Euronav : announces second quarter and first half 2021 results

HIGHLIGHTS

o	A challenging quarter - tanker market dynamics largely static from Q1 
o	OPEC+ output rises not fully translating into higher tanker shipping demand  
o	Counter cyclical investment in new generation of ships via 8 new eco-vessels 
o	Q2 cash dividend of USD 3 c per share 
o	Q3 so far VLCC 43% at USD 8,000 per day; Suezmax 48% at USD 8,250 per day


ANTWERP, Belgium, 12 August 2021 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") reported its non-audited financial results for the
first semester and second quarter ended 30 June 2021 today.

Hugo De Stoop, CEO of Euronav said: "Improving crude demand and the tapering of
OPEC+ production cuts have yet to translate into freight rate recovery. Key
market signals such as global crude inventory levels, rising asset prices and
improved recycling rates suggest solid foundations are being established for
cyclical recovery. However, for freight rates to gain traction crude demand and
supply dynamics will need to go back to their normal pattern and this timing
remains uncertain. Our confidence in the development of the medium-term tanker
market remains positive. The additional recent counter-cyclical investments in
the latest technology bolstered by our Joint Development Program will, we
believe, bring future competitive and sustainable advantage to Euronav."  

The most important key figures (unaudited) are: to be found in attachment

For the second quarter of 2021, the Company realized a net loss of USD 89.7
million or USD (0.44) per share (second quarter 2020: a net profit of 259.6 USD
million or USD 1.21 per share). Proportionate EBITDA (a non-IFRS measure) for
the same period was USD 22.6 million (second quarter 2020: USD 362.1 million).

TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be
summarized as follows: to be found in attachment

EURONAV TANKER FLEET

Sales 
In June Euronav sold the oldest conventional vessel in its fleet, the Suezmax
Filikon
(2002 - 149,989 dwt) for a net sale price of USD 16.3 million and recording a
capital gain of USD 9.4 million.  

Newbuildings - VLCC 
In April, Euronav entered into an agreement with the Hyundai Samho yard for two
VLCC newbuilding contracts. The vessels will both be delivered during Q1 2023,
costing USD 186 million en-bloc, including USD 4.2 million in additions and
upgrades to the standard specifications. In June, Euronav has exercised the
option to contract a third VLCC with the same specifications. The vessel will be
delivered in the second quarter of 2023. The vessels will have the LNG Ready
structural notation and Euronav is working together with the shipyard and
classification society to include an Ammonia Ready structural notation.

Newbuildings - Suezmax 
Euronav has contracted three firm Suezmaxes for a total cost of USD 199.2
million (USD 66.4 million each). The vessels will be delivered in the third
quarter of 2023 and the first quarter of 2024. The vessels will feature a
gradual and increasing degree of readiness to be converted into dual fuel fully
fitted Ammonia ships at a later stage, while retaining the possibility to
convert them into dual fuel LNG vessels, if it would make more commercial sense.

Since the end of 2019 Euronav has sold its interests in eight older vessels
(three Suezmaxes and five VLCCs) with an average build date of 2005. The capital
invested has been recycled into 12 new large tankers, four of which are modern
eco-VLCCs on the water since Q1 2021, next to three modern eco-VLCCs and five
modern eco-Suezmaxes still under construction. The vessels are due for delivery
in 2022, early 2023 and the first quarter of 2024. All these newbuildings will
be delivered in a staggered timing, enabling sustained progress towards the
development of ammonia-fitted tankers and the vessels to benefit from the
application of the joint development partnership established in July with
Hyundai Heavy Industries, Lloyds List, DNV and Euronav. 

Updated Delivery schedule 
Suezmax       Q1 22           VLCC             Q2 23

Suezmax       Q1 22           Suezmax       Q3 23

VLCC             Q1 23           Suezmax       Q1 24

VLCC            Q1 23           Suezmax       Q1 24

Cash dividend related to Q2 2021
Euronav will distribute a dividend of USD 3 cents for the second quarter. 

