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Euronav NV (EURN)

NYSE - NYSE Delayed Price. Currency in USD
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15.84+0.11 (+0.70%)
At close: 04:00PM EDT
15.82 -0.02 (-0.13%)
After hours: 06:38PM EDT
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  • n
    nina altman
    When is the planned merger bet. Euronav & Fro Thanks!
  • M
    Marc
    after hours timing coincidence... cmb via exmar sells tango for 600 milj
    probably they will offer the price off commercial fleet...
    i see profits coming 4 years exceed commercial fleet value of 4,8 $ dollar (24$/share)
    (newbuildings 600 milj and fso 450 mil included in fleet value)
    (fso : 50% endebted= yearly cost 20 million , contracted 60M/year)
    25% profit is estimated is based on shortage periods for vlcc, reduced vlcc fleet...
    so, saverijs family can pay i guess 18$... and stop frederiksen.
  • J
    Jamie
    Been a hell of a ride, taking some profits now. Just gonna let the dividends drip
    Bullish
  • M
    Marc
    combined fleet value calculation
    for a new/ordered vlcc 110 milj$ FSO 2x140 milj$
    for a vlcc years to 20 x 4,5 + scrap 20
    for a suezmax years to 20 x 3.6 + scrap 15
    for a lr2 years to 20 x 2,7 + scrap 10
    very near to commercial value..
    result: 9,6 B$
    unpaid newbuilding 2x 400 milj
    debt should be reconsidered in function of other assets ans new cash...
    10% wacc is for a newbuilding 46 000 tc/day
    if there are no newbuildings for a few years...cash will be abundant and spot prices could explode...A vclcc is 2 milj barrel... a few $ more for a trip is not significant for oil,...but millions a year for a tanker...
  • M
    Marc
    fso now 100% euronav. euronav pays 140 million.
    contracted for 700 million , actual + future 10 years and then.. scrap are new contracts...
    Bullish
  • J
    John
    What value investors do not understand about Euronav is the long term intrinsic value of the stock. The stock does represent value as an income stock but over the next two years will have substantial capital appreciation. Currently, and for past several years this has been a 'traders' stock and still is treated that way in many ways. The stock has a history of volatility with uneven, although often spectacular, dividend growth. The company is a constant in asset growth variously shedding old ships and adding new ones in the range of fifteen years. Asset growth has also been assisted by good debt management, paying down old debt while financing new or newer ships with new debt at low rates. All of the ships are also well maintained to the most modern standards. Companies like NAT buy older ships in the 10-25 years age group and hold them until they run them onto the beaches in India for scrap. EURNONAV, with some special exceptions, does not keep ships past 15 years. In the next 5 years there will be fewer VLCCs built. There will be fewer Sueszmax ships built. One reason is owners do not have a clear picture on what the furture for hardware looks like. We are now entering an era of ships powered by LNG, hydrogen and even electricity (solar panels or hybrids). The age of crew-less ships is at hand. For safety you would still have a captain, engineer and pilot. Navigation and even docking will be computer and satellite controlled. The end of the age of intoxicated people on the bridge. They may be there but not driving the ship, to shareholders relief. I note I doubt Euronav ever had this problem. Anyway, clear skies and calm seas ahead. A happy investor.
  • M
    Marc
    share buyback ongoing : 10% could be reached in 6 weeks at this ritm
    the first six days 1,5% was bought at an average rpice of 7,5 euro. i expect a similar volume for this week at an average of 7.65, confirmation on Friday
    in Belgium, there is a very actif 'conversations ' forum (>1 milion euronav 2020 forum vieuws)
    Some are extremely bullish ands see a complementary growth an profit rate resulting of the shar buybacks. the fleet evaluated based on a newbuilding price of 70% of the price results in a share value of 9$ and based on the average tce earnings published by Poten, the q2 results will result in a very high dividend yield (income very near to approx 60x180xtce/day)
    60: is a recalculation for other fleet income from fso and suezmax representing 26% of the fleet. 20% of the fleet is on time charters, especially 4 recent suezmax, fso, and contango-time opportunities
    Hugo de stoop, ceo also sees opportunities in 'after oil' water transport and related services...
    for the long term, the investment return on new tankers is a solid capital base, undervalued and a reasonable long-term debt: cash postion announced at end q2 of … >1 billion
    the ceo expect a small growth for the coming years. As a formal Greenpeace activist, he accepted transforming the company into a sustainable company, believing in consolidation of the sector into less fragmented entities. absorbing gener8 ships by cession of owned shares and cash is actually also a possibility, even absorbing companies of almost same size...
    Bullish
  • a
    anthony
    EXTREMELY IMPORTANT RE DIVIDEND POLICY

    Thanks to a heads up from G , I got pointed into the proper direction regarding dividend policy. My broker TD Ameritrade was not aware of this. They are researching this now.

