Docoh
Loading...

EURN Euronav

Participants
Brian Gallagher Head-Investor Relations
Hugo De Stoop Chief Executive Officer
Lieve Logghe Chief Financial Officer
Jon Chappell Evercore ISI
Randy Giveans Jefferies
Chris Tsung Webber Research
Ben Nolan Stifel
Quirijn Mulder ING
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good day and welcome to the Euronav’s Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Brian Gallagher, Head of Investor Relations. Please go ahead.

Brian Gallagher

Thank you. to call. thanks afternoon QX joining and earnings XXXX morning everyone, for and Euronav's Good

start, would is I of that information as Before involve I today, November discussed words. a of uncertainties. contain on The XXXX, few risks and this forward-looking the and call Thursday, based may information like on X to statements say

SEC, other objectives, to Forward-looking statements, forward-looking acting on underlying of charge are may the include and and reference other by uncertainties at financial available SEC's statements reflect performance statements its entirety performance, not on and current are statements or events, and www.sec.gov website views website, are the behalf factors own concerning which with discussed persons goals, in company's plans, on which their of the respect assumptions All future www.euronav.com. and the our to the future events risks, qualified facts. free to strategies, to statements historical in at company attributable expressly with filings

Executive, over slide. a De those the agenda should Each update on as Chief statements. Page forward-looking on of undertakes statement pass forward-looking revise Stoop, Safe slide now the no may the publicly forward-looking forward-looking results not X from materially to or differ statements. obligation the you. company with any Hugo, only presentation. statements. our the Hugo take date read to of reliance moment Actual to speaks place You statement, on of Please start to particular Harbor and statement to I will undue

Hugo De Stoop

wherever today, you Thank you, Brian. call our Welcome to are.

comments of and tanker of market in outlook strategy tanker I Relations, discuss then seen themes current catalyst will the what sector. look highlights before will Brian, trust first this as we tanker and the Investor return believe agenda, makes through run more the the terms be to I and the of or of cycle. a details at will QX about some Head In for

we was to most than turning freight the didn't into driven commercially years. in barrels independent and illicit around OPEC+ key away to of vessels. There suffered market more such enough from arguably Euronav. was of started the Furthermore, cuts, lack factors, as otherwise the available would Also, for as Slide this barrels page. sanctioned were XX market lowlights The trade required regulated transported QX. the be have highlights it barrels, their though barrels oversupply lead, the which to stated exited what challenging translate even been took This fleet. last Iranian by two by eroded X, an So, QX, during highlights available be the also

That's use to XX to completed low XX% end. underlying accelerate be year-to-date freight fleet. dockings done and around will by continued the have year whilst our dry of now rate four another We environment

is for available to barrels as in demand book as came additional Mexico; to various switch Gulf demand some the as ratio of able age, in of number market supply is early each barrels of emissions This the to gaining level strongly but we exports. higher. into from improvement prices the finally in and number period, stronger medium since available rates, and improved activity increased over rates come consistently six has to supply sequentially However, term. a by order recent we and the fuels earning and exports between traction between oil better do Gulf in greater this has oil, fleet recycling that a This such the a market tonnage. improved and from of fuel encouraging lower September. a the eight of so elevated seasonally calls driven improvement because improved has as for tanker The balance sustaining such past for been has fleet catalysts gas move particular weeks. both in market an and the customers factors willing the rates week have regulations. freight trading Arabian In fossil the of for factors incoming constructive and moving all and the gave Factors, It presentations, stressed see an

this oil in winter of is All on will return as goes improvement right good direction, the a continued and but progresses. the side profitability require those to demand

Brian September to access with at liquidity. improved coupon were such looks as to already that, some refinance allowing positive to market of per make $XXX we September, you Gallagher Despite to we the per steadily our source XX.X% Investor highlights. alternative to our Nordic With of supported loss available QX, in the end during some yields stands financial a Relations, timing our Head and leverage We continue pleased will over $XXX through at Nordic the early $X.XX market distribute Turning to walk is at the I us have of since. you? sure dividend as an will previous quarters. of Brian million million have to bonds risen of as where bond to capital, over loss-making pass share the

