Euronav, a Belgian carrier, faced net loss in 4Q 2012

The executive committee of Euronav NV (NYSE EURONEXT BRUSSELS: EURN) reported its preliminary non-audited financial results for the fourth quarter and full year 2012

The company had a net loss of USD -31 million (fourth quarter 2011: USD -50.6 million) for the three months ended December 31st, 2012 or USD -0.62 per share (fourth quarter 2011: USD -1.01 per share).

EBITDA was USD 26.6 million (fourth quarter 2011: USD 5.9 million). For the full year ending December  31st, 2012, the net results are USD -85.9 million (2011: USD -96 million) or USD -1.72 per share (2011: USD -1.92 per share).

The result of the fourth quarter is affected positively by the revaluation at marked-to-market levels of non-cash items (unrealized) such as hedge instruments on interest rates for a total of USD 600,000.

The time charter contract of the VLCC TI Guardian (1993 – 290,927 dwt) which was running until October 2013 and would have cost the company in charter hire an estimated 13 million was terminated in November 2012. She was the oldest vessel of the fleet and was booked as a finance lease. As a result, the company booked a capital gain of 2.8 million in the 4th quarter.

Euronav directly time-chartered in fleet consist now of only one vessel. The Suezmax Cap Georges (1998 – 146,652 dwt), which is an ice-class vessel, has been chartered out for the winter starting December 1st, 2012.  < Korea Shipping Gazette >