6-K 1 d6539969_6-k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2015

Commission File Number: 001-36810

EURONAV NV


De Gerlachekaai 20
2000 Antwerpen
Belgium

011-32-3-247-4411
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the press release of Euronav NV (the "Company"), dated April 30, 2015, announcing its preliminary financial results for the first quarter and three months ended March 31, 2015.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
EURONAV NV
 
(Registrant)
   
Dated: May 4, 2015
  
   
 
By:
/s/ Hugo De Stoop
   
Hugo De Stoop
   
Chief Financial Officer


EXHIBIT 99.1

 

 

FIRST QUARTER RESULTS 2015
HIGHLIGHTS
· EBITDA +182% to USD 131.3 million - best quarterly performance since Q3 2008
· Balance sheet strengthened and simplified post NYSE listing
· New dividend policy commitment - at least 80% of net income over financial year
· Euronav shares now fully tradable since 28 April on both NYSE and Euronext Brussels
ANTWERP, Belgium, 30 April 2015 - Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its preliminary financial results for the three months ended 31 March 2015.
Paddy Rodgers, CEO of Euronav said: "With the oil price down and demand up, tankers are benefiting. Ships on the water NOW can pay dividends NOW to reward shareholders for the support and confidence".
The most important key figures are:
  
   
 
 
 
  
   
 
in thousands of USD 
  
First quarter 2015
    
First quarter 2014
  
 
  
   
 
Revenue 
    
204,521
      
106,051
  
Other operating Income
    
2,488
      
1,879
  
 
                
Voyage expenses and commissions
    
(21,916
)
    
(23,800
)
Vessel operating expenses
    
(36,809
)
    
(24,931
)
Charter hire expenses
    
(9,052
)
    
(4,125
)
General and administrative expenses
    
(10,020
)
    
(8,540
)
Net Gain (loss) on disposal of tangible assets
    
2,120
      
-
  
 
                
EBITDA
    
131,332
      
46,534
  
 
                
Depreciation 
    
(49,116
)
    
(33,444
)
EBIT (result from operating activities)
    
82,216
      
13,090
  
                 
Net finance expenses
    
(16,534
)
    
(19,264
)
Share of profit (loss) of equity accounted investees
    
13,624
      
7,529
  
Result before taxation
    
79,306
      
1,355
  
 
                
Tax Benefit (Expense)
    
1,549
      
14
  
Profit (loss) for the period
    
80,855
      
1,369
  
                 
Attributable to:
Owners of the company
    
80,855
      
1,369
  
 
Non-controlling intrests
    
-
      
-
  
The contribution to the result is as follows
  
   
 
 
  
   
 
in thousands of USD
  
First quarter 2015
    
First quarter 2014
  
 
  
   
 
Tankers
    
72,772
      
(5,889
)
FSO
    
8,083
      
7,258
  
result after taxation
    
80,855
      
1,369
  
 
                

Information per share:
  
   
 
 
  
   
 
in USD per share
  
First quarter 2015
    
First quarter 2014
  
 
  
   
 
Weighted average number of shares (basic) *
    
148,065,537
      
89,747,361
  
EBITDA
    
0.89
      
0.52
  
EBIT (operating result)
    
0.56
      
0.15
  
result after taxation
    
0.55
      
0.02
  
 
All figures have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
*The number of shares outstanding on 31 March 2015 is 159,208,949 (including 1,750,000 treasury shares).
For the first quarter 2015, the Company had a net result of USD 80.9 million or USD 0.55 per share (first quarter 2014: USD 1.4 million and USD 0.02 per share). EBITDA for the same period was USD 131.3 million (first quarter 2014: USD 46.6 million).
Euronav has applied the accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. If the Company would have continued to apply the proportionate consolidation method for its joint ventures for the first quarter of 2015, the EBITDA would have been USD 153.8 million (first quarter 2014: USD 63.3 million) and the result after taxation would have remained the same.
EURONAV FLEET
 
The average daily time charter equivalent rates (TCE) can be summarized as follows:
 
In USD per day
  
First quarter
2015
    
First quarter
2014
  
VLCC
  
Average spot rate (in TI Pool)
    