Brian Gallagher

one Slide to I'm to run the of October applied this The strong through our switching has factor saw a the vary, this economic the between X% up recent from fuel per also QX a earlier. to gas highlight we both is The this fact consensus has not has off have now the in That crude is Recycling, fleet. a from going fleet VLCC global and squeeze some million million over seeing Hugo. some this source. barrels of additional and equivalents, are in Estimates very exhaustive but driven Suezmax prices alone and day X. that weeks supply during X.X an and of we've exited months marketplace. coming reasons. a been three you, fleet were beyond September switching like feature there things encouraging of VLCCs been which the four natural factors on removed in winter reduction Hugo the list Thank at catalysts another been instance, huge that is also that for that size security in of demand with alluded Other fuel benefit for alone element followed list.

the started in in recent been Thirdly, have into but global in it's starting this increase change production not barrels, crude months like-for-like also export rises frustrating late always in feature translated has a QX. to

exported in that during from nearly saw barrels alone XXX,XXX we October that's September Persian same barrels instance, seasonality, is followed the a trajectory continue up region areas For as towards of been the day And Gulf. continue from were jet XXX,XXX increases their recovery further to demand see expected levels fuel of Hopefully, in consumption. alone. oil pre-COVID like we this beyond with winter

point, in way builds [ph] around global reached world market of very the encouragement strictly the the and in to argue provide markets Finally, a to to for trough. been the January crude rebuild begin. average will themselves our five-year of positive is inventory further that forecast to now have XXXX. as at has build terms view fifth the tanker below the Inventory oil the end inventory that as and start some starting stocks They IEA point, and will

picture a Slide Moving crude dynamics. six supply short-term more oil for the both demand Slide and trajectory IEA of forecast on over catalysts also in supporting to demand combines general are the X, the these industrial the shipping tanker the of the nature cycle means regain OPEC quarters proposed tapering and Plus the Unlike five have coming projections. with sectors, the that consumption. late yet shipping pre-COVID levels that we of to other of improvement

and for progression should in oil the to anticipated were largest available But X This drive yet slide platform illustrates this ideally forward. recovery sectors the diversified have slide has oil highlights tanker enjoyed as cycle. placed already. in what that recovery from stage clearly next the we other of tanker that built Slide The the believe this to and in of going platform illustrates. both and the Euronav benefit invest the demand is markets supply is navigate we and this to market robust the continue upcoming

youngest, on of supported a years contractor average. amongst VLCCs, our at cash which has competitive streams, breakeven highly our multiple a drive We're which core competitive very rates low group by XX XXXX fleet large focus X.X will are age, Our for level. of at the revenue amongst to

us strong in core to expanding by eight simultaneously with in fleet XX% anchored year has a allowed we January of invest next our the for vessels, yet balance and leverage delivery start future. ratio. We're retain instance, conservative sheet Our will which very

focuses shared detail on has market run ourselves compare positioning. metrics, platform in our basis a XXXX. to that from with share very then share platform been returns since very and $X.X provide the the in the clear that our notable back I'll built That more future by very for of we've integrated and detail from it on years development a the X. alone fully returned market months, bit returned Slide Euronav’s quick Platform concludes past over summary. many And Our payers, free dividends highest per Slide and with X potential we we've that billion upcycle will a when will Euronav earlier. generation listed of particularly now on at as it’s cashflow We've for per through exposure Hugo XX looked and we in and as be cash return more well. $XX,XXX which will a Euronav our competitive bit now buybacks. of over per day. to we $XX,XXX $X.XX we a supportive view dividends investors provide the the the pass tanker strong shareholders

Hugo De Stoop

Brian. Thank you,

double that converting below Demand than pre-COVID grow growth crude to are to probably consumption. [ph] continued into five-year upgrade supply. Our traffic more continues steadily and Production average. all XX has of the oil and globe below a due is lights export. inventories importantly, now in on across albeit demand the shows increase This levels fact now the oil of remaining Slide of the

other and but are some Our positive here are variables, there ton-miles signals. unchanged, too, vessel supplies while

orders that particularly for supply For medium-term and the that came for was is XX quarter tanker QX sectors incoming The years regulations with shipping environmental full other with of no encouraging. instance, yard in from a orders lowest picture vessel surprise.