    Belgian withholding tax on dividends distributed by Euronav NV
    Draft – May 10, 2017
    The content of this document is purely for general information and illustrative purposes. It is not intended to be complete. Please consult your tax advisor regarding the Belgian withholding tax treatment of dividends distributed by Euronav NV, the availability of reduced withholding tax rates or exemptions and the procedure to claim such reduced withholding tax rates or exemptions in your situation.
    Belgian withholding tax: standard rate, reduced rates and exemptions
    The gross amount of dividends distributed by Euronav NV is, in principle, subject to Belgian dividend withholding tax (WHT) at the rate of 30%. This applies to Euronav NV shares listed on Euronext Brussels and NYSE. However, subject to conditions and documentation requirements, reduced WHT rates or WHT exemptions may be available under Belgian domestic tax law or applicable double tax treaties (DTT). We therefore recommend you to contact your broker or tax advisor for personal advice and guidance to reclaim any overpaid withholding tax.
    A reduced rate or an exemption can be applied but not limited in the following scenarios:
    Reduced rates or exemption under the DTT between the U.S. and Belgium: In certain cases, a reduced rate or an exemption can be applied for dividends distributed by Euronav NV to a U.S. resident holder of Euronav NV shares (i) who beneficially owns the dividends, (ii) who does not hold the shares through a permanent establishment in Belgium, and (iii) who is entitled to claim benefits under the DTT between the U.S. and Belgium, the WHT rate is reduced from 30% to 15% of the gross amount of the dividends. For dividends distributed to U.S. resident companies that directly hold at least 10% of the voting rights of Euronav NV the WHT rate is reduced to 5%. U.S. resident pension funds benefit from an exemption from Belgian WHT. Please consult the important notice under the dividend section on the website for further guidance.
    Reduced rates or exemption under other DTTs concluded by Belgium: Most DTTs concluded by Belgium provide for a reduction of the Belgian WHT rate on dividends to 15% or 10%. In some cases, a reduced rate of 5% or full exemption may be available.
    Exemption for participations of at least 10%: Belgian domestic law implementing the EU Parent Subsidiary Directive provides for an exemption from dividend withholding tax for dividends distributed to qualifying companies (i) which are resident in the EU or in a jurisdiction with which Belgium has concluded a DTT that includes an exchange of information clause, and (ii) which hold (or will hold) a minimum participation of 10% for at least one year.
    Re
  • T
    TXG
    Entire release sans daily purchase figures:

    PRESS RELEASE
    Regulated information
    9 July 2020 – 10.15 p.m. CET

    SHARE BUYBACK
    ANTWERP, Belgium, 9 July 2020 – Euronav NV (NYSE: EURN & Euronext: EURN)
    (“Euronav” or the “Company”) announces that the Company has purchased on the NYSE
    and on Euronext Brussels a total of 3,379,108 of its own shares for an aggregate price of
    EUR 25,107,476 (USD 28,086,438) as part of its capital allocation strategy and returns to
    shareholder policy.
    Following these transactions, the Company now owns 8,325,324 shares (3.78% of the total
    outstanding share count).

