PRESENTATION ITMMA PRESENTATION ITMMA 27 MARCH 2012 27 MARCH - PowerPoint PPT Presentation

PRESENTATION ITMMA PRESENTATION ITMMA 27 MARCH 2012 27 MARCH 2012 1

AGENDA 1. Key facts 2. Strategy 3. Market Demand  Supply  4. Q&A 2

1. Key Facts 3

Public company with solid reference Shareholders EURONAV Stock Exchange: EURONEXT Ticker: EURN Bloomberg: EURN BB Reuters: EURN.BR SAVERYS – LIVANOS Free Float Families 36.36% 39.29% -- 20.97% Major shareholders 4

A Focused Fleet Vessel Type Cargo intake / Euronav owned TC-IN World Fleet vessel (Weighted) FSO 3 m bls 2 x 50% 101 V-PLUS 3.2 m bls 1 0 2 VLCC 2 m bls 12 (2 CSR) 6 incl. JV 571 (weighted 3,15) 11+ (2 x 1/2 in J/V) New Building 2 m bls - 76 VLCC SUEZMAX 1 m bls 22 (16 ice class) 445 New Building 1 m bls 1 (CSR) 64 Suezmax Total = 44 Ships Mix of spot and + 1 Newbuilding Fixed contracts

2. Strategy 2 . Strategy 2. Strategy 6

A Balanced Strategy Year 2011 onhire days 1,689 14% 6,148 49% 4,639 37% fix fix/ps spot Break-even OPEX $ 28,500 $ 9,600 VLCC $ 23,500 $ 7,500 Suezmax 7

Financing- Capital intensive Business • Main Facility: USD 750M  Maturity: 2018  Revolver of up to USD 250M • FSO Financing: USD 500M  Maturity: 2017 • JV Vessels (4 Suezmax)  Maturity: 2020 - 2021 • 2009 Facility: USD 300M  Maturity: 2014 • Convertible bond in 2009  Maturity: 2015  USD 150M  Coupon: 6.5% - Strike price: € 16.2838 8

Clients of Euronav 9

Spot Market, yes but in TI Pool • Increased access to information • Increased access to contracts (COA) • Increased access to private cargoes • Economies of scale • Greater flexibility (swap vessels) • Improved expertise through dedicated roles (demurrage,scheduling ,…) • Global operation • Reduce the effect of volatility • Bunkers (Fuel Oil) purchase • Develop dedicated IT systems • Arbitrage opportunities • Improved Charter Party terms 10

TANKERS INTERNATIONAL POOL Euronav 2,735,679 dwt Reederei “Nord” GC Tankers 912,891 dwt 638,187 dwt Oak Maritime (HK) Athenian Sea Carriers 610,439 dwt 1,269,764 dwt DHT Holdings, Inc Overseas Shipholding Group 605,438 dwt 3,679,703 dwt

Conversion into FSO Type V-Plus Size: 442,893 dwt (FSO Asia) 441,655 dwt (FSO Africa) Owners: Joint venture between OSG and Euronav Storage capacity: 2,800,000 barrels per vessel Location: Al Shaheen Offshore Qatar (FSO Asia) Al Shaheen Offshore Qatar (FSO Africa) Lease period: 8 years until March 2017 (FSO Asia) 3 years until August 2013 (FSO Africa) 12

3. The Market 13

World VLCC fleet earnings World Fleet VLCC Earnings (TCE) $160,000 BDTI VLCC TCE (avg of TD1 and TD3) $140,000 TI VLCC Database $120,000 TI Actual $100,000 $80,000 TCE $60,000 $40,000 $20,000 $0 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 -$20,000 14

VLCC Average Earnings in perspective VLCC Average Earnngs Modern USD/Day 250,000 200,000 TCE per day 150,000 100,000 50,000 0 Source: Clarkson Research Services Limited 15

Suezmax Average Earnings in perspective Suezmax Average Earnings USD/day 180,000 160,000 140,000 120,000 TCE per day 100,000 80,000 60,000 40,000 20,000 0 Source: Clarkson Research Services Limited 16

DEMAND Demand 17

World oil production & demand World Oil Production in million bpd (Source - IEA) World Oil Demand in million bpd (Source - IEA) 90 90 Source: IEA Source: IEA 85 85 mbpd mbpd 80 80 75 75 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 18

World Oil Demand • Oil demand in 2011 fell 0.15 mbpd => 1.2 million bpd • IEA increased world oil demand 2012=> 1.2% • Demand mainly supported by non OECD countries.

