EURONAV Buitengewone algemene vergadering 26 april 2005 Assemblée générale extraordinaire 26 avril 2005 Extraordinary general meeting April 26, 2005 1
EURONAV a specialised Tanker a specialised Tanker company company 2
Highlights Highlights � First Quarter Results 2005 � First Quarter Results 2005 � Acquisition of 4 VLCCs � Acquisition of 4 VLCCs � Acquisition of TANKLOG FLEET � Acquisition of TANKLOG FLEET � New 1.6 Billion Credit Facility � New 1.6 Billion Credit Facility 3
First Quarter Results First Quarter Results 4
4 VLCCs ACQUISITION 4 VLCCs ACQUISITION 4 VLCCs (ex-Metrostar) 4 VLCCs (ex-Metrostar) TI Guardian 1993 TI Guardian 1993 TI Creation 1998 TI Creation 1998 TI Topaz 2002 TI Topaz 2002 TI Hellas (NB) 2005 TI Hellas (NB) 2005 Transaction Value USD 477.5 Millions Transaction Value USD 477.5 Millions 5
TANKLOG ACQUISITION TANKLOG ACQUISITION Name Type Built Name Type Built Name Type Built CAP ROMUALD 1998 CAP ROMUALD Suezmax CAP ROMUALD Suezmax 1998 1998 Suezmax CAP GEORGES Suezmax 1998 CAP GEORGES Suezmax 1998 CAP GEORGES Suezmax 1998 CAP LAURENT Suezmax 1998 CAP LAURENT Suezmax 1998 CAP LAURENT Suezmax 1998 CAP JEAN Suezmax 1998 CAP JEAN Suezmax 1998 CAP JEAN Suezmax 1998 CAP DIAMANT Suezmax 2001 CAP DIAMANT Suezmax 2001 CAP DIAMANT Suezmax 2001 FILIKON Suezmax 2002 FILIKON Suezmax 2002 FILIKON Suezmax 2002 CAP LEON Suezmax 2003 CAP LEON Suezmax 2003 CAP LEON Suezmax 2003 FINESSE Suezmax 2003 FINESSE FINESSE Suezmax 2003 Suezmax 2003 CAP PIERRE Suezmax 2004 CAP PIERRE Suezmax 2004 CAP PIERRE Suezmax 2004 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 FANTASY Aframax 2003 FANTASY Aframax 2003 FANTASY Aframax 2003 FIDELITY Aframax 2004 FIDELITY Aframax 2004 FIDELITY Aframax 2004 Transaction Value USD1.083 Billion Transaction Value USD1.083 Billion EQUITY (New Shares) USD 358 Millions EQUITY (New Shares) USD 358 Millions DEBT: USD 609 Millions DEBT: USD 609 Millions CASH: USD116 Millions CASH: USD116 Millions 6
FLEET FLEET EURONAV EURONAV 2 ULCCs (after split with OSG – June 2005) 2 ULCCs (after split with OSG – June 2005) 13 VLCCs in 100% ownership 13 VLCCs in 100% ownership of which 1 N/B VLCC to be delivered May 2005 of which 1 N/B VLCC to be delivered May 2005 3 VLCC in JV 3 VLCC in JV of which 1 N/B VLCC to be delivered July 2005 of which 1 N/B VLCC to be delivered July 2005 14 Suezmaxes in 100% ownership 14 Suezmaxes in 100% ownership of which 5 Suezmaxes (on order) 2006-2007 of which 5 Suezmaxes (on order) 2006-2007 1 Suezmax in JV (on order) delivery 2007 1 Suezmax in JV (on order) delivery 2007 2 Aframaxes on bareboat charter contract 2 Aframaxes on bareboat charter contract 11 VLCCs on medium term (2/3 years) TC in 11 VLCCs on medium term (2/3 years) TC in (some in joint venture with TI partners) (some in joint venture with TI partners) Tankers International Pool Tankers International Pool Currently operates a pool of 43 VLCCs + 4 ULCCs Currently operates a pool of 43 VLCCs + 4 ULCCs 7 7
TANKER MARKET: 05/2002 -05/2005 TANKER MARKET: 05/2002 -05/2005 8 8
HIGHLY LEVERAGE TO RUSSIAN PRODUCTION Suezmax Tanker Earnings (1) 000 $/day 160 140 120 Suezmax Spot Market Earnings 100 80 60 40 20 0 1990 1992 1994 1996 1998 2000 2002 2004 9
LIMITED GROWTH VLCC’S Fleet at Scrap/ Year: year N/B: Growth: % FPSO: start: 2002 435 35 40 -5 -1.1% 2003 430 38 35 +3 0.7% 2004 433 29 17 +12 2.8% 2005 445 +19 29 10 4.3% 2006 464 +19 19 0 4.1% 2007 483 +34 36 2 7.0% 2008 +9 +2.0 % 517 ? 10 1 ? 10
HIGHER INVENTORIES BUT LOWER DAYS OF COVER O E C D p etro leu m sto cks 82 4050 4000 81 Days ofdemand: 3950 80 3900 mbbls 79 3850 78 S tock level 3800 D ays of dem and 77 3750 S o u rce:IE A 76 3700 1Q2003 2Q2003 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 4Q2004 11
NON OPEC SUPPLY LEVELING OUT Non-OPEC Crude Production 51 50 49 48 mbpd 47 46 45 44 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 12
mbpd 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 Jan-01 UK Crude Production Jul-01 Jan-02 Jul-02 Jan-03 FALLING NORTH SEA PRODUCTION Jul-03 Jan-04 Jul-04 Jan-05 mbpd 2.0 2.5 3.0 3.5 Jan-01 Norway Crude Production Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 13
FALLING US PRODUCTION US Crude Production 8.4 8.2 8.0 mbpd 7.8 7.6 7.4 7.2 7.0 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 14
RISING RUSSIAN CRUDE PRODUCTION Russian Crude Production 9.0 8.0 mbpd 7.0 6.0 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 15
RISING SEABORNE IMPORT DEMAND 2.8 Chinese Crude imports since 2002 Source: IEA 2.6 2.4 2.2 2.0 mbpd 1.8 1.6 1.4 1.2 1.0 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 16
RISING SEABORNE IMPORT DEMAND 2.8 Indian Crude imports since 2002 Source: IEA 2.6 2.4 2.2 2.0 mbpd 1.8 1.6 1.4 1.2 1.0 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 17
RISING SEABORNE IMPORT DEMAND 11.0 US Crude imports since 2002 Source: EIA 10.5 10.0 9.5 mbpd 9.0 8.5 8.0 7.5 7.0 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 18
CONTINUOUS UPLOAD REVISION OF WORLD DEMAND Revisions of 2004/5 world oil demand 2004 83 86.0 2005 82 85.0 81 84.0 80 83.0 79 82.0 19
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