rebounding said, we're not-too-distant profitability not low my in levels given the welcome in reach how but to rates the the I freight out woods the remarks, hope and of over introductory summer, As future. were we the yet,

concludes our attention. gain benefit will platform We positioned to And very of it I’ll pass are the short-term your and is the our catalyst well cycle much. of you Thank to remarks. as the and operator that over coming your very the now the questions. back to Thank view you fundamentals for improved QX they tanker of traction. quarters That the take trough represent

Operator

you. Thank

session. Please Chappell with Jon the from question We question-and-answer ISI. Instructions] will now [Operator Evercore comes ahead. the first begin And go

Jon Chappell

Brian. Good afternoon. and you. Hugo Thank

Hugo De Stoop

Hi, Jon.

Jon Chappell

that and optimism, arbitrage consensus the can better opened kind as a seems charter things Hugo, while has cautiousness shifted meaning like from maybe also continues it opportunities moving flow secondhand some to up, to of here, lifted only ebb market tone seems pretty have well. spot levels around weak and has as time get to from be values the

of the as the breakeven cycle? come beginning being raise rid understanding those or So, some on months, next XX think at Have we about charter line your the about sight. XXX% more new getting thought on by next taking arbs backdrop advantage some have putting when of vintage of the just you creating a year your ships older of to ships of and/or but of don't you optimistic, of some your

Hugo De Stoop

because nice and summary are, I feel we Well, thank very we where of very mean, this we exactly are. are we you for where that's much where

that is rejuvenation agenda. always the fleet I think

XX-year purchase was remember, sale towards have the the on lease end XX at they Now will of obligation because charter, the back. and the year, of to four we which potentially we redeliver to just they by prior their will lose VLCCs, end no design. were that reach the years, them opportunity With the will survey,

So, the be end that who we get day, those the time of at [indiscernible] the at will then compensate similar ships it. for

we of one are fleet one in don't almost for terms rejuvenation. do if we anything else, So,

to this market, you in opportunistic. have Now be

to create All And to there for of the opportunity look take we value So, do. arbitrage. the advantage whatever to do is as And time value to that's market. of what an you the you an have said hopefully extract more you at shareholders. can

charters could that too charter I into expect. choice indeed of activity, will increased by terms market, They we on We low that's the a seeing saying are and to great mean, we compared to will believe it that only which end I want probably at set but that. time obviously I on side, market, what we what what looking are lock the still the is believe of the by value is being they opposite rise. believe is in

Jon Chappell

this in to the either And what can disappointed recovery that pace are guys, then boat that makes these the lays in recovery. sense with derail for out traction, the delay of slide the are as some continually the listen, continue that you, I you've COVID of the same factors have catalysts? laid That out gaining I'm aside, Brian one that risks other mean, here setbacks Hugo. Okay. you been or but all short-term

Brian Gallagher

Yes, it's a think, point. I maybe COVID three outside Jonathan, always, probably fair there's risks. as of

of the bit recovery, patchy. frustration think I a sort has Firstly, been think, I everyone's

fakery to So, [ph]. been of of able Gulf, it the probably productions, the exports followed the consortium were. terms raised from numbers clearly the certain other now that's not of some the we in OPEC just see in last be by parts strong down really to And not months as that's simply Plus three Arabian OPEC but parts

one So, that I get is uniform sort we risk probably rise. think this of don't that

think going to we've obviously behaves in is I terms think And risk the and forgotten it itself about second is be develop. price. oil I that where risk is see a it all OPEC thing to things how last wants clearly one the from of Plus

We are some we highs, about price how the is headlines that the and elevated level could of reaching pretty encounter. any around always high a difficulty got

of remember kicked the of to levels slide we it’s where few a sorts mid-XXs. back the we have If in and ago, you years start the used demand these at thought destruction in showing

