Euronav The Euronav battle goes into extra time, a calendar
Last week, we met with the company to discuss market trends and recent events regarding the Euronav-Frontline combination plans. Although it remains unclear what the final outcome will be, we got a better view on the timing of future material events. The market sentiment towards the oil shipping segment has recovered over the last 12 months against the backdrop of the war and the re-opening policy in China. Our NAV table indicates a stable target price at EUR 14.50 and we maintain our Hold recommendation. The discount to the Frontline combination exchange ratio of 1.45 has decreased over the last 2 weeks after a spike on the news that Frontline unilaterally decided to end the combination agreement. In this note we remind the historic milestones in the Frontline battle and give a preview on upcoming events.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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