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OK......LOL.......This thing bothered me, so I looked deeper......The reason the cost basis changed, is because they don't pay out a dividend or distribution......They do a "return of capital" .....Had to read about it......Learn something new, every day......So, never mind(Gilda Radner).
https://www.investopedia.com/terms/r/returnofcapital.asp#:~:text=Return%20of%20capital%20(ROC)%20is,an%20investor's%20adjusted%20cost%20basis.
One final note......Seems to be some discrepancy on other stock info websites out there......I'm finding CBMT and CMBT......
Also, maybe all of these problems correct themselves, once the latest dividend is paid, on July 18th 2024.......
Actually, I just thought of the possibility of some sort of currency exchange loss or gain......USD to Euro.......Maybe.......
I too, noticed this new CBMT ticker, in one of my IRA accounts. It used to be listed as EURN, and both tickers show a company name of Euronav. I have two problems with this "change". I don't see any recent notifications about the change, nor did I see any sort of weird disappear and reappear routine, in my Fidelity account. The second problem is that the new ticker doesn't reflect the correct "cost basis" info, which is seen when I look back in history, back in March of 2024, when I bought the shares of EURN(at a higher price than what CBMT now shows)......The only times I've ever seen the cost basis figures "change", is when a reverse split occurs(with other stocks)......Since I'm pretty sure that no split has happened, I'm currently stumped.....Maybe I need to read some sort of Euronav 10K, 8K, whatever, to find out how such a thing can happen........
Do any of you other Euronav holders here on the board, have a clue......Thanks.
Gerard1, where did this company come from? It just showed up on my followed stocks list. Did they buy another shell or merge with someone to get listed? Im really at a loss to explain why its in my followed list?
EURN has a lot of potential imo
(which one you bought?)
Sold EURN and bought a gold/copper mining stock. EURN is still a good stock but I think my other stock has more upside. GLA
Int'l Seaways, Euronav win FSO contract seen generating $360M EBITDA
http://www.seekingalpha.com/news/3268223
GREAT MOVE up today. Only the beginning of a goooooood move up. Gla imo
Wow! They doubled their money on that sale! Cool!
http://seekingalpha.com/pr/15502016-euronav-sale-of-the-suezmax-cap-laurent
17.50 aye! Nice!
just came across this in my readings..
http://crudeoiltrader.blogspot.com/2015/10/this-unique-oil-stock-is-offering-huge.html
Tomorrow Q2 results.
Prediction:
120-130 million net profit.
The net profit for HY 1 2015 will be about 200 milion.
If the rates keep the same level, the net profit for 2015 will be about 400 million, 2.51-2.55/share.
Euronav's dividend policy is 80% of the profit.
Credit Suisse today reiterated its Outperform ratings and raised its 2015 earnings estimates on tanker companies Tsakos Energy Navigation (NYSE:TNP), Scorpio Tankers (NYSE:STNG) and Euronav (NYSE:EURN).
Aframaxes led another day of surging crude tanker rates Monday, which saw time-charter equivalent (TCE) earnings jump by more than $1,000 per day for each of the three major segments.
VLCCs posted significant improvements both westbound and eastbound from the Middle East, in addition to the ex-West Africa trade, according to Baltic Exchange data.
Seemingly insatiable Indian Oil Corp (IOC) picked up Dynacom Tankers Management’s 300,000-dwt Marina (built 2009) for a ride from the Middle East to India’s West Coast for WorldScale WS 115, or $107,000 per day with idle days excluded, according to Tankers International (TI).
The rate marks a sizeable rise from the WS 83.5 earned last week for a similar journey.
Suezmax TCEs increased by $1,190 to reach $57,400 per day, according to the Baltic Exchange’s daily assessment.
The 159,000-dwt Maran Penelope (built 2009) earned WS 91.3 for a journey from the Middle East to Thailand on PTT’s account, according to Pareto JGO Shipbrokers. That is an unchanged from a similar journey last week.
In the Caribbean, a trip from Covenas, Colombia, to Chiriqui, Panama, on the 165,000-dwt Ridgebury John Zipser (built 2009) was worth WS 128 to Unipec, far above the WS 95 for two similar journeys on Tuesday.
Baltic Exchange data showed significant gains for cross-Mediterranean and northern Europe journeys.
But SOCAR paid WS 95 for a journey from Ceyhan, Turkey, to the Mediterranean with the 106,000-dwt Maratha (built 2003), which is unchanged from Friday’s fixtures, according to Pareto JGO.