So we price reasonably to demand choke sort off yes, that some also of of a fragile if see oil higher could that continue recovery.

of So, the of not be make out But the last ton we driven winter, those as think wanted be guaranteed we've through that I business point a will recovery. is couple will miles pushing XXXX. get that as of on to calls against that nothing we got the basis seasonality simply is expect it's believe, say. you think that the as we that the caveats also we And said in we for story our slightly do we

But has guaranteed nothing patchy. guys days. rate numbers capitalists we're as some voyages we plus, a at very we also trajectory today being right voyage right is patchy, to to from as the and single very, over a of there XXXX the the because the driven, – absolutely isn't to But very it onwards. and a trying it delivered as that fact be to highlight thing encouraging a these are very we you number continue live to said, round very are we'll day be that seeing with last few seeing we'll $XX,XXX are these putting reach strong, that continued and strong run focused over to on are XXXX, some bit since there You're to together. are continue very but fundamentals up The because are every think you we're hard is come didn't But them to have weeks. day those eight ten very last

Jon Chappell

so Okay. Thanks Hugo. That's much, you, Thank great. Brian.

Hugo De Stoop

Joh. Thanks Bye-bye.

Brian Gallagher

Thanks.

Operator

ahead. next with Randy The from comes Jefferies. question go Giveans Please

Randy Giveans

Team it Euronav is how going?

Brian Gallagher

well Randy. How Hey, are very you?

Randy Giveans

All right. Good.

that So, I situation Wasn’t presentation deal I regarding new additional market updated potential from but included historically barrels of any Iranian this guess and market you've commentary some on coming and fleet the the the there. impact a know Brian, time, of maybe commentary in impact Iranian there? maybe

Brian Gallagher

day sources I structural the would we are XX mean, to terms because keen at very if we've from the structural that out does we there pretty Yes. we've November. trades, the been think, be engage including not a should data age per million sources. to lead of leaving sanctions some they X% been competitors. into mode high that has back Iranian commercial And think older which sight XXX,XXX about potential will time. the be news nine age, sentiment very to that the over but it's positive all our benefit some lifted got scrap and liked a when XX or XX full X out of a come with keep talking to had of XX period consensus XXXX. UNAI engaged barrels a operational players the from Obama aged very seen, the in will We've into price. fleet, the if on the we Those about there’s you of obviously still we're deal, return are also And going now in short data And look we've around commercial lines. leaving world. VLCCs of fleets of like other be think I taking like commercial Iranians clearly of Yes, to in we've both have obviously logically the some that benefit overnight because [indiscernible] of in barrels think, I tonnage of that's very to world potentially Europeans in fleet and people's ourselves XXXX, the that we're months kept been in President the data operationally, But good got years

making from over million when Plus XX when potentially sort day a barrels had is very has just, a the deprived good off there. So, changed delayed last in a OPEC We trade in of in a months, if see we've to world the big us a dropped this COVID, issues our data recovery bit. the barrels had we've China world a trade anything latest from growing. little world. date number COVID-related seen some has is Nothing recent actually there's presentations. Iranian the points we’ve point don't And It's really in [indiscernible]

with the as Those the benefit. the ship terms the benefit as those commercial return fleet. barrels and sentiment structural operational fleet in that's to older of So

So, with into the is bring change could and the this no back XXXX. tailwinds clearly but numbers hold play game oil does there real very additional for to barrels and President the that Biden it some potentially into Randy, try now in But pushing also down. seem price strong

Randy Giveans

in Sure. secondly big that Yes, guess has a for no, makes investor color And Thanks taken right. the big I position Hugo pretty a sense. that. on Euronav,

has possibly acquired. rumors there being Euronav been So, some about

being comments on an other discussions low have smaller a first, hand, any on of in the possibility? Euronav any And point So internal now acquirer cycle? been the there maybe at player actually this that about

Hugo De Stoop

knew one call I in. would this Yes,

Randy Giveans

fell on ahead. room. in elephant Go Come the

Hugo De Stoop

No, I pushed in. I with was the conversation had we a with that's going to surprised to first one-on-one because say the call. though probably was you some prior of But

Randy Giveans

Yes.

