May 7, 2020 / 6:39 AM / a month ago

Euronav reports record Q1, sees strong demand for tankers in 2020

May 7 (Reuters) - Belgian tanker operator Euronav reported record first-quarter results on Thursday, driven by strong demand for its vessels, with management saying it believes this would further continue in 2020.

Euronav, one of the largest tanker companies in the world, reported first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) at $327.9 million, up from $125.3 million in the same period year ago.

“Demand for tanker shipping is currently high and management believes will continue, albeit likely to remain volatile, throughout 2020,” Euronav said in a statement.

It added that the severe drop in demand for transportation is so far over-compensated by demand for storage of crude oil onboard vessels.

Reporting by Charles Regnier Editing by Tomasz Janowski

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