Euronav NV (EURN) Bundle
Founded in 2004, Euronav NV has grown into a leading independent tanker company operating a modern fleet of VLCCs and Suezmax tankers to transport and store crude oil for major oil companies, refiners and traders worldwide, guided by a mission to deliver energy in ways that are economically, socially and environmentally viable and a vision to lead the global crude oil tanker industry responsibly; with a 2024 net profit of USD 495.2 million, the company pairs financial discipline-creating long‑term shareholder value and transparent capital stewardship-with a people‑centric culture that emphasizes cross‑functional teams, clear roles, and talent development, while embedding core values of sustainability, integrity, cooperation, excellence, inspiration and adaptability to drive initiatives such as reducing environmental impact and exploring green hydrogen and ammonia as part of a strategic push to reshape the industry.
Euronav NV (EURN) - Intro
Euronav NV (EURN) is a leading independent tanker company focused on the transportation and storage of crude oil using a modern fleet of Very Large Crude Carriers (VLCCs) and Suezmax tankers. Founded in 2004 and headquartered in Antwerp, Euronav serves major oil companies, refiners and traders worldwide, combining traditional shipping strengths with an increasing emphasis on sustainability, safety and operational efficiency. In 2024 the company reported a net profit of USD 495.2 million, reflecting strong market positioning and disciplined fleet employment.- Established: 2004
- Headquarters: Antwerp, Belgium
- Listed ticker: EURN
- Core assets: VLCCs and Suezmax tankers (owned and chartered)
| Metric | Value / Detail |
|---|---|
| 2024 Net profit | USD 495.2 million |
| Primary markets | Crude oil transportation and floating storage-global trade lanes |
| Fleet focus | Modern VLCCs and Suezmax tankers |
| Head office | Antwerp, Belgium |
| Key customers | Major oil companies, refiners, commodity traders |
- Deliver safe, reliable and efficient crude oil transportation and storage solutions to global energy markets.
- Create long-term shareholder value through disciplined commercial and capital allocation decisions.
- Operate with the highest standards of safety, compliance and integrity across all operations.
- To be the world's most trusted independent tanker operator-recognized for operational excellence, financial strength and leadership in sustainable shipping.
- Continuously innovate vessel operations, commercial strategies and environmental performance to meet evolving energy market needs.
- Safety-first: uncompromising focus on crew, cargo and environmental protection.
- Integrity: transparent governance, regulatory compliance and ethical conduct.
- Excellence: operational discipline, technical upkeep and commercial expertise.
- Accountability: measurable targets, performance tracking and clear responsibility.
- Sustainability: reducing environmental footprint while enabling energy market stability.
- Fleet renewal and maintenance-prioritizing fuel-efficient engines, hull optimization and digital voyage optimization to lower fuel consumption and emissions.
- Safety management-robust ISM/ISM-linked systems, vetting performance tracking and continuous crew training to minimize incidents.
- Compliance and reporting-enhanced ESG disclosure and alignment with maritime regulation (IMO) and investor reporting expectations.
- Profitability: 2024 net profit USD 495.2M, with an emphasis on free cash flow conversion and balance sheet strength.
- Utilization: high fleet employment across contractual and spot business to maximize TCE (time-charter equivalent) earnings.
- Safety & environment: planned investments in fuel-saving measures and monitoring of emissions intensity metrics.
Euronav NV (EURN) Overview
Euronav's mission is to deliver an essential source of energy in ways that are economically, socially, and environmentally viable now and in the future. This commitment underscores the company's dedication to providing reliable energy solutions while upholding high standards of safety, quality, and environmental responsibility. For its clients, Euronav aims to operate in a manner that contributes to the success of their business objectives by providing flexible, global, high-quality, and reliable services. This focus ensures that clients receive tailored solutions that meet their specific needs, fostering long-term partnerships. For its shareholders and capital providers, Euronav strives to create significant long-term value by strategically planning financial and investment decisions while efficiently, consistently, and transparently acting as good stewards of capital. This approach reflects the company's commitment to financial prudence and value creation. For its employees, Euronav is dedicated to attracting, inspiring, and enabling talented, hard-working individuals to develop themselves in order to contribute to the company's business and its vision in a challenging and rewarding environment. This focus on professional growth ensures a motivated and skilled workforce. Euronav emphasizes high involvement and flexibility, with much of its work carried out by cross-functional, cross-branch, self-directed teams. The company maintains clarity in roles, expectations, and authorities, ensuring that all team members understand their responsibilities and can operate effectively within the organization.- Safety, environment and compliance: continuous investment in vessel technology, crew training and third‑party audits to meet or exceed IMO standards (including SOx/NOx and ballast water management requirements).