And the 116,000-dwt Seaqueen (built 2004) earned WS 78.8 from Point Energy for a ride from the Baltic to the UK or continental Europe, which marked a downtick for a similar journey on Friday that cost WS 80.
VLCC + 4000 $ en Suezmax + 22000 $ https://www.intertanko.com/Members-Information/Research-and-Projects/Research-and-Projects/Indicative-key-figures-/
Credit Suisse Initiates Coverage on Euronav to Outperform with Price Target $20.00
MAY 14, 2015 BY NATALIA SAWYER
Credit Suisse Initiates Coverage on Euronav(NYSE:EURN). In a research note issued to the investors, the brokerage major announced a price-target of $20.00 per share. The shares have been rated Outperform. The rating by Credit Suisse was issued on May 14, 2015.
Results Q1 2015 better than I was expecting.
http://euronav.com/Documents/IR/Press%20Releases/1Q2015%20Earnings.pdf
Tomorrow results Q1, imo:
Ebitda: 120-130 million
Ebit: 70-75 million
Net profit: 65-70 million.
Best Q since fabulous 2008.
Home / Shipping News / Hellenic Shipping News / VLCC fixtures during first quarter increase to 542 vessels
VLCC fixtures during first quarter increase to 542 vessels
in Hellenic Shipping News 25/04/2015
The VLCC tanker market has enjoyed yet another positive first quarter, with Mcquilling Services recently observing in a relative analysis that the number of first quarter global VLCC fixtures has been increasing for more than five years and 2015 is no exception. According to the US-based consultants, “our proprietary fixture data showed approximately 542 vessels (530 in 1Q 2014) were chartered in the first three months of the year, 63% of which originated from the Arabian Gulf. West Africa continues to be a region of focus as light sweet crude that was once headed to the US is finding its way to China and India more frequently. Fixtures from West Africa to China are up roughly 18% year-on-year, while fixtures to India totaled nearly 70?.
Mcquilling added that “Latin America is another growing crude export hub, with Brazil leading the pack. The heavy crude produced in this region is increasingly being consumed by China as the Asian country continues to find ways to diversity its crude sources and its refining capacity complexity grows. According to Bloomberg, Asia-Pacific refiners are forecast to add 5.4 million b/d of capacity over the next five years and many of these plants are being built to process cheaper oils, which may spur demand for heavier crudes from Latin America. This is certainly an optimistic indicator for the VLCC segment going forward as the long-haul trip will likely have a positive impact on ton-miles”, it said.
The report also noted that “in the VLCC sector, the AG/Japan trade has averaged WS 60 or roughly US $58,000/day in the first three months of the year, while AG/USG averaged WS 33 or US $25,000/day. Meanwhile, WAFR/China averaged WS 59 or about US $56,500/day.
Looking at supply, there has been no net fleet growth in the VLCC segment so far this year as four ships have delivered to the fleet and four ships have been sold for demolition or conversion. We anticipate that the VLCC fleet will see a net fleet growth of 16 vessels in 2015?.
Meanwhile, in the Suezmax sector, Mcquilling noted that “global fixture activity increased in the first quarter by 5% year-on-year, with the bulk of the activity coming out of West Africa. There’s been an uptick in fixtures out of the Caribbean by 48%, most of which headed to the US Gulf and East Coast Panama, and out of the East Mediterranean by about 43% in 1Q 15 versus 1Q 14. Suezmaxes also found a lot of additional employment from the Black Sea to the Mediterranean by about 20 fixtures and West Africa to the Mediterranean by roughly 13 shipments. India’s continued thirst for crude oil has been evidenced by a 45% rise in fixtures from the AG to West Coast India in 1Q 15 versus 1Q 2014. Like China, India is also slowly beginning to diversify its imports from non-traditional sources like Latin America in order to begin easing dependence on traditional markets. We recorded two fixtures from South Brazil to West Coast India fixed in the first quarter and it will be interesting to see how this develops throughout the year. Spot rates on the WAFR/UKC trade have averaged WS 90 or US $43,300/day, while WAFR/USAC averaged WS 88 (US $43,400/day). The Black Sea/Med benchmark has averaged WS 98 or US $50,500/day. These rates, as shown in Figure 1 below, are trending much higher than year ago levels”, said Mcquilling.
It added that “with regard to Suezmax supply, there has been a net fleet growth of four vessels so far this year. We anticipate that the Suezmax fleet will expand by just five vessels in 2015.