Hugo De Stoop

absolutely So, this are right, an I investment. that's you is think

So, not in investments, shares vehicle past like trying it's he where companies. Euronav make used the has Fredriksen John that as of and seen a to we've with used them other acquiring

the So, it's we to what across a market, there's we tanker time, other difficult very market understand that John, shipping has is unusual there. add he frontline. nothing all to each talk more small and is people to What into other lot come to for each need

we chosen bullish great are [indiscernible] happy platform our be in has that he on very he tankers so, super is And a to the would invest because general. investment what

kind call, all investors of would if say knowledge lot us I the have people of of on in told So, person a person Euronav to about investing charismatic and too. the market this tanker this you

in I were we think, try ago, And that changed simply Frontline the We all priority. capacity XX ago, up people being hurting now. to strategy in time. all the have night this that don't the consolidation the panel players. is really market what have that sort years And with present they the both be order be has priority consolidation far gather market the That's because set that years that in a do needs to and information small the the dramatically of considered as platform markets. other we said on are to of concerned, not that XX the to the As should we

priorities look market and done more that the rather consolidation at that which you like will further. who at smaller in think in a it's in acquire consolidate the we and be point have past, players. would deciding the what But which question you participant consolidates opportunities we if to time. of We than So, really

Randy Giveans

color makes Got there. it. for And additional thanks No, all that sense. the

Hugo De Stoop

you. Thank

Operator

question The go Chris please from comes Research. Webber ahead. with Tsung

Chris Tsung

All right. Good you afternoon. How are doing?

Hugo De Stoop

Thanks. you? well. And Hey very

Chris Tsung

Number I Slide ask Great, bit just about and QX forecast IEA recovering. also wanted the thanks. is a down before bit a demand to in X

think albeit to So, I possibly this over you here? recovery just lag? market wanted think you would Or come get the a sooner do do your view, at you follow slight tanker

Hugo De Stoop

ahead, Brian. well, Yes, go

Brian Gallagher

using agencies because less that back demand building last of as therefore crude looking demand as of you end go the higher seeing in be world and for we’re going as that guys Chris numbers to of to but blocks going reflected we're use of these not about through sustainable But one-off more of you the reason that, get a to to show muffled demand if than course, are crude that of recovery, the XXXX, trying product. Maybe more the being we going with are that the we're winter of the we regard sort be yes, clearly we're more the points sort period. is want Okay. will from for which taking earlier, seasonality with see a switching, slide in said the normal to for just to particular, the data giving to is on fuels just official as refiners and expecting this bit we not XX% you transportation, some final, are IAA, just fuel they're are is raw to the oil that's that that, and try is and to look sort mind jet catalyst in

crude trajectory, have COVID is there it's to through doesn't five trying make is late we're QX real if very is next sectors trajectory underlying just this recovered were like to market return, they because where quarters, other is point, there to four already what industrial that shipping which show or the we're yes, XXXX. the the not cycle. this with that we We're where trying is So other caveat obviously sectors tanker the they've that some to followed, or that remember with in

in stage crude to We that got of haven't terms yet consumption.

being a the phase should, we make we're point So final seeing supply, of get that trying markets high That's a supply that's into increasing continue and reflected to continues in the that as both all things see the come recovery rates. in we equal, freight can taper trajectory the is we're demand to to still their that we’re in tension but the of also with as with barrels as OPEC+ cuts, stages marginal in through. production

and show So is supply to and of catalysts that the it's got. demand underlined background supportive both that short-term just very we've some by of

Chris Tsung

one just Alright. more And from Thanks, Brian. me. Thanks. maybe

successful where trial choose it one? limited the biofield vessels, will to or On BXX to have is other Euronav the just

