11.33 +0.31 (2.81%)
Pre-Market: 4:29AM EDT
|Bid||11.37 x 1800|
|Ask||0.00 x 2200|
|Day's Range||10.99 - 11.17|
|52 Week Range||6.77 - 11.54|
|Beta (3Y Monthly)||1.03|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.12 (1.07%)|
|1y Target Est||12.33|
Euronav NV (EURN) is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]
Rates to hire oil supertankers are likely to remain very high until the end of the year, said the head of a major shipping operator, which could squeeze the profits of Asian refiners such as Sinopec and US exporters such as Occidental Petroleum. rose above $200,000 a day earlier this month, after the US slapped sanctions on subsidiaries of Cosco, a major Chinese shipowner, and other vessels were taken to dry dock to be fitted with new kit that controls sulphur emissions. Hugo De Stoop, chief executive of Euronav, which owns one of the world’s biggest fleets of supertankers, told the Financial Times that “it will take a few weeks or even months” for prices to settle.
NEW YORK, Oct. 07, 2019 -- Senior executives from leading publicly listed product tanker, crude oil tanker, and LNG shipping companies will discuss the trends, developments and.
(Bloomberg) -- For almost three years, the oil industry has been puzzling over how to supply merchant ships with fuel that will meet tough new environmental standards. Turns out part of the solution was sitting in the ground and under ocean floors all the while: crude oil.Oil from off the U.K.’s coast, which requires blending -- but no refining -- before being used as a ship fuel, is now being marketed as just that. Similar crudes from places like West Africa and Australia can also be used with little modification. Suitable supplies are ideally low in sulfur and not too flammable.Using crude to power vessels isn’t entirely new. Back in the 1980s, oil tanker owners would illicitly run pipes from their vessels’ cargo tanks to their engines, according to Per Mansson, a retired merchant seaman and shipbroker. Provided the engineers on the ships were experienced and knew how to deal with the combustibility of the crude -- known as its flash point -- it was a safe operation, he said.What’s happening now is different. Certain crudes can go -- almost directly -- into vessels’ fuel tanks with very little adjustment. It all depends on a few key parameters, including sulfur content and density of the oil, and how flammable or combustible it is. Rather than going to a refinery, such grades can simply be blended with other products to make something suitable for powering ships.The U.K. grade that fits the bill is called Kraken — pumped from a field in the North Sea operated by EnQuest Plc. Its sulfur content is a little over the 0.5% required under new ship fuel rules, and it will only ignite at a high temperature, making it potentially good for ship fuel.Positive Feedback“A cargo has already been sold to a ship owner and thus we remain very optimistic regarding Kraken’s utility in this market,” says Russell Wall, a commercial and marketing manager at EnQuest. “We have received positive market feedback.”That shipment was bought by Euronav NV, which plans to use the crude as part of a mix to produce fuel that complies with next year’s rules. The barrels are part of a massive 420,000 ton cargo being hauled to the Singapore area by one of the biggest oil tankers on the planet, the Oceania.Traders looking for suitable crudes from which to make ship fuels will typically prefer those that are dense, low in sulfur, and have a high flash-point, said Cosmo Kedros, a senior trading specialist at Vortexa, a shipping analytics firm.“Shipowners are highly motivated by price and not messing up their engines,” he said. “If they have the infrastructure and the capital to blend their own bunkers -- whether with heavy crudes or not -- they should consider doing it.”Heavy SweetsHotbeds of so-called heavy-sweet crudes -- which represent a small portion of the market -- include West Africa, Australia and Brazil. Australian grades have traded more than $10 a barrel above Brent this year, around a fourfold increase versus two years ago.Different types of crudes will be blended in particular ways to meet the marine fuel specification. Kraken, for instance, contains slightly too much sulfur. The Republic of the Congo’s Yombo, on the other hand, is low enough in sulfur but is very viscous, or thick.Other crudes simply need to be "topped," one of the simplest refining processes where the raw oil is heated until the lighter components are burned off. What remains, with its higher flash point, can in some cases then be used to make ship-fuel.There are other challenges, too. Anybody looking to buy crude for blending into a marine fuel will have to compete with a normal refinery that wants to turn that oil into other products like gasoline and diesel. With no certainty on the future price of shipping fuel -- or other products for that matter -- it’s hard to say which will be more profitable in 2020 and so to what extent crudes will be used as vessel fuel ingredients.As the world’s shippers gear up for IMO 2020 -- the name of the regulations forcing reduced sulfur emissions -- an armada of supertankers being used to store oil has built up off the coast of Singapore, according to Vortexa. Though the ships are filled with a mix of products, they do hold some crude, showing that it may well have a future as a ship fuel. The giant Oceania will also soon join their ranks.“You can do it,” Rudolph Kassinger, who has more than half a century of experience of refining and petroleum quality testing, said of using crude as ship fuel. “It’s all going to be a question of economics.”\--With assistance from Prejula Prem and Samuel Dodge.To contact the reporters on this story: Jack Wittels in London at firstname.lastname@example.org;Alex Longley in London at email@example.comTo contact the editors responsible for this story: Alaric Nightingale at firstname.lastname@example.org, Fred PalsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, Sept. 24, 2019 -- Capital Link’s 11th Annual New York Maritime Forum will take place on Tuesday, October 15, 2019 at The Metropolitan Club, New York City. The Forum.
