, with a $69 million reduction in the Revolving Credit Facility (RCF)[19] - $100 million was allocated towards the purchase of 4 VLCC resales[19] Future Market Outlook - The company anticipates a potential storage draw in the mid-term, with two scenarios: a quick draw if contango persists, or a slow draw if backwardation occurs[32] - The company notes that 26% of the VLCC fleet is over 15 years old, suggesting a potential for fleet resizing[35]

Financial Performance - Revenue for Q3 2020 was $241 million[16], a significant increase compared to the year-to-date revenue of $5772 million in 2019[14] - Net income for Q3 2020 reached $462 million[16], a substantial turnaround from a loss of $419 million year-to-date in 2019[14] - Euronav's leverage stands at 358% of book value, with available liquidity of $12 billion[19] Fleet and Operations - VLCC average spot pool rate was $42000 per day in Q3 2020, compared to $25250 in Q3 2019[8] - Suezmax average spot rate was $23500 per day in Q3 2020, versus $17250 in Q3 2019[8] - The company extended an FSO contract by 10 years to 2032, projecting $645 million in additional revenue for the joint venture[11, 34] Capital Allocation - The company declared a Q3 dividend of USD 9c per share and executed a share buyback of $185 million[11] - Year-to-date dividend yield reached 21%, with $157 per share distributed[13] - Euronav has $236 million in outstanding capex, primarily financed by bank loans, with VLCC deliveries expected in Q1 2021[13] Market Outlook - Approximately 50% of Q4 VLCC days are fixed at around $225k per day, and 45% of Suezmax days are fixed at about $115k per day[11] - The tanker market remains in a transition phase, influenced by COVID-19 restrictions, OPEC+ supply cuts, and vessel supply[35, 36] - Recycling trends indicate that when VLCC rates fall below P&L breakeven, approximately 5% of the fleet is typically recycled[22]

以下文章来源于巴顿比格斯 ，作者巴顿比格斯 多晶硅方面，日前发改委开会约谈光伏硅企挺价，叠加成本端焦煤价格大幅反弹，当然更重 要的原因是过去两年价格大幅下行，全行业几乎没有企业盈利，叠加多晶硅盘面贴水过大， 市场悲观过度，这就是索罗斯说的价格反身性的问题，价格就是最大的基本面。 巴顿比格斯 . 历史不会重复，但是它自然成韵。 文 | 巴顿比格斯 来源 | 巴顿比格斯 编辑 | 杨兰 审核 | 浦电路交易员 今日焦煤继续大涨，沪铜大涨，广期所品种表现更为抢眼，多晶硅接近涨停，工业硅大涨 4%，碳酸锂上涨3%，最熊的品种居然大涨，这是为何？ 广期所三傻出道即巅峰，大哥工业硅一上市就玩起自由落体，从20000点起步硬是给投资者 表演了波地心引力加强版，最低跌到7000点；二哥多晶硅更绝，从最高45000开始，活像个 高开低走型网红，没撑过三集就跌破成本线。最绝是三弟碳酸锂，带着新能源贵族光环登 场，结果从24万跌到6万，持仓者含泪改编歌词：是谁在耳边说，跌跌不休~ 现在，广期所三傻真的要翻身了吗？ 消息总是走在盘面后面。今天对工业硅影响最大的是硅企主产区减产：新疆硅企突发减产， 工业硅下周产量预期下调。根据市场反馈 ...

6月13日，国内期市原油系板块全线上行，原油主力涨近9%。具体来看，截止目前，原油主力上涨 8.98%，报535.20元/桶；燃料油主力上涨8.15%，报3225.00元/吨；低硫燃料油主力上涨6.24%，报 3867.00元/吨；液化石油气主力上涨5.11%，报4360.00元/吨。 6月13日原油系期货价格行情 石油沥青厂库期货仓单36350吨，环比上个交易日持平； 液化石油气期货仓单9010手，环比上个交易日减少125手； 低硫燃料油仓库期货仓单0吨，环比上个交易日持平； 截止北京时间6月12日，据基差数据显示：燃料油、沥青、液化石油气、低硫燃料油品种合约出现'期现 倒挂'(现货价格高于期货价格)现象。 商品名称 现货价格 合约 价格 基差 基差率 燃料油 5287.5 2509 2982 2305 43.59% 沥青 3620 2509 3508 112 3.09% 液化石油气 4797.5 2508 4033 764 15.92% 低硫燃料油 3689 2508 3645 44 1.18% 备注：基差=现货价格-期货价格。 | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- ...

