Euronav Reports Q3 Loss

25 October 2010 (Last Updated October 25th, 2010 18:30)

Euronav has reported a loss of $11.9m during the third quarter of 2010, narrowing its loss of $21m reported during the same quarter in 2009. The Belgian oil shipper did, however, report EBIDTA of $50m during the quarter compared with $35.7m during the corresponding period last year.

Euronav has reported a loss of $11.9m during the third quarter of 2010, narrowing its loss of $21m reported during the same quarter in 2009.

The Belgian oil shipper did, however, report EBIDTA of $50m during the quarter compared with $35.7m during the corresponding period last year.

Euronav said its revenue increased by 17% to $117m, driven by less depressed freight rates for its largest vessels.

The company said freight rates were much lower than in the first half for very large crude carriers because fewer were being used to store oil and because of changes in trading patterns.