Hugo De Stoop

and one. take Well, I can that probably

is why we subsidies do several The that reason that's So, so. for to margin to European companies we able in the and very, you is biofuel we the specific of have Port are of continue at to VLSFOs because above available can thin done do we've in And find because Rotterdam. a market. priced very trials access

price, the fuel why obvious. of choice because is to are would fuels believe then reason And part the as looking testing they future. we those we are at be could if de-carbonization, the interested we that similar in mix in priced the Now, they is be

a And we way from but time, when time, HSFO we longer then the results them. to be we a of always to doing. need we stage voyage. Now, much fuel be do and time it to forefront thinking very or a test by is enter exactly from case are and to with we every a those of to shifting obviously final shifted over the share over duration fuel, full waiting trials. we're the initially, are a very over about But LSFO the test period the when That's maybe fuel gradually we of maybe at them near need with the to what different on a in very finally And happy that we're we time period are that's it. shifting and port cautious and port, producer short every cooperation how we we're

Chris Tsung

you. Thank it. Got

Operator

question [Operator ahead. Ben Instructions] next go comes The from with Please Nolan Stifel.

Ben Nolan

Hey, guys. good morning,

about. the moment I start you wanted of the you So, have guys will relates dividend I to hopefully, bit course a and improve appreciating that But that It there's Brian policy the next cash out, of lot year. free and sort a over as to little not flow. the talked at with lay something of

disadvantage bit a are bit But little little at dividends of a dual is the guys the You tax price higher. a on now share given listing. the

be repurchases as not So dividends maybe versus the quite do relative incentive is it obvious to may as was. share

a move little with thinking your cash just is as we So, forward? bit about sort doing dividends anticipate higher once the address how do flow you would of what you

Hugo De Stoop

very a foreigner. you because to Well, a in a to claim there's to understand but people thank question, it indeed call lot important back mechanisms on you Belgium, for disadvantage are that we the it's be may for when of at avoid or that

believe you either It's form we claim avoid a the filling upfront, just disadvantaged sure relatively straightforward. it back paying the that to of others. question making don't we compared and or So, you then are it's and

We show you page the that. how you can on the website have do improved to

citizen, very the helpful. the cetera. pay U.S. tax, have tax the be obviously as should you in you Belgium very, have all you are with only with then et a to to same that's so but cetera, And pay et U.S., obviously And for that citizen,

and as have time and for a the company the the dividends there sits shareholders. closer the one what that full not between fill on I in automatically, to buybacks in Belgium, have instruments The two but we because NAV. be side, done are some interested does phase, more that of fill else. in the XXXX that of something they do the a sort So, And sort don't if was little to as price, of can very will other the it what to think share measures it's the indeed and more that are of as that the will think if form, or I to first a that therefore, wish compared positive difference you then a decide as only two, There maybe coming share balance share to consume needs clients of and problem we sort return administration we capital balance be is vessels you the closer driven taken you And than the lot hearing speed of the take between more us into to anything by CIA of from are little MOD always detecting to certainly it as also terms the useful and in one understanding by quite if possible capital return an that we what don't it's you is of well where in chartering want return possible. and share price go fleet, the renewed comments to does [ph] in to will reinvesting form. as our where

this and to accelerate need or minded renewed the So, to whether careful not. be or should fleet we about fleet renewal also need we how be we

that we everything the looking of are that always, is the there's the relatively and reduction. if the exceed we the But dynamic, decision. that in something taking leverages a allocate know deck using the XX% debt in decision, vouchers which how to that were point as at as take in we time So you at at conservative. it's including slide But including instance, is moment possible, very where point we we at that for our capital shows are

very it's difficult around cyclical the because there company. of lot we policy market, are the market make that So, we dynamic volatile better are to in in and a is than a the

Ben Nolan

brought and drydocked fleet Okay. And helpful you then were I That's straightforward, just very being XX of the for pretty that, year said of some my hopefully this Hugo. follow-up that's XX% forward. is vessels think,

year, should for it that less How would what's assumed much So, next here? be? [indiscernible] we the

Hugo De Stoop

– about It's yes, Lieve?

