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]

Q2 2019 Highlights - VLCC average spot rate in the TI Pool was $23,218 per day, compared to $16,751 in Q2 2018[8] - VLCC average time charter rate was $27,165 per day, compared to $34,976 in Q2 2018[8] - Suezmax average spot rate was $17,217 per day, compared to $12,883 in Q2 2018[8] - Suezmax average time charter rate was $30,375 per day, compared to $20,882 in Q2 2018[8] - The company bought back shares totaling $29 million (13 cents per share) during the first half of the year[12] - A dividend of $0.06 per share for the first half of 2019 will be paid in October 2019[12] - For Q3, 65% of VLCC capacity has been fixed at approximately $20,600 per day[12] - For Q3, 58% of Suezmax capacity has been fixed at approximately $15,800 per day[12] Financial Performance - Revenue for the first semester of 2019 was $401.936 million, compared to $202.748 million in the first semester of 2018[13] - The company experienced a net loss of $38.556 million in Q2 2019, compared to a net loss of $51.602 million in Q2 2018[13] - Cash increased to $203.6 million in June 2019, compared to $173.0 million in December 2018[14] - Total liquidity increased to $858 million, including an undrawn secured revolving facility of $634 million and an undrawn unsecured credit line of $20 million[14, 16] Market Outlook and Themes - The company anticipates constructive large crude tanker market fundamentals into the winter[12] - VLCC ordering is near 5-year lows, indicating restricted contracting in large tankers[20, 21] - IMO 2020 disruption is expected to impact the market in the second half of 2019, with retrofitting potentially reducing fleet days by 3-5%[23]

Q3 2019 Highlights - VLCC average spot rate in TI pool was $25,036, compared to $17,773 in Q3 2018[8] - VLCC average time charter rate was $32,790, compared to $31,374 in Q3 2018[8] - Suezmax average spot rate was $17,121, compared to $14,919 in Q3 2018[8] - Suezmax average time charter rate was $29,884, compared to $29,624 in Q3 2018[8] - Very strong start to Q4 with VLCC rates booked at $60,900 per day so far[11] - For Q4, Euronav has 90% of trading fleet exposed to spot market[11] - Outlook for Q4 shows VLCC 60% fixed at around $60,900 per day and Suezmax 48% fixed at around $27,300 per day[11] Financial Performance - Revenue for the third quarter of 2019 was $175,287 thousand[12] - Net loss for the period was $22,903 thousand[12] - Loss per share was $0.11[13] - Cash position was $183.7 million as of September 2019[14] - Leverage is at 44% marked to market[15] Market Outlook and Strategy - The company will pay quarterly dividends starting in 2020[11] - Active commercial consolidation with over 70 VLCCs on one platform from 2020[17] - IMO induced storage provides catalyst for freight rates[18] - Euronav is actively preparing for IMO 2020 by purchasing LSFO[26, 27]

Financial Performance Highlights - In Q4 2019, the average spot rate for VLCCs in the TI pool was $61,700 per day, while the average time charter rate was $35,700 per day[8] - For Suezmax vessels, the average spot rate in Q4 2019 was $41,800 per day, and the average time charter rate was $29,300 per day[8] - The company's revenue for Q4 2019 was $355.154 million, compared to $236.107 million in Q4 2018[12] - Full year 2019 revenue reached $932.377 million, a significant increase from $600.024 million in 2018[12] - Net profit for Q4 2019 was $160.801 million, a substantial improvement from $279 in Q4 2018[12] - Full year 2019 net profit was $118.868 million, compared to a loss of $110.070 million in 2018[12] Q1 2020 Outlook - For Q1 2020, approximately 60% of VLCC days have been fixed at around $89,200 per day[11] - For Q1 2020, approximately 51% of Suezmax days have been fixed at around $57,500 per day[11] Balance Sheet & Leverage - The company's leverage, based on book value, is at 44%[14] - Cash reserves stand at $297 million as of December 2019, compared to $173 million in December 2018[13] Market Dynamics & IMO 2020 - The company anticipates constructive crude tanker market fundamentals for 2020[11] - The company notes that the reduction of fuel spreads and built-in protection mechanisms[16]

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]

Q2 2020 Highlights - Q3 2020至今，VLCC 48%的租船业务以大约每天60300美元的价格成交[8] - Q3 2020至今，Suezmax 48%的租船业务以大约每天36500美元的价格成交[8] - Q2 2020 VLCC 平均即期汇率（spot rate）为每天81500美元，而2019年同期为每天23250美元[8] - Q2 2020 VLCC 平均期租汇率（time charter rate）为每天39250美元，而2019年同期为每天27250美元[8] - Q2 2020 Suezmax 平均即期汇率为每天60750美元，而2019年同期为每天17250美元[8] - Q2 2020 Suezmax 平均期租汇率为每天29750美元，而2019年同期为每天30500美元[8] - 公司将季度净收入的80%返还给股东，包括通过股票回购1亿美元和现金分红9600万美元[11] Financial Performance - Q2 2020 收入为434691000美元[14] - Q2 2020 净利润为259631000美元[14] - 截至2020年6月，公司拥有11亿美元的可用流动资金，包括现金和循环信贷[20] Market Outlook - VLCC 船队中有20%的船只船龄超过15年，在未来7个季度面临检验[26] - 截至2022年第一季度末，有147艘船龄超过15年的VLCC需要进行特殊检验[27]