- Client focus: global commercial network providing prompt cargo matching and voyage optimization across major crude trading hubs (Rotterdam, Singapore, Houston, Fujairah).
- Capital stewardship: balanced deployment of cash from operations to debt reduction, vessel acquisition / retrofitting, and shareholder returns when market conditions allow.
- People & organization: decentralized, cross‑functional teams with clear authorities and responsibility matrices to support rapid decision‑making in volatile markets.
| Metric | Value (approx.) | Notes |
|---|---|---|
| Public listings | NYSE (EURN), Euronext Brussels | Dual listing provides broad access to capital markets |
| Fleet size | ~57 vessels | Mix of VLCCs and Suezmax tankers (owned and long‑term chartered) |
| Average fleet age | ~7-9 years | Continuous program of eco‑retrofits and newbuilding assessments |
| 2023 Revenue | ~$1.7 billion (approx.) | Pro forma market exposure to spot and period markets; subject to freight rate volatility |
| Adjusted EBITDA (2023) | ~$900 million (approx.) | Reflects improved tanker rates during parts of the year |
| Net debt (approx.) | ~$1.0-1.3 billion | Ongoing focus on deleveraging and refinancing to optimize cost of capital |
| Employees (shore + sea) | ~1,000-1,300 | Includes seafarers, technical, commercial and corporate staff |
- Operational performance indicators: voyage TCE (Time Charter Equivalent) and fleet utilization are core KPIs used to measure commercial success and are tracked daily by the commercial and operations teams.
- Environmental KPIs: CO2 intensity (gCO2/t∙nm), fuel consumption per vessel-day and % of fleet compliant with Tier II/III and EEXI/EEDI benchmarks guide investment in efficiency upgrades.
- Financial KPIs: Net debt / adjusted EBITDA, liquidity runway (cash + undrawn facilities) and charter coverage for the next 12-24 months determine capital allocation choices.
- Client reliability: optimize voyage economics and cargo scheduling to support customer supply chains across crude-rich regions.
- Shareholder value: disciplined capital allocation balancing fleet renewal, debt reduction and opportunistic returns when cash flow permits.
- Employee development: structured training, career progression and cross‑functional team empowerment to retain technical and commercial talent.
- Environmental compliance & transition: incremental investments in fuel-efficiency technologies, slow‑steaming practices, and evaluation of alternative fuels and retrofit solutions.
Euronav NV (EURN) Mission Statement
Euronav NV (EURN) positions its mission around safe, efficient and sustainable leadership in the global crude oil tanker industry. The company's mission drives decisions that balance commercial performance with maritime safety, environmental stewardship and strong stakeholder relationships. Vision Statement Euronav's vision is to lead the global crude oil tanker industry responsibly by setting the highest standards in safety, operational efficiency and environmental performance. The company seeks to proactively reshape the industry amid transformational change, embracing innovation and sustainable programs that reduce environmental impact and align with global climate objectives. Central to this vision are shared values and decentralized authority that empower crews and shore teams to act with integrity and agility.- Lead responsibly: drive safety-first operations across a modern fleet.
- Seize transformation: adopt proactive strategies during market and regulatory shifts.
- Advance sustainability: implement programs to minimize greenhouse gas emissions and pollutant discharges.
- Empower people: foster decentralized decision-making anchored in shared values.
- Collaborate broadly: strengthen teamwork ashore and at sea and participate in industry best-practice forums.
| Metric / Indicator | Value (latest reported / target) | Notes |
|---|---|---|
| Fleet size (vessels) | ~53 | Combination of VLCCs and Suezmax tankers (operational fleet) |
| VLCCs | ~39 | Primary long-haul crude carriers in the fleet |
| Suezmax | ~14 | Regional crude transportation capacity |
| Total deadweight (approx.) | ~9.5 million DWT | Aggregated carrying capacity across fleet |
| Average fleet age | ~9-11 years | Reflects investments in newer tonnage and selective recycling |
| Employees (ashore & at sea) | ~1,800 | Covers seafarers and shore-based staff |
| 2023 Revenue (approx.) | €1.5 billion | Reflects freight, time-charter and voyage revenues in a volatile tanker market |
| 2023 Adjusted EBITDA (approx.) | €600 million | Indicator of underlying cash profitability before financing and non-recurring items |
| 2023 Net result (approx.) | €150 million | Net income attributable to shareholders (subject to market cycle) |
| Market capitalization (mid‑2024, approx.) | €1.2 billion | Equity market valuation fluctuates with tanker rates and macro conditions |
| CO2 intensity reduction target | Aligned with IMO: ~40% by 2030 (vs. 2008 baseline) | Targets align with industry/regulatory frameworks and operational measures |
| Key sustainability measures | Hull coatings, slow steaming, voyage optimization, retrofit energy-efficiency tech | Deployed to reduce fuel consumption and emissions intensity |
- Integrity: transparent reporting, compliance with maritime regulations and ethical conduct.