Oil demand falling Source: IEA

Oil demand growing 21

China oil statistics Source: IEA

Crude Production mbpd 2012 2011 Change % Change North America 14.99 14.54 0.45 3.1% Europe 3.78 3.83 -0.05 -1.3% Pacific 0.65 0.52 0.13 25.0% mbpd Jan '12 Dec '11 Nov '11 Oct '11 Sep '11 Former USSR 13.80 13.62 0.18 1.3% Asia 7.67 7.67 0.00 0.0% North America 14.99 15.04 15.02 14.67 14.34 Latin America 4.43 4.21 0.22 5.2% Europe 3.85 3.85 3.84 3.93 3.63 Middle East 1.56 1.64 -0.08 -4.9% Pacific 0.55 0.60 0.54 0.52 0.51 Africa 2.43 2.52 -0.09 -3.6% Former USSR 13.78 13.68 13.82 13.72 13.67 Processing Gains 2.26 2.17 0.09 4.1% Global Biofuels 1.94 1.84 0.10 5.4% Asia 7.69 7.76 7.63 7.45 7.55 Total Non-OPEC 53.64 52.71 0.93 1.8% Latin America 4.30 4.35 4.35 4.25 4.12 United States 8.40 8.10 0.30 3.7% Middle East 1.54 1.53 1.49 1.45 1.53 Canada 3.73 3.50 0.23 6.6% Mexico 2.87 2.94 -0.07 -2.4% Africa 2.45 2.48 2.50 2.54 2.53 Russia 10.71 10.58 0.13 1.2% Processing Gains 2.28 2.23 2.23 2.23 2.14 UK 1.12 1.12 0.00 0.0% Global Biofuels 1.59 1.68 1.84 1.92 2.18 Norway 2.00 2.03 -0.03 -1.5% Total Non-OPEC 53.17 53.35 53.40 52.82 52.34 China 4.17 4.13 0.04 1.0% India 0.92 0.90 0.02 2.2% Brazil 2.34 2.19 15.0% 6.8% Total Supply 88.48

Opec production 24

Spare Opec capacity Source: Mees/IEA 25

Crude Oil Price 26

Large Tanker Supply Tanker supply 27

VLCC fleet developement VLCC Fleet Development - Base Case Basis TUKA VLCC Database Fleet at DH SH NBs DH Exit SH Exit Total Exit SH to DH Growth Growth % year start 2007 483 322 161 29 1 21 22 4 7 1.4% 2008 490 354 136 42 3 35 38 3 4 0.8% 2009 494 396 98 53 2 31 33 3 20 4.0% 2010 514 450 64 60 2 42 44 3 16 3.1% 2011 530 511 19 65 6 14 20 1 45 8.5% 2012 575 571 4 52 22 2 24 0 28 4.9% 2013 603 601 2 59 16 0 16 0 43 7.1% 2014 646 644 2 23 16 0 16 0 7 1.1% 2015 653 651 2 17 12 1 13 0 4 0.6% 2016 657 656 1 16 12 0 12 0 4 0.6% 2017 661 660 1 20 12 0 12 0 8 1.2% 2012YTD 579 575 4 11 7 0 7 0 4 0.7% Rest of Year 41 15 2 17 0 24 4.1% Reference Date: 1 Mar 12 28

Suezmax fleet developement Suezmax Fleet Development Souce: Clarksons Fleet at DH SH NBs Total Exit Growth Growth % year start 2007 343 275 68 25 12 13 3.8% 2008 356 300 56 14 11 3 0.8% 2009 359 313 46 45 15 30 8.4% 2010 389 356 33 41 18 23 5.9% 2011 412 395 17 41 8 33 8.0% 2012 445 436 9 64 0 64 14.4% 2013 509 500 9 48 0 48 9.4% 2014 557 548 9 11 0 11 2.0% 2015 568 559 9 0 0 0 0.0% 2016 568 559 9 0 0 0 0.0% Reference Date: 1 Mar 12 29

VLCC Orderbook

VLCC Orderbook Projected Assumption made with cancellations, deferred vessels, vessels converted to FPSO and additional orders. 31

Supply of ships in perspective 32

Issues influencing Factors influencing the Large Tanker Supply tanker market tanker market 33

Scrapping prices Source: Clarksons 34

Iranian crude oil • Iran crude export to fall 50% on embargo • Europe halted import • India and South-Korea increased purchase • European ban on transport from Iran • => possible longer ton-miles 35

Piracy 36

VLCC Storage 37

THANK YOU FOR LISTENING www.euronav.com 38

KEY FIGURES 2006 - 2011 In thousands of 2011 2010 2009 2008 2007 2006 USD REVENUES 394,457 525,075 467,844 858,983 563,136 688,855 EBITDA 128,368 260,298 195,265 658,769 344,027 431,965 EBIT -40,155 88,152 31,362 513,896 190,329 288,507 NET PROFIT -95,986 19,680 -17,614 402,469 101,055 218,042 VLCC (TCE) av. 18,100 36,100 33,000 95,700 44,600 65,750 Suezmax TCE av. 27,100 30,600 31,750 41,650 32,200 34,370 Spot Suezmax 15,400 18,000 20,800 Dividend ( € ) 0 0.10 0.10 2.60 0.80 1.68 Yield - - 46% 64% 53% 39

Balance sheet 2006 - 2011 In thousands 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 of USD ASSETS NON- CURRENT 2,159,442 2,337,131 2,500,550 2,278,551 2,091,158 2,165,302 ASSETS CURRENT 291,874 307,083 286,116 341,542 182,298 174,892 ASSETS TOTAL 2,451,316 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 ASSETS In thousands 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 of USD LIABILITIES EQUITY 980,988 1,078,508 1,071,629 1,178,326 984,492 1,022,483 NON- CURRENT 1,221,349 1,314,341 1,463,456 1,181,793 963,340 1,107,555 LIABILITIES CURRENT 248,979 251,365 251,581 261,124 326,861 210,156 LIABILITIES TOTAL 2,451,316 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 LIABILITIES 40