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Nicolay Dyvik
  • Nicolay Dyvik

Locking in future dividends

We reiterate our muted tanker outlook for 2017–2018, as Euronav’s updated dividend policy commits to paying USD0.12/share annually, backed by its strong balance sheet and increased fixed income coverage. We reiterate our HOLD recommendation, while we have cut our target price to USD7.0 (7.8).

Euronav - Our preferred pick in maritime space

Strong visibility in 1Q16 High spot exposure to support top line Strongest quarter since 3Q08 but earnings below our estimate Disposal of vessels, a way to rejuvenate the fleet New credit facility has provided financial flexibility Tanker shipping to benefit from current oil market dynamics Oil trade to remain firm but freight rates could weaken

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