Euronav NV

Latest Results (04.02.2026):

Euronav NV — full year 2023 results (including fourth quarter 2023): the company reported a strong recovery in 2023 with net profit of USD 858.0 million for the year and a fourth‑quarter net gain of USD 406.6 million. Proportionate EBITDA for 2023 was USD 1,190.2 million (Q4: USD 474.4 million), revenues were USD 1,235.1 million for the year, and basic EPS rose to USD 4.25 (2023) from USD 1.01 (2022). The Supervisory Board will propose a USD 4.57 per‑share distribution at the AGM (combining a USD 0.27 dividend and USD 4.30 repayment from the share issue premium). Key strategic moves included fleet optimisation and vessel disposals that generated large capital gains, the closing of the CMB.TECH acquisition in Q1 2024, significant share buybacks and a strengthened cash position (cash of USD 429.4 million at year‑end).

Profit & EPS

Full year 2023 profit after tax: USD 858.0 million (versus USD 203.3 million in 2022). Q4 2023 net gain: USD 406.6 million. Basic earnings per share (2023): USD 4.25 (2022: USD 1.01).

EBITDA, Revenue & TCE

Proportionate EBITDA 2023: USD 1,190.2 million (Q4: USD 474.4 million). Full year shipping revenue: USD 1,235.1 million. Average daily spot TCEs in 2023: VLCC ~USD 47,600/day and Suezmax ~USD 55,700/day — both notably higher than 2022.

Dividends & Capital Return

The Supervisory Board proposes a USD 4.57 per‑share distribution at the AGM (USD 0.27 cash dividend + USD 4.30 repayment from share issue premium), exempt from withholding tax; earlier USD 0.57/share was distributed for Q3 2023 and no Q4 dividend was paid.

Fleet optimisation, newbuilds & sales

2023 and Q1 2024 activity included contracts for 5 VLCCs, 2 bitumen tankers, 2 Suezmaxes and 2 Newcastlemaxes; multiple vessel sales (including 24 VLCCs sold to Frontline) and selective recycling/sales to refresh the fleet.

Capital gains & asset values

Recognised capital gain in 2023: USD 372.4 million; expected capital gain in Q1 2024: ~USD 407.5 million. Tanker values rose across many age segments in 2023, supporting the company’s disposal strategy on older tonnage.

Balance sheet & liquidity

Total assets at 31 Dec 2023: USD 3.419 billion; cash and cash equivalents: USD 429.4 million (up from USD 179.9 million). Equity increased to USD 2,357.4 million. Net debt and borrowing profile were materially reshaped through disposals and financings.

Corporate transactions & ownership

CMB.TECH acquisition completed in Q1 2024 (purchase price USD 1.150 billion; expected common‑control accounting). Mandatory takeover bid by CMB closed with the bidder holding ~80.5% of outstanding shares tendered and ~88.6% including treasury/affiliates. Euronav completed share buybacks and held 25,131,181 treasury shares (11.42%) as of 29 March 2024.

Sustainability & strategy

Euronav received a CDP “B” rating for 2023 for climate action and ranks in the top quartile of the 2023 Webber ESG scorecard; strategy now emphasises diversification and decarbonisation (CMB.TECH adds hydrogen/ammonia capabilities and low‑carbon fleet exposure).

Auditor & governance

The statutory auditor (BDO) reported that audit procedures for the year ended 31 Dec 2023 are substantially completed and did not reveal material corrections; the company also announced Management and Supervisory Board changes in November 2023 and subsequent corporate governance actions.