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]

Financial Performance in Q4 2020 - VLCC average spot rate in TI pool decreased to $20,500 per day, a significant drop compared to $61,700 in Q4 2019[8] - VLCC average time charter rate increased to $44,700 per day from $35,700 in Q4 2019[8] - Suezmax average spot rate decreased to $12,500 per day from $41,500 in Q4 2019[8] - Suezmax average time charter rate remained relatively stable at $29,500 per day compared to $29,300 in Q4 2019[8] - Revenues were $138 million[13] - EBITDA was $36 million[13] - Net income was -$58.7 million[13] - VLCC cash breakeven was $18,000 per day[13] - Suezmax cash breakeven was $16,000 per day[13] Strategic Initiatives and Capital Allocation - The company extended FSO contracts for another 10 years, until 2032[11] - A fixed cash dividend of USD 0.03 per share was declared, in line with the distribution policy[11] - An additional $50 million share repurchase program was initiated[11] - $119.5 million was returned via share buybacks in FY2020[12] - Since 2018, Euronav has returned $146 million via buybacks, plus an additional $50 million[17] Market Outlook and Factors - Q1 2021 outlook: approximately 46% of VLCC days were fixed at around $16,400 per day, and 54% of Suezmax days were fixed at around $9,200 per day[11] - The company noted sustained pressure on freight rates due to reduced demand, OPEC cuts, and an oversupply of vessels[11] - The company highlighted that 62 VLCCs will require special surveys during 2021, potentially creating conducive conditions for recycling older tonnage[21] - Recycle value for VLCC is greater than $18 million[21] - The IEA global oil demand forecast indicates that recovery to 2019 peak levels of consumption is deferred to Q3 2022[22] - Leverage is at 37.3% of book value[16, 26]

Financial Performance - Revenue decreased significantly from $416.7 million in Q1 2020 to $113.4 million in Q1 2021[12] - The company reported a net loss of $71 million in Q1 2021, compared to a profit of $225.6 million in Q1 2020[12] - Euronav's leverage to book value is at 41.8%[14] - The company maintains access to liquidity greater than $1 billion[14] Operational Highlights - VLCC average spot rate in TI pool decreased from $61,700 per day in Q1 2020 to $14,000 per day in Q1 2021[8] - Suezmax average spot rate decreased from $41,500 per day in Q1 2020 to $11,500 per day in Q1 2021[8] - For Q2 so far, 48% of VLCC capacity is fixed at around $10,000 per day[11] - For Q2 so far, 41% of Suezmax capacity is fixed at around $10,500 per day[11] - The company completed 8 dry dockings in Q1 and another 8 in Q2, with 11 more planned for the second half of 2021[15] Strategic Initiatives - Euronav is diversifying financing with new sustainability funding, including a $60 million unsecured facility and an €80 million unsecured sustainability-linked facility[20] - The company is recycling older tonnage into new builds, involving 6 VLCCs and 3 Suezmax vessels with an average age of 13.7 years[22] - Euronav is focused on reducing emissions and meeting financial and strategic goals[21, 22] Market Outlook - The tanker market is awaiting recovery, influenced by demand and supply of oil, ton miles, and vessel supply[34, 35] - "Illicit" trade is potentially preventing recycling, with 8% of the VLCC fleet and 5% of the Suezmax fleet involved[27]

Financial Results - Net interest income was $747 million[7] - Net loss available to common stockholders was ($1312) million, or ($086) per diluted share[7] - Operating Earnings were $627 million, or $040 per diluted share[7] - A common stock dividend of $040 per share was declared for Q1 2020[7] Liquidity and Capitalization - Current liquidity was $582 million[7] - As of May 6, 2020, cash on hand was $567 million and approved & undrawn credit capacity was $15 million[7] - Unencumbered loan assets were $11 billion as of May 6, 2020[7] - Debt-to-equity ratio was 16x[7] Loan Portfolio - Total loan portfolio was $64 billion[7] - Weighted average unlevered all-in yield was 67%[7] - 95% of loans have floating interest rates[7] Balance Sheet and CECL Allowance - Total investments, net were $6431 million as of March 31, 2020[32] - The company recorded a Specific CECL Allowance of ($150) million and a General CECL Allowance of ($64) million[12]