Euronav beats Q2 expectations on stronger charter rates
BRUSSELS - Belgian crude oil shipping group Euronav on Thursday posted a better-than-expected core profit (EBITDA) in the second quarter, supported by higher daily prices for its fleet.
Core profit in the second quarter came in at $142.3 million, above the $130 million expected in a Reuters poll of six analysts.
The group said daily time charter prices rose for both its very large crude carriers and its suezmax fleet, driven by higher oil supply because of record output in the second quarter in Saudi Arabia, Iraq and Russia.
Euronav said daily rates had continued to climb at the start of the third quarter.
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