    CAPITAL ALLOCATION STRATEGY IN ACTION
    Euronav remains committed to its guidance published on 9 January 2020 to target a return
    of at least 80% of net income to shareholders per quarter. This return to shareholders will
    primarily be in the form of a cash dividend. The Company notes that total dividend amount
    will be distributed to outstanding shares excluding those held by the Company. In
    accordance with its authorization to purchase up to 10% of the company’s issued shares
    granted by the 2020 shareholders’ meeting, the Company will always look at stock
    repurchase as an alternative if it believes more value can be created for shareholders. As
    the share price is currently trading well below the Company’s own evaluation of intrinsic
    value, the Supervisory Board and the Management Board believe that buying back own
    shares creates long term value for all stakeholders. Indeed, a Euronav share price of USD
    9 translates into a new build VLCC valuation of just USD 68 million compared to a current
    valuation of USD 89 million (source: Clarksons).
    The Company will monitor market conditions to decide whether to continue buying back
    shares in accordance with industry best practices, taking into account a variety of factors,
    including regulatory or legal requirements and other corporate considerations.
    To this end, Euronav has mandated Clarksons Securities to act as an independent broker
    to coordinate and execute share repurchases on the exchanges of Euronext Brussels and/or
    the NYSE.
    This share buyback reflects the strength of Euronav’s balance sheet and the confidence of
    the Supervisory Board and the Management Board in the long term value in the Company’s
    shares.
    It is important to stress that this return to shareholders is from net income generated from
    our capital base and does not impact the Company’s strong liquidity which will be
    augmented by the 20% of net income that is retained. At the end of Q2 2020, Euronav’s
    liquidity position will be approximately USD 1.09 billion before any returns to shareholders
    are taken into account.
  • S
    Scott
    Comments by ING analyst Mulder

    May 19 - Stock market view: ING increases price target Euronav
    Euronav ( May 19 )
    EUR 9,000 +0,030 (+ 0.33%)

    (ABM FN) On Tuesday, ING raised the price target for Euronav from 8.50 to 11.00 euros and maintained the buying advice, after stronger than expected results in the first quarter and the attractive outlook of the oil company.

    Rates, ING argued, are rising thanks to strong demand.

    Analyst Mulder pointed out that the share price is currently significantly below intrinsic value due to fears of a downturn in the sector. However, Mulder believes that the current market conditions are very good for Euronav in both the short and long term. That is why the analyst adjusted its price target upwards, also pointing to the enormous dividend paid by Euronav.
  • S
    Scott
    from AGM Q and A 10% buy back is a "go" statement below

    Answer:

    Euronav strongly believes that having authority to repurchase its own shares provides
    management and the board with a strong mechanism to deliver lasting value to our
    stakeholders. The above are most common examples of the use of shares bought back.
    However, that list is not exhaustive. Indeed, buying shares back and retaining them as an asset
    rather than cancelling them provides maximum optionality going forward as these held shares
    can be used to create further value – for instance in purchasing another tanker fleet or
    company. Therefore, in repurchasing our own shares Euronav management intend to retain
    all options in what remains a very dynamic tanker market. The company however does not
    and will not use the authorization to be employed as a “poison pill” or block to the generation
    of shareholder value
  • G
    GM
    $NAT conversation
    Tanker stocks at crossroads: Will looming unwind of floating storage sink equities or will 2021 rate hopes + ‘Fed backstop/COVID is over’ (ir?)rational exuberance on Wall Street save the day? See FreightWaves story for latest data on storage, rates, OPEC compliance, etc: $NAT $EURN $FRO $INSW $STNG $DHT $TNK https://www.freightwaves.com/tanker-stocks-eke-out-more-gains
    Banner day on Wall Street buoys tanker names as pressure builds.
    Banner day on Wall Street buoys tanker names as pressure builds.
    www.freightwaves.com
  • J
    John
    The average expected earnings for 2020 is $2.79 per share. At a nominal P/E of 10, the shares should be at $28. in 12 moths. Take a 25% discount for lack of visibility 3-4 quarters out and you still have $21. per share. Take a 50% haircut for visibility and you are still at $14 per share. Euronav is a money machine. With the company buying back shares and paying down debt, a P/E of 12 or 14 is not out of the question. I am comfortable with a share price of $15. for 2020 plus $1.50 in cash dividends.
  • W
    Will Hunting
    $FRO conversation
    $NAT $EURN $DHT

    Isn't it possible that investors are overreacting just a wee bit in all their selling of oil tanker stocks today?

    After all, Nordic American Tankers CEO Herbjorn Hansson just finished telling investors that he's making "tons of money" chartering boats to oil traders. If this is true for one company offering essentially a commodity service (oil storage), then it seems logical it would hold true for Frontline and Tsakos as well.

    Nordic American is making so much money, in fact, that Hansson expects to pay off the company's whole $400 million debt load with the cash flowing in. That's not a boast I'd expect the CEO to make if the trend in higher charter rates was something that could be upset by a one-day wobble in oil prices.

