Euronav NV “EURN:BB” is an integrated owner, operator and manager able to provide complete shipping services in addition to the carriage of crude oil on its fleet of modern large tankers.
Euronav
NV’s shares jumped 103,16% within three months. (21/10/2013-20/01/2014)
The Company announced the acquisition of fifteen new VLCC vessels from
Maersk Tankers Singapore Pte Ltd for a total price
of USD 980 million. In addition, Euronav NV issued 5.473.571 new shares in
order to increase its capital for 50 USD million with a buying price of 6.70
EUR per share. Several external institutional investors took place in the
capital increase including BHR Capital LLC,
Glendon Capital Management LP, GoldenTree Asset Management LP, Solus Alternative
Asset Management LP, certain funds managed by York Capital Management Global
Advisors, LLC and their affiliates.
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| EURONAV, Three Month Chart |
Full Size Image Here
These
actions had an impact on Euronav’s stock market price which dropped from 9.25EUR
(06/01/2014) to 8.56EUR (10/01/2014), and reached the highest price in a one
year period 10.60EUR (16/01/2014), which shows that investors are eager to
invest in tanker shipping segment, since time charter and spot rates have
improved significantly last months, despite the sudden drop of rates of some main
routes like MEG-JAPAN and MEG-USG.
On
the other hand, BP reported this week in its statistical review of long term
energy that oil is expected to show the slowest percentile growth of all energy
forms, over the outlook period up to 2035.
CG Finance Blog contributor Petros Mpantavis has
no position in any stocks mentioned. CG Finance Blog has no position in any of
the stocks mentioned.
Petros Mpantavis
Shipping Finance Enthusiast Shipping, Trade and Transport Student
University of the Aegean
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