In a turn of events, the Aframax sector has experienced a 19% decline in global activity in 1Q 15, driven by a decrease in fixtures out of the Black Sea, Caribbean and Arabian Gulf. The biggest decline out of the AG stemmed from fixtures to Singapore as they fell 81% in 1Q 2015 versus 1Q 2014. Fixtures to India declined 39% due to increased competition from the Suezmax segment. Despite the slowdown in activity, spot rates on the Caribbean/US Gulf benchmark have averaged WS 158 (US $46,700/day), up 8 WS points from the same time frame last year. Ullage and weather delays have been the main supporting factors behind the strong rates early in the year. The Cross-Med market averaged WS 119 or US $37,000/day.
The dirty Aframax fleet has grown by six vessels through the first quarter as eight additions were recorded and just two demolitions. We anticipate that this segment will see a net fleet growth of 16 vessels in 2015?, the company noted.
Mcquilling concluded that “like their larger counterpart, the Panamax segment also saw a decline in global fixture activity, but only by 4%. There was less loading activity out of Ecuador, the UKC and East Coast Mexico, while the Caribbean saw an increase of 46%. The Carib/USAC trade averaged WS 154 or US $29,300/day, while the Carib/USG route traded at a three-month average of WS 154 (US $31,000/day). Looking at supply, there has been a negative net fleet growth of two vessels and we don’t anticipate any dirty Panamax ships will deliver this year”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
Euronav to Announce Q1 2015 Results on Thursday 30 April 2015
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EURONAV NV (NYSE:EURN)
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ANTWERP, Belgium, April 23, 2015 /PRNewswire/ --
Euronav NV (NYSE:EURN & Euronext:EURN) ("Euronav" or the "Company") will release its first quarter 2015 earnings prior market opening on Thursday 30 April 2015 and will host a conference call at 9:30 a.m. EST / 3:30 p.m. CET on Thursday 30 April 2015 to discuss the results for the quarter
(Logo: http://photos.prnewswire.com/prnh/20150206/728388 )
The call will be a webcast with an accompanying slideshow. You can find details of this conference call below and on the "Investor Relations" page of Euronav's website at http://investors.euronav.com/.
Webcast Information
Event Type: Audio webcast with user-controlled slide presentation.
Event Date: 30 April 2015
Event Time: 9:30 a.m. EST / 3:30 p.m. CET
Event Title: "Euronav Q1 2015 Earnings Call"
Event Site/URL: http://services.choruscall.com/links/euronav150430.html
Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN conference call registration link: http://dpregister.com/10063437. Pre-registration fields of information to be gathered: name, company, email.
Telephone participants who are unable to pre-register may dial in to 1-866-807-9684 on the day of the call. The international dial-in number is 1-412-317-5415.
A replay of the call will be available until 8 May 2015, beginning at 11:30 a.m. EST / 5:30 p.m. CET on 30 April 2015 by dialing 1-877-344-7529 or 1-412-317-0088 and referencing the conference number 10063437.
Extraordinary and Annual General Meetings of Shareholders 2015: Wednesday 13 May 2015
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 53 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 27 VLCCs of which 1 in joint venture and 23 Suezmaxes (of which 4 in joint venture). The company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.
Regulated information within the meaning of the Royal Decree of 14 November 2007.
SOURCE Euronav NV
Asia VLCC rates at more than 2-month high on supply squeeze, strong demand
Singapore (Platts)--10Apr2015/454 am EDT/854 GMT
Worldscale rates for VLCCs are at the highest in more than two months on tight supply due to delays in Basrah and North Asia and rising demand amid the postponement of refinery maintenance shutdowns, market participants said Friday, April 10.
The number of cargoes is turning out to be much higher than expected in April, providing a sudden uptick in demand, they said.
Until a few days ago the rates were struggling to stay above w50 but have since rebounded sharply.
At least two VLCC fixtures were finalized overnight by Thai Oil for Persian Gulf loading later this month at w65, a level not seen since end January, brokers said.http://www.platts.com/latest-news/shipping/singapore/asia-vlcc-rates-at-more-than-2-month-high-on-27297050
Tanker Market Could See A 100% Jump In VLCC Rates If This Happens
Summary
•A repeal of oil sanctions against Iran could drastically change the demand side equation for tankers.
•The result, according to a report from Morgan Stanley, suggests a 100% rate increase for VLCC's.
•DHT Holdings, Frontline Ltd. and Euronav NV appear to be well positioned to capitalize on these developments if they come to fruition.