    To the contrary, comments from The Wall Street Journal (today), to the effect that "the world is awash with too much oil" and that "coronavirus lockdowns on driving, flying and industrial activity have all but eliminated the need for the stuff" suggest that even if stock prices of oil shipping companies are down today, the problem of where to store "too much oil" has not been solved -- and these stock prices will go right back up again in relatively short order.

    https://www.nasdaq.com/articles/why-frontline-tsakos-energy-and-nordic-american-tanker-stocks-dropped-10-and-more-today
    What happened Like a globe-spanning seesaw, oil prices went up today, and oil tanker stocks went down. The moves are basically the opposite of what we saw on Monday. As of 11:20 a.m. EDT, shares of Frontline Ltd. (NYSE: FRO) are down 9.5%, Tsakos Ene
    What happened Like a globe-spanning seesaw, oil prices went up today, and oil tanker stocks went down. The moves are basically the opposite of what we saw on Monday. As of 11:20 a.m. EDT, shares of Frontline Ltd. (NYSE: FRO) are down 9.5%, Tsakos Ene
    www.nasdaq.com
    Bullish
  • J
    John
    To understand tankers you must understand scrapping and newbuilds. Check out shipbuilders Hyundai Heavy Industries and Samsung Heavy Industries. Both stocks are way down. They have few or no orders for tankers. Scrapping is way up because environmental and insurance demands make refits uneconomical. Supply and demand. Supply of ships is in decline. Demand is stable and rising. All this means better pricing for existing tankers.
  • N
    Nick
    EURN started the share buyback! Look for the publication on their website! 28M USD of shares bought (this corresponds to 1.5% of total outstanding shares of the allowed 10%). Those shares do not get dividend! The management clearly believe the company is severly undervalued (based on their VLCC example the intrisic value would be 11.8 USD). Key sentence: "
    As the share price is currently trading well below the Company’s own evaluation of intrinsic value, the Supervisory Board and the Management Board believe that buying back own
    shares creates long term value for all stakeholders."
  • A
    Andrew
    $NAT conversation
    Scorpio Tankers Inc. Announces Purchase of Common Shares by Scorpio Services Holding Limited and Call Options by President of the Company
    Email Print Friendly Share
    July 14, 2020 18:51 ET | Source: Scorpio Tankers Inc.
    MONACO, July 14, 2020 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced that Scorpio Services Holdings Limited (“SSH”), a related party, has purchased 100,000 common shares of the Company in the open market at an average price of $12.83 per share.

    Company buy-back. EURN first, then STNG... just show how firmly they believe in the industry. Who's next? Maybe NAT?

    $NAT $EURN $DHT $STNG $TNP $TK
  • J
    John
    To understand the tanker operators you need to understand the age of their ships. The life of ships is considered 25 years. The extended life is 30 years. Ships over 15 years are considered 'vintage'. Vintage ships cost more to repair and upgrade, as well as costing more to insure. Big customers have to consider the risk of using vintage ships. Big guys pay more for newer ships and less risk. Companies like NAT have many vintage ships. EURN and DHT try to keep ship age to under 15 years. Vintage ships tend to lose value as they approach use as storage and scrap. Ships 15 years and under can be traded in a market that still values them as in use for their ;highest purpose', which is shipping crude. With inflation, newer tankers will increase in value similar to real estate or other real assets.
  • S
    Scott
    Comments from Rystad Energy on continued oil oversupply

    Written by Ian Taylor
    Published: 01 May 2020
    Consultancy firm Rystad Energy is predicting that the global imbalance between oil supply and demand, which has built to 26.4 million barrels a day (b/d) in April will halve to 13.6 million b/d in May and fall further to just 6.1 million b/d in June.

    However, Rystad Energy cautioned that, despite the improvement, the stock build will still overwhelm remaining global storage, which will fill within weeks.

    Rystad Energy oil market analyst Louise Dickson commented: ‘While this may seem like a drastic improvement from April, the oil market is not magically fixed. The storage issue still looms large and will spill over onto trading floors, as buyers are left with crude they cannot physically cannot place, and into the boardrooms of oil companies which must make very costly but necessary decisions to scale back production and give the market some breathing space.’

    As previously reported by Bunkerspot, the coronavirus-led drop in oil demand and the squeeze on storage has prompted refiners to bring forward maintenance shutdowns, rein in their production output and scale back on investment plans.
  • S
    Shi
    I got in somewhere in April this year at $11.4, added twice at $10 and $8.5 recently. I am now holding on 1000 shares with average cost of $10/ share. The fundamentals are still solid, I would be happy to add more if it continues to drop to 7ish.
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