Euronav: When it rains, it pours... oil
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, 2020 will still be a strong year with 2021 looking far less rosy. We reiterate our Buy rating and foresee, strong cash generating in 1H20. However, we note that risk/return wise we would not hold on to the shares into 2021 while a OPEC+, Russia supply cut hangs as a Damocles sword above the market. We are short term bulls, mid-term bears.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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