6月12日，国内期市原油系板块集体飘红，原油、燃料油涨近3%。具体来看，截止目前，原油主力上涨 2.99%，报495.60元/桶；燃料油主力上涨2.85%，报3000.00元/吨；低硫燃料油主力上涨2.27%，报 3647.00元/吨；沥青主力上涨1.35%，报3523.00元/吨。 6月12日原油系期货价格行情 | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | SC原油 | 486.60 | 478.10 | 481.20 | | 燃料油 | 2952.00 | 2912.00 | 2917.00 | | 沥青 | 3493.00 | 3461.00 | 3476.00 | | 液化石油气 | 4154.00 | 4130.00 | 4119.00 | | 低硫燃料油 | 3617.00 | 3563.00 | 3566.00 | 6月11日，商品仓单数据显示： 石油沥青厂库期货仓单36350吨，环比上个交易日持平； 液化石油气期货仓单9135手，环比上个交易日减少205手； 低硫燃料油仓库期货仓单0吨，环比上个交易日减少1000吨； 截止北京时间 ...

周二欧盘，美布两油日内均下跌约0.4%。此前一个交易日的疯狂涨势暂时有所熄火。周一，WTI原油收涨3.55%，布伦特原油收涨3.72%。 StoneX能源市场策略总监亚历克斯·霍德斯（Alex Hodes）在周一的简报中表示，乌克兰近期对俄罗斯空军基地的无人机袭击"为油市重新引入了供应风险因 素"。 这一地缘政治背景，在一定程度上抵消了OPEC+宣布将于7月增产41.1万桶/日的消息，"这一举动早在预期之中，且已被交易员提前计入价格"。 由石油输出国组织及其盟友组成的OPEC+在周六宣布这一决定，加快了此前于2024年1月开始实施的220万桶/日的自愿减产的撤销进程。自4月起，这些减产 的原油便开始逐步重返市场。 据法国兴业银行策略师称，截至7月，OPEC+将把其中的137万桶/日重新投放市场。策略师指出，这种加快增产的安排表明该组织内部对部分成员长期超 产、未严格执行产量配额的不满正在加剧。 值得注意的是，外媒报道显示，沙特和俄罗斯在OPEC+增产问题上出现分歧。沙特希望加快增产以应对部分成员国的超额生产，而俄罗斯则主张暂停增 产，担心需求不足。 最终双方达成妥协，同意从7月起增产41.1万桶/日。尽管存在 ...

豆油期货仓单14602手，环比上个交易日持平； 棕榈油期货仓单330手，环比上个交易日持平； 菜油期货仓单2121张，环比上个交易日减少67张； 豆粕期货仓单38311手，环比上个交易日持平； 5月23日，国内期市油脂油料板块跌多涨少，花生主力跌逾1%。截至目前，花生主力下跌1.17%，报 8288.00元/吨；棕榈油主力下跌0.17%，报8018.00元/吨；豆粕主力上涨0.75%，报2954.00元/吨；豆一主 力下跌0.36%，报4189.00元/吨。 菜粕期货仓单28877张，环比上个交易日减少2070张； 5月23日油脂油料期货价格行情 | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | 豆油 | 7770.00 | 7760.00 | 7760.00 | | 棕榈油 | 7996.00 | 7994.00 | 8032.00 | | 菜籽油 | 9408.00 | 9405.00 | 9388.00 | | 豆粕 | 2944.00 | 2939.00 | 2932.00 | | 菜籽粕 | 2563.00 | 2562.00 | 2550 ...