Market Realist: Euronav Posts Higher Revenue despite Falling Tanker Rates

29 April 2016: “According to Poten & Partners, the average VLCC (very large crude carrier) rate on the benchmark Arabian Gulf to Japan route for the 1Q16 was $57,000 compared to $59,000 in the same period last year. This represents a reduction of 4% YoY. “Along with Euronav, DHT Holdings (DHT) primarily operates VLCCs. Suezmax rates were hit even harder in 2016. In 1Q16, Suezmax rates were at an average of $26,000 per day compared to $42,000 in 1Q15. This was a 36% reduction. “Nordic American Tankers (NAT) only operates Suezmax vessels. Teekay Tankers (TNK) and Tsakos Energy Navigation (TNP) have Suezmax vessels in their fleets.”