A recent report by Morgan Stanley suggests that a repeal of oil sanctions against Iran could send tanker rates soaring. It notes that VLCCs, the second largest of the crude carriers, could see their rates skyrocket to $100,000/day if an accord is reached.
The continuation of negotiations beyond the latest March 31st deadline provided some hope that talks are proceeding in a constructive manner. Any political accords reached during these talks could lay the foundation for a final solution regarding the long running nuclear dispute before the next self imposed deadline by western nations of June 30th.
They aren't the only one noting the potential behind an agreement that will allow Iran to begin crude shipments once again. A recent report from shipbroker Gibson noted "Iran is keen it resume crude oil exports as quickly as possible as the recent fall in oil price has impacted heavily on their already limited ability to export crude. The nation is desperate to get back to its pre-sanction market share. International pressure has forced several nations to cut their dependency on Iranian imports, significantly India which has not taken any NITC VLCC cargoes since November last year."
According to Gibson, an agreement "could immediately release millions of barrels of crude currently being stored on the NITC (National Iranian Tanker Company) floating VLCC flotilla anchored off the Iranian coast."
The Iranian Oil Minister believes that exports could rise from existing levels by 500,000 bbl/d within six months. However, the 37 VLCCs owned by the NITC aren't nearly enough to satisfy those potential exports.
While the prospect of more oil hitting the market is upsetting to OPEC it is exciting for crude tanker owners who will see increasing demand from another supplier looking to distribute their product, even at these depressed prices as Iran looks to recover years of lost revenue.
So what's the play?
Tanker companies already under charter contracts won't see much improvement in pricing until new charters are negotiated. Therefore we turn to companies with high spot rate exposure. Three companies immediately come to mind. DHT Holdings (NYSE:DHT), Frontline Ltd. (NYSE:FRO) and Euronav NV (NYSE:EURN).
DHT Holdings
It wasn't too long ago that tanker rates were sub-optimal to say the least. But that's when DHT made a big bet, and in September 2014 fully acquired Samco Shipholding. Samco owns and operates a fleet of seven VLCCs with an average age of 5 years. In one transaction DHT doubled its current VLCC fleet right when prices were at their lowest and just before a major upswing. Five of those ships are currently on long term charters and two are linked to the spot market. Here's how their current charter schedule breaks down according to their latest 20-F.
(click to enlarge)
Source: DHT Holdings
DHT increased spot exposure over the course of 2014, moving from 44.2% in Q1 to 62.4% in Q4. I would like to think that it was management purposely positioning themselves for a recovery in the tanker market. By shunning long term locked contracts at depressed prices DHT took a risk but it seems once again to be paying off as rates rise and they reap the rewards.
Frontline
Frontline Ltd. operates several VLCC and Suezmax vessels and the vast majority of them are tied to the spot rate. Their latest 20-F shows the high degree of spot exposure, but does not include new deliveries following December 31 of 2014.
(click to enlarge)
(click to enlarge)
(click to enlarge)
Source: Frontline
It is also worth noting that Frontline's Suezmax fleet has a similar amount of spot exposure.
Frontline lists their breakeven rates for the remainder of 2015 at $26,400/day for the VLCC class and $19,400/day for the Suezmax class. If Morgan Stanley's prediction comes to fruition this could dramatically impact the bottom line.
Source: Frontline
Good news for a company that has struggled with less than optimal rates over the past few years.
Euronav NV
Euronav is a Belgium based pure play tanker company. The majority of its fleet consists of 26 VLCCs with an average age of 6 years and 23 Suezmax vessels averaging 10 years of age.
Euronav has deliberately positioned itself toward more spot exposure at this stage of the cycle.
Source: Euronav
The result of increasing rates coupled with this high degree of spot exposure is summarized below.
(click to enlarge)
Source: Euronav
This is based on current breakeven rates (including debt service) of $29,500 and $22,000 for VLCCs and Suezmax vessels, respectively.
Their recent purchase of 15 VLCCs once again demonstrated managements savvy ability to time the market.
(click to enlarge)
Source: Euronav
Time and again they have proven successful when highly accretive opportunities arise. They appear well positioned to capture the upside if Morgan Stanley's predictions come true.
Conclusion:
There are many factors that could lead to increasing rates, the latest according to Morgan Stanley being an accord reached with Iran that would soften or even eliminate sanctions. Of course, one must understand that these are possibilities at this point. There are no guarantees that an agreement will be reached, and even if negotiations are successful there are no guarantees that VLCC rates will increase.
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