Lieve Logghe

so budget, XXXX. the currently in here. to dry can I are are that for told planning, we have we planning Yes, had about help scheduled vessels you the bulk And making you

Hugo De Stoop

this dry to year, Thank eighteen to And you ones push especially six be can have because way, the window fantastic that are by vessels, to dock, less if you months delay if basically out your years a similarly year to you. have Perfect. XX what it you we age. turns the of a done of than

So that of number be again, when vessel, it. about very we we think budget will see plan, our dynamic this is to our but

Ben Nolan

Hugo, mouth Yes, there I it. God's to hear your ears

So, thanks.

Hugo De Stoop

Yes.

Operator

question Quirijn ahead. Please ING. Mulder The next from with comes go

Quirijn Mulder

Can Yes, you good me? afternoon. hear

Brian Gallagher

Yes, we can.

Quirijn Mulder

about scrapping. is Okay, perfect. question My

you month in example, You given four. first I was scrapping. numbers update you low think, the of is happening delay of that maybe and say have fact the nice I’m us four for on think quarter let XXXX, that, plus there me XXXX, seen in what saying last price a Can always September, the and and between,

Hugo De Stoop

Yes.

terms a to their hitting of on Quiri. booming vessels the a head a that There stop XXXX they the So, from a where should bad difficult. to directly I’ve earnings. believe I year fantastic in you of people there very year factors. are they was year very go nail mean, asked are couple

this. So, have decision good you time time between for to one. first the or scrap a and the a a always delay year That's lag

lucrative, premium some decisions price all, was then transport or they trade. that that, We believe over pay fact it bit closely oil. for scrap at a $X those available the a first of illicit life what point tonnage U.S. which trading is in as looking have until that that what they than for a tonnage second to obviously there an vintages willing the $Xmillion polluted would the Euronav, that were million, was brought that more ships $X obviously legal for old And importantly, has Iranian of or not is very million and very by more were and so such certainly and their or been one company past. in paying it much is they've for the maybe now The use And been done those secondly, the people but end supplies. to that over trade little

of Malaysia. Iran China that being too that compared ships to has from mostly barrels to So transported via trade number are the minutes

a traders or these will went that ships ships therefore scrap ships, doing, sale, there. is have they being couple for no seen either currently country, last fleet and the scrapping the we that bids there is do it of for, for these for sale for the So, presented presented scrap, signal but beating that price were the which be was The that which appetite for vanished. happened has to probably continue will until normal something in

a a and who has at currently to what very, should order interesting the and that but importantly, would the is in he more from scrap probably terms be now scrapping moment can everybody the amount of the can looks and spend of because from be he eliminated operate the to in very to pass choose at number will that to certified of survey from QX market So, that's get QX units be he scrap elevated and earn, XXXX we worksheet. that why of believe very the money price, in rest what there

Quirijn Mulder

nobody And number let is this for storage me about storage, say, as there are there at they me used was was think vessel? what long are tankers, for – let of caring some who say, the I Okay. [indiscernible] used of because the as moment,

Hugo De Stoop

That's get can certificate, totally top of on is lighter. which correct. they type that, another of a lot And

see and which being of there need not the few are tankers that a those at can XX-year of fleet a very, ships XX-year we trade amount you need talking They have to the to about a the of their do are that or very they you lot are But so as as So, average, exported before the you number way. because is oil in moment spend it unit storage ships And used always money. being choose to vessels. for buffer Iranian production itself, any in number, channel. their elicit

something we should to positive policy applied put being that to Brian it have of what happen. most to will will commented it all market. lifted And feel hopeful to or and be, seen being is a minute it remains what impact impact being very or as what strictly earlier on, likely see on another So, oil, to sanctions that our have Iran, through the they be do the with

Quirijn Mulder

you. Thank

Hugo De Stoop

you. Thank

Operator

turn the De conference any our This I for over closing to Stoop concludes Hugo remarks. question-and-answer session. back like would to

Hugo De Stoop

attending better with thank will this and Well, everyone earning you QX as call. for the be news improve next we hopefully on. commented And we one early hope that market

thank you I much. to talk time. very And next you will So,

Operator

you now presentation. Thank today's concluded. attending for The is conference

You may disconnect. now