The Belgian tanker owner reported a $27.1m loss in the three months to 30 September, versus a deficit of $34.9m in the third leg of 2012.
Euronav’s bottom line came in $3.9m higher than consensus estimates and almost $10m higher than predicted by Brussels-based KBC Securities, thanks mainly to suezmaxes operating in the spot market.
Those vessels earned an average of $17,000 daily, well above the $12,750 per day anticipated by the bank.
“Recall that at the end of August, Euronav disclosed that 68% of the spot Suezmax days for the third quarter were booked at $14,700/day,” KBC said in a note to clients.
“Since then, average Suezmax rates plunged from about $15,000 per day at the end of August to below $5,000 per day at the end of September.
“Hence, we are a bit surprised to see Euronav having realised an average of $21,888/day for the remaining 32%.”
It added: “Following discussions with management we understand that Euronav benefited from some very lucrative voyages in September, which will however backfire to some extent in Q4 (lower rates on backhaul voyage)."
The $21,000 daily achieved by Euronav’s time chartered fleet was in line with expectations, KBC said.
The bank has upgraded its tag on the company’s stock from ‘hold’ to ‘accumulate’ in the belief that a recovery is not too far away.
“While our upgrade might come early and we are well aware of Euronav’s current balance sheet structure, we also note that order books have come down and asset prices seem to have bottomed out,” it said.
