Euronav : Presentation Q4 earnings call

EURONAV

Q4 2022 EARNINGS CALL

FEBRUARY 2, 2023

Forward looking statements

Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company's current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general industry conditions future operating results of the Company's vessels, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

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AGENDA - Q4 2022 EARNINGS CALL

Q4 2022 Highlights	Financials	Tanker market	Conclusion	Q&A
Hugo De Stoop, CEO	Lieve Logghe, CFO	Brian Gallagher, Head	Hugo De Stoop, CEO
		IR & Communications

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Q4 2022 HIGHLIGHTS

Hugo De Stoop, CEO

Q4 2022 HIGHLIGHTS

Key takeaways

P&L Breakeven vs. Spot Rates in USD/day

• Large tanker recovery delivers highest earnings since Q2 2020
• Re-positioningof fleet earlier in 2021/2 brings strong operational leverage to upcycle
• Seasonal demand & Russian dislocation augment fundamentals
• Summary Arbitration Proceedings regarding termination of combination agreement with Frontline expected to conclude on 7 February

	In USD per day	Q4 2022	Q4 2021
		VLCC
	Average spot rate (in TI Pool)*	$57,400	$12,500
	Average time charter rate**	$34,400	$46,900
		SUEZMAX
	Average spot rate***	$57,800	$11,300
	Average time charter rate	$30,400	$30,400
	Q1 2023 rates-to-date:
	•	VLCC: 50% fixed at $55,000 per day
	•	SUEZMAX: 50% fixed at $54,000 per day

VLCC

57.400

33,065

44,900

24.335

12.500

P&L Q4 2022 Q4 2021 Break-

even

	SUEZMAX
	57.800
37,585
		46,500
20.215
		11.300
P&L	Q4 2022	Q4 2021
Break-
even

5 * Euronav owned ships in TI Pool; ** Including profit share where applicable; *** Excluding technical off-hire days