EURONAV - Hold on, winter is coming
The tanker sector is preparing for a (late) COVID-19 recovery as the global economy is healing its wounds. In this report we have provided our view on how a set of potential scenarios could play out and assessed these in a wider perspective. Although there are a lot of unknowns, in all likeliness, 2022 will be way stronger than 2021 in terms of freight rates. We see several determinants evolving positively, with a clear acceleration over the last couple of weeks. We re-iterate our Buy-rating and increase our TP to €11.Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
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