Euronav’s Rodgers in ‘acquisitive’ mood

Euronav’s Rodgers in ‘acquisitive’ mood

Historically low prices offer tanker giant Euronav the chance now to be “acquisitive”, the company’s ceo, Paddy Rodgers said today.

Commenting on interim results, Rodgers said: “The tanker market is at an important stage in its evolution with asset prices at historically low levels primarily as a result of limited access to financing becoming increasingly selective and favouring industrial players like Euronav… This is a good opportunity to be acquisitive.”

Rodgers admitted the third quarter was proving “challenging” and current market conditions would impact the fourth quarter too.

Euronav registered a net interim profit of $153.7m, down from $173.2m in the same period of 2015.

Rodgers also confirmed the acquisition of a pair of VLCC resales for $84.5m each as first reported by Splash on July 28.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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