Euronav reported its non-audited financial results for the first semester and second quarter ended 30 June 2020.
Hugo De Stoop, CEO of Euronav said: “Tanker markets continued to deliver strong earnings throughout Q2 and into the early part of the third quarter.
Floating storage requirements dissipated sooner than expected, pivoting the tanker market to a transition phase ahead of our prior forecast. With our sector low leverage, supported by over USD 1 billion liquidity Euronav is very well positioned to navigate challenges and seize opportunities as the market transitions to a lower crude supply and demand dynamic. Euronav today commits to an additional USD 25 million allocated to share repurchases from Q2 earnings in addition to the USD 75 million already executed recently.
Therefore, shareholders will benefit from a distribution of USD 196 million from the earnings generated in Q2 alone split into accretive share repurchases and a cash dividend of USD 47c per share payable later in August. COVID-19 continues to create huge restrictions on the mobility and movement of seafarers.
Crew changes are critical for all shipping sectors and movement of goods. We reiterate our call to Governments globally to acknowledge the essential role seafarers play in maintaining crucial supply chains and global commerce during this pandemic and recognize them with “key workers” status.”