Euronav suffers in ‘difficult and challenging freight market’
Belgium-based tanker giant Euronav posted first-quarter net losses on the back of weak tanker earnings and says it is not immune from general oversupply. Large newbuilding capacity and vessels released from floating storage will likely keep earnings low in the short term, says chief executive Paddy Rodgers.
Tanker giant retains large liquidity having secured financing deals to ride out the downturn