Q2-2021 dividend (coupon 26):

Ex dividend         	30 August 2021
Record date        	31 August 2021
Payment date      	8 September 2021


In view of the record date of Tuesday 31 August 2021, shareholders may not
reposition shares between the Belgian Register and the U.S. Register during the
period from Monday 30 August 2021 at 9.00 a.m. (Belgian time) until Wednesday 8
September at 9.00 a.m. (Belgian time).

FINANCING AT EURONAV

Euronav continues to maintain a strong financial base and excellent
relationships with its capital providers: commercial banks, equity, and debt
investors. At the end of June 2021, the Company had liquidity of USD 905
million, comprising USD 183 million cash and USD 722 million undrawn committed
credit facilities. 

COVID-19 UPDATE 

Crew changes have remained a challenging operation throughout the second quarter
as once again increases in Covid-19 cases sprang up in various regions and
nations. There is still a long way to go before we are back to a normal crew
change regime. Crews have worked tirelessly at the heart of the world trade, to
keep moving crude. Despite difficulties with port access, repatriation, crew
changes and many more challenges, there can be no denying that seafarers have
gone beyond the call of duty. 

If we are to resolve this crisis and ensure that seafarers are treated humanely
so that their travel to and from work is properly facilitated, more countries
need to recognize the "key worker" status that seafarers deserve. Vaccination
scheme for seafarers continue to gain traction in many countries, including
Belgium, the US and Singapore, which is a very positive evolution. On the 2nd of
June, Belgium started a vaccination campaign for seafarers. In July this
vaccination campaign was expanded to seafarers from all nationalities who arrive
in a Belgian port. We recognize that many seafarers have endured intense
hardship while working to keep trade flowing, and we are grateful to them for
their service.

TANKER MARKET & OUTLOOK

A recovery in the tanker cycle has continued to be deferred during the second
quarter of 2021. Freight markets remained difficult driven by three key factors.
Firstly, long awaited oil production rises has not translated into sustainable
increases in global crude exports. This is mainly from OPEC+ tapering production
cuts and non-OPEC nations (e.g. Brazil & US shale) responding to higher crude
prices. Secondly, persistent localized outbreaks of Covid-19 have continued to
curb economic activity, thus slowing the return to the full pre-covid
oil-demand. This is particularly the case for Jet Fuel demand. Thirdly,
available tonnage, whilst not increasing, has remained stubbornly elevated in
particular in key export markets like the Middle East. 

The anticipated timeline of Iran's return to global oil markets has also been
pushed back. Crude tanker markets would benefit from a resolution of this
situation via (1) a return of additional barrels to the commercial sector and
(2) increasing pressure to exit the market on those (largely elderly)
VLCC/Suezmax tankers engaged in illicit trading activity in recent years. 

However, there are a number of improving elements building foundations for
future recovery. Asset prices continued to rise - VLCC and Suezmax newbuild
prices rising 9% during Q2 alone, as steel prices hit their highest level since
August 2008. Recycling also accelerated during the second quarter - year to date
9 VLCCs have exited the global fleet - more than double of the total amount in
2020. The number of phase out candidates continues to accumulate, with 9% of the
VLCC fleet for instance already over 20 years of age. Elevated recycle values
based on high steel prices, rising bunker prices for higher consuming older
tonnage and upcoming emissions regulations, should incentivize more phasing out
going forward. 

Further pockets of encouragement come from the level of global onshore oil
inventories returning to the five-year pre-Covid-19 average. This is an
important building block required for tanker market recovery to generate volume
demand for crude imports/exports and therefore tanker employment. During the
recent quarter there has been a sustained rise in Middle East cargoes, with
June's tanker cargo count in the region being the highest since December 2020.
Toward the end of Q2 this was reducing the surplus tonnage in the region. 

Higher demand for crude is assumed as economies re-open from Covid-19
restrictions. Economic agencies (IEA/EIA) both expect global demand to be just 1
million bpd below the pre-Covid-19 peak by the fourth quarter of 2021. Strong
oil production growth - historically a key driver for tanker ton-miles - is
therefore required to meet this anticipated 3-4 million bpd forecast demand
increase during the second half of 2021. 

The eventual agreement within the OPEC+ coalition to begin increasing production
by 400,000 bpd starting this month, could see an additional 2 million barrels in
circulation by the year end - with 1 million bpd in crude exports requiring on
average 30 VLCCs to transport them. The target to end the entire 5.8 million bpd
production cuts by September 2022, if enacted, is particularly encouraging.  

These two interlinked factors, demand for and supply of crude, remain the key
variables for tanker markets short term. Visibility on demand remains limited.
Rising crude demand has largely been and led by OECD nations (US & Europe) where
vaccination rates have been highest. Full emerging market engagement (limited
due to lower vaccination rates) and international travel (restrictions on
movement) remain limited in demand contribution. Increases in production need to
translate more fully into exported barrels. Both factors are required to move
into equilibrium with one another before freight rates can gain upward traction
and prevent the (already high) oil price to move to levels where it could
curtail demand. In addition, the recent ramping up of climate change regulations
is a structural feature for the tanker market to manage over the medium term. 

SUSTAINABILITY ACTIVITY

Further recognition of our strong governance and sustainability positioning 

Euronav was pleased to see our strong corporate governance credentials and
sustainability focus recognized again by the Webber Research ESG Scorecard.
Euronav has consistently been placed in the top quartile of this ranking since
it was initiated in 2016. This year, Euronav was ranked 2nd out of 52 US listed
shipping companies. The purpose of the scorecard is to provide a comparable
quantitative and qualitative corporate governance ranking across the marine
universe, including 20% allocated to action and disclosure on carbon. For more
information, please go to the sustainability page on our website for this and
previous year's scorecards.
https://www.euronav.com/en/sustainability/publications/

Appointment of dedicated sustainability manager 

In May, Euronav welcomed Kostas Papoutsis to spearhead directly our ESG efforts
as the crude tanker markets face a challenging set of immediate and medium
sustainability challenges. Kostas joins us from the retail sector and will bring
a wealth of experience in sustainability logistics with him from the academic
and public sectors. 

CONFERENCE CALL 

The call will be a webcast with an accompanying slideshow. You can find details
of this conference call below and on the "Investor Relations" page of the
Euronav website at http://investors.euronav.com.

Webcast Information	
Event Type: 	Audio webcast with user-controlled slide presentation
Event Date:	12 August 2021
Event Time:	8 a.m. EST / 2 p.m. CET
Event Title: 	"Q2 2021 Earnings Conference Call"
Event Site/URL: 
	https://services.choruscall.com/links/euronav210812WCil03hK.html


Telephone participants may avoid any delays by pre-registering for the call
using the following link to receive a special dial-in number and PIN conference
call registration link: https://dpregister.com/sreg/10158392/eac5478e58.
Pre-registration fields of information to be gathered: name, company, email.  

Telephone participants located in the U.S. who are unable to pre-register may
dial in to [phone] on the day of the call. Others may use the
international dial-in number [phone]. 

A replay of the call will be available until August 19, 2021, beginning at 9
a.m. EST / 3 p.m. CET on 12 August 2021. Telephone participants located in the
U.S. can dial [phone]. Others can dial [phone]. Please reference
the conference number 10158392.


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Forward-Looking Statements 

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements 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. The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words "believe",
"anticipate", "intends", "estimate", "forecast", "project", "plan", "potential",
"may", "should", "expect", "pending" and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other 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 contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Contact:
Brian Gallagher - Head of IR, Research and Communications & Management Board
member		           
Tel: [phone]                                          	             
Email: [e-mail]




Announcement of third quarter results 2021: Thursday 4 November 2021
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has
offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and
on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot
and period market. VLCCs on the spot market are traded in the Tankers
International pool of which Euronav is one of the major partners. Euronav's
owned and operated fleet consists of 2 V-Plus vessels, 48 VLCCs (of which four
are under bareboat charter, four are time chartered in and three to be
delivered), 30 Suezmaxes (of which one is in a joint venture, two vessels that
are time chartered in and five vessels to be delivered) and 2 FSO vessels (both
owned in 50%-50% joint venture).

The condensed consolidated statements(unaudited) are: to be found in attachment

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