Presentation Q3 earnings call

EARNINGS CALL Q3 2021

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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CONTENT

1. Q3 2021 HIGHLIGHTS
2. CURRENT THEMES
3. SUMMARY
4. Q&A

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		HIGHLIGHTS Q3 2021
•		Several catalysts & seasonal trading patterns have triggered improved freight
		market from early September
•		Q3 remained very challenging but we believe represents the trough of cycle	USD/day
•		New $200m corporate bond at lower coupon completed
•		Q3 cash dividend of USD 3 c per share
•		Leverage at 48.7% with USD 791 million available liquidity
•		23 dry dockings so far in 2021 during challenging market

Outlook

• Q4 so far VLCC 46% fixed at around 13,440 USD per day
• Q4 so far Suezmax 44% fixed at around 9,750 USD per day

In USD per day	Q3 2021	Q3 2020
VLCC
Average spot rate (in TI pool)*	9,000	42,000
			USD/Day
Average time charter rate**	50,250	48,750
SUEZMAX
Average spot rate***	10,250	23,500
Average time charter rate**	29,500	29,500

• Euronav owned ships in TI Pool
• Including profit share where applicable
• Excluding technical offhire days

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

30,000

25,000

20,000

15,000

10,000

5,000

0

VLCC

Q3 20

P&L

B/E

Q3 21

	Suezmax
P&L
B/E	Q3 20

Q3 21

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SHORT TERM CATALYSTS GAINING TRACTION

Recycling	15x VLCCs recycled in 2021 - 4 in Sept
Fuel switching	High fuel prices to trigger 500k-1m bpd
switch to crude this winter
Output converting to exports	Persian Gulf export 550k bpd Sept 2021
Post-COVID demand recovery	IEA forecast 3.3m bpd growth in 2022
Global crude inventory	Well below 5 year averages; build up
required 2022 onwards