THE Belgian-based tanker owner Euronav made a first half net profit of US$134.2m, compared to US$124.7m in the same period last year. EBITDA was US$250.9m, up from US$224.7.

The company notes that the average VLCC daily time charter equivalent (TCE) rates obtained by its owned fleet was around US$56,250/day in the second quarter, up from USD$51,750/day and US$54,600/day for the first semester, up from US$67,000/day.

It adds: “The time charter earnings of the suezmax fleet which is fixed on long term time charters, was US$34,000/day for the second quarter, up from US$33,550/day) and US$34,850/day for the first semester, up from US$32,600/day).

Euronav has interests in 25 VLCC and ULCCs, of which 10 vessels are chartered in from third parties either directly or jointly with partners. Of these 21 VLCCs and 2 ULCCs are managed in the Tankers International pool of which Euronav is one of the major partners. Euronav owns and also operates 14 suezmaxes and 2 aframaxes. Euronav also has now a further 4 suezmaxes and 2 VLCCs under construction.

Reviewing the market the company says: “Against seasonal expectation, the freight market in the second quarter was higher than in the first quarter. This was due to a strong crude oil demand from China and a much higher number of VLCC being converted for offshore projects.”

It says: “In recent weeks the market has softened noticeably following a much anticipated seasonal trend. The outlook for the rest of the year remains nevertheless positive with demand typically increasing toward the end of the third and during the fourth quarter as a result of both weather disruptions and seasonal heating demand.”