Tankers International, one of the largest pool operators of VLCCs worldwide (“Tankers International”, the “TI Pool” or “TI”), announced today the addition of two new members, the Hunter Group ASA and Hartree Maritime Partners LLC, and the expansion of its global presence with the opening of an office within the New York offices of International Seaways, Inc. Upon delivery, this brings to 73 the number of tankers under the commercial management of Tankers International incorporating both scrubber and non-scrubber fitted VLCCs. Arctic Securities acted as adviser in facilitating the Hunter Group joining the Tankers International pool.
Starting Jan. 1, ships not equipped with exhaust gas scrubbers must burn fuel with a sulfur content of 0.5% or less. Both LSFO and MGO are expected to be considerably more expensive than the currently used residual high-sulfur (3.5% sulfur) fuel oil (HSFO). For trucking and air transport providers and/or their shipper customers, the threat is that refinery production dedicated to more LSFO and MGO for maritime consumption will compete with production of middle distillates such as diesel and jet fuel.
In July, Frontline (NYSE: FRO) and Golden Ocean (NASDAQ: GOGL) announced plans to create a joint venture with trading house Trafigura through which Trafigura will contribute its global network of marine fuel facilities, ensuring supply to Frontline and Golden Ocean. The JV with Trafigura reduces IMO 2020 risk by effectively bringing fuel supply in-house. Now, tanker major Euronav (NYSE: EURN) is doing the same thing, but in a very different way.
NEW YORK, Aug. 19, 2019 -- Capital Link’s 12th Annual Shipping & Marine Services Forum will take place on Tuesday, September 10, 2019 at 116 Pall Mall in London. It is.
Euronav (NYSE: EURN) reported a loss that was slightly lower than expected, despite the ongoing weakness in oil tanker rates. The tanker company expects demand and rates to rise toward the end of 2019. Euronav reported a net loss of $0.18 per share.
The "Freddy Krueger" scenario for the crude oil and product tanker owners has always been lower global demand growth, whether via some worldwide economic collapse or a game-changing cost breakthrough for non-fossil fuels. The investor pitch for tanker equities in 2019 is that capacity growth is slowing just as the IMO 2020 rule – which will cap marine fuel and emission sulfur content – is nigh. On July 9, the U.S. Energy Information Administration (EIA) cut its estimate for 2019 global oil consumption for the sixth month in a row, and emphasized that demand growth in China is increasingly shifting towards natural gas liquids (NGLs), which are carried on liquefied petroleum gas tankers, and "away from transportation fuels such as gasoline and diesel," which are carried on conventional tankers.
Shipowners, who are facing one of the biggest changes in the oil industry in decades, are seeing more fuels that will be compliant with new rules on sulphur emissions from ships, but some say the way forward is far from clear. With the exception of some zones around northwest Europe and North America known as Emission Control Areas where maximum sulphur content is restricted to 0.1% sulphur, the current global cap is 3.5%. Oil majors, including BP and Royal Dutch Shell, have announced they are producing very low sulphur fuels that meet the 0.5% requirements but the specifications of those products are not yet clear nor are the ports where they will be available.
Tanker owner Euronav (NYSE: EURN) continued to face rate weakness in the first quarter of 2019, but the focus of investors is inexorably shifting to the future, and the looming implementation of the 0.5 percent cap on marine fuel sulfur starting January 1, 2020. Before market-open on April 30, Euronav reported net income of $19.5 million for the quarter, up from a loss of $39.1 million in the first quarter of 2018. Earnings per share of $0.09 were just shy of the analyst consensus forecast of $0.11 per share.
Capital Link’s 13th Annual International Shipping ForumMonday, April 1, 2019 in NYC NEW YORK, March 25, 2019 -- Senior executives from leading publicly listed and private.
NEW YORK, March 13, 2019 -- Senior executives from leading publicly listed and private product tanker, crude oil tanker, LPG and LNG shipping companies will discuss the trends,.
NEW YORK, March 11, 2019 -- Senior executives from 35 shipping companies will participate on panels and presentations at Capital Link’s 13th Annual International Shipping Forum.
Euronav NV NYSE:EURNView full report here! Summary * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is low Bearish sentimentShort interest | PositiveShort interest is low for EURN with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding EURN totaled $814 million. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | NeutralAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Industrials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Euronav (EURN) is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat.