EURONAV: Clash – or reconciliation? - of the Titans EURN BB
The proposed merger of Euronav and Frontline combined with a revival of the Saverys-family triggered some of the better corporate drama at Euronav. We conclude that (1) merging is a ‘safe’ option, although upside seems limited and (2) that the situation might not be as binary as it seems. Hold (from Buy) and € 12 TP.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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