Tankship Company Euronav Go for Fuel-Saving

By Finance

Euronav announced a report with a loss of US$ 31-million in its Q4 2012 financial report.
The result of the last 3 months of the previous year is affected positively by the revaluation at marked-to-market levels of non cash items (unrealized) such as hedge instruments on interest rates for a total of US$ 600,000.
The Belgian company Euronav decided to take measures on fuel savings. Implementations were made for a strict slow and slow steaming policy whenever possible. Fuel consumption has to be reduced on its fleet. The company took a decision to retrofit a VLCC with a Mewis Duct with the idea to improve propeller efficiency for saving energy. The same procedure will be made with other 4 Suezmax ships this year.
Another useful strategy will be installation of electrical oil heaters on ten Suezmax ships which is expected to cut the consumption by up to 20%. It is also expected the company to deploy fuel oil mass flow meters to monitor and improve the fuel consumption better.
Euronav observes that the global supply of vessels must be reduced, and specifically the balance between the newbuildings due to be delivered this year and the scrapping of older ships, which is fundamental to a stronger rebound in the tanker market.