- Cooperation: cross-team coordination and industry collaboration to raise safety and environmental standards.
- Excellence: continuous improvement in technical operations, crewing and commercial performance.
- Inspiring leadership: enabling staff and seafarers to take initiative within defined risk frameworks.
- Sustainability: measurable emissions and waste-reduction programs integrated into fleet management.
- Adaptability: nimble commercial posture to capitalize on market cycles and regulatory change.
Euronav NV (EURN) Vision Statement
Euronav NV (EURN) positions itself as a global leader in crude oil transportation, combining commercial excellence, operational integrity and a forward-looking sustainability agenda to deliver safe, reliable and carbon-conscious shipping services for oil majors, traders and refiners.- Integrity - transparent communication, accurate reporting and respectful conduct that build trust with employees, customers and capital providers.
- Cooperation - cross‑departmental and ship‑to‑shore collaboration to maximise voyage performance, reduce off‑hire and streamline decision making.
- Excellence - continuous improvement in operations, technical maintenance and commercial performance to capture efficiency and market opportunities.
- Inspiring - leadership in deploying the company vision across teams, fostering curiosity, learning and strategic alignment with long‑term goals.
- Sustainability - reducing environmental impact through energy efficiency, alternative fuels (green hydrogen / green ammonia advocacy) and investments in low‑carbon technologies.
- Adaptability - nimble response to market cycles, regulatory changes and technological shifts in the tanker sector.
| Metric / Indicator | Latest published figure (company reporting or market data) | Reference timeframe |
|---|---|---|
| Owned and long‑term chartered fleet (approx.) | ~56 crude tankers (VLCCs + Suezmax) | Company fleet disclosures, recent years |
| Average VLCC exposure | ~40+ VLCCs (core large crude capability) | Fleet composition, latest reporting |
| Revenue | ~€1.1 billion (annual, recent year) | Latest annual financial statement |
| EBITDA (annual) | ~€400-500 million (year dependent on TCEs) | Recent annual results |
| Net result | Yearly volatility: profit or loss depending on market cycle (marked swings observed during 2020-2023) | Annual financials |
| Time Charter Equivalent (TCE) sensitivity | Daily VLCC TCE swings of >$10,000-$50,000 impact annual earnings materially | Market volatility observations |
| GHG / decarbonisation progress | Double‑digit % CO2 intensity reductions since baseline years; active trials for alternative fuels | Corporate sustainability reporting |
| Safety performance (LTIF / TRIF) | Low single‑digit LTIF / TRIF metrics consistent with industry best practice | Safety reports |
| Listing & ticker | Euronext Brussels - EURN | Current capital markets |
- Integrity - full regulatory disclosures, adherence to sanctions, transparent ESG reporting and regular investor communication.
- Cooperation - integrated voyage optimisation platforms, shore‑based commercial teams aligned with vessel operations to reduce ballast days and improve utilisation.
- Excellence - vessel life‑cycle management KPIs (on‑time maintenance, class status, drydock performance) with targets tied to technical availability.
- Inspiring - talent retention/learning metrics, leadership development programmes and internal strategy cascades to align departmental plans with corporate vision.
- Sustainability - emissions intensity (CO2/t‑nm) targets, pilot projects for fuel switching and energy‑saving retrofits, and partnerships to develop green hydrogen/ammonia pathways.
- Adaptability - flexible commercial strategies (spot vs term mix), active fleet renewal policy and modular retrofit programmes to respond to regulation and fuel availability.
| Priority | Target / KPI | Timeframe |
|---|---|---|
| Decarbonisation | Year‑on‑year reduction in CO2 intensity (%) and pilot alternative fuel trials | Ongoing-medium to long term (5-15 years) |
| Fleet quality & reliability | Technical availability > 98%; planned drydock on schedule | Annual rolling target |
| Commercial resilience | Optimise spot/term mix to stabilise TCE exposure; maintain liquidity buffer | Quarterly/annual |
| Governance & transparency | Timely investor reporting, robust sanctions compliance | Continuous |
| People & culture | Employee engagement scores, retention rates, training hours per seafarer | Annual |
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