50,845
      
34,777
  
Average time-charter rate*
    
44,547
      
42,444
  
Suezmax
  
Average spot rate**
    
41,944
      
26,800
  
Average time-charter rate*
    
41,593
      
27,350
  
* Including profit share where applicable
** Excluding technical offhire days

On 15 January 2015 the VLCC Antarctica (2009 - 315,981 dwt) was delivered to its new owners for conversion into an FPSO. Delivery was earlier than expected, resulting in an increased purchase price and a corresponding gain on disposal of assets of USD 2.1 million which was recorded in the first quarter of 2015.
On 26 February 2015 Euronav took delivery of the VLCC Hirado (2011 - 302,550 dwt) which was part of the acquisition of 4 modern Japanese-built VLCC vessels announced on 8 July 2014.
On 9 April 2015 Euronav took delivery of the VLCC Hakata (2010 - 302,550 dwt) which was the last vessel to be delivered to us as part of the acquisition of four modern Japanese-built VLCC vessels announced on 8 July 2014.
CORPORATE
On 20 January 2015 Euronav announced the commencement of its underwritten initial public offering in the United States of 13,550,000 ordinary shares.
On 23 January 2015 Euronav announced the upsizing (from the initially announced 13,550,000 shares to 16,260,000 shares) of its initial public offering in the United States as well as pricing of the offering at an issue price per share of USD 12.25. As of this date, Euronav's shares offered in the United States commenced trading on the New York Stock Exchange (the "NYSE") under the ticker symbol "EURN." On the same date Euronav launched its U.S. Exchange Offer which enabled shareholders to reposition their shares that are listed and tradeable on Euronext Brussels into shares listed and tradeable on the NYSE.
On 28 January 2015 Euronav announced the closing of its initial public offering of 18,699,000 shares at a public offering price of USD 12.25 per share for gross proceeds of USD 229,062,750. This included the exercise in full by the underwriters of their overallotment option of 2,439,000 shares.
On 31 January 2015 the 250 remaining outstanding fixed rate senior unsecured convertible bonds, due 2015 with a face value of USD 100,000, have been fully redeemed at par. Euronav held 18 of these bonds. As a result, since that date, no more convertible bonds remain outstanding.
On 6 February 2015 Euronav's share capital was increased following the contribution in kind of 30 perpetual convertible preferred equity instruments issued on 15 December 2013 which resulted in the issuance of 9,459,283 new ordinary shares. There are no more perpetual convertible preferred equity instruments outstanding.
On 19 February 2015 Euronav repaid the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs. As the bond was issued below par and in accordance with IFRS, the Company amortized USD 20.4 million (non-cash) in the fourth quarter of 2014 bringing the amortization related to this bond for the full year 2014 to USD 31.9 million (non-cash) and a further USD 4.1 million (non-cash) in the first quarter of 2015.
On 30 March 2015 Euronav announced the results of its U.S. Exchange Offer. In total 42,919,647 shares that are listed and tradable on Euronext Brussels were repositioned into an equal number of shares listed and tradable on the NYSE.
As of 28 April 2015 Euronav shares trading on NYSE and/or on Euronext Brussels are fully fungible and are able to trade freely on both exchanges.
 
THE TANKER MARKET
The first quarter 2015 started strongly with a good winter market which was unaffected by the usual hiatus of the Chinese new year. The lower oil price opened up a contango in January which quickly closed as the lower price stimulated prompt demand which in turn lifted the price of physical oil for immediate delivery. Whilst this also increased the price of bunker fuel nevertheless owners benefitted from the increased demand for shipment.
The large crude tanker market displayed two important features during the first four months of 2015 - higher rates and greater confidence by owners. The sustainability of higher freight rates beyond Chinese New Year reflected improved fundamental demand and the confidence increasingly being felt by owners. Lower oil price boosting demand and lower bunker costs made this quarter the most positive since the third quarter of 2008.
OUTLOOK
The second quarter has continued the trend of the first quarter with a high degree of volatility but with good support for tanker rates through higher demand. In particular the number of ballast sea miles is going up which absorbs ship supply significantly.
So far, in the second quarter, the Euronav VLCC fleet operated by Tankers International pool earned on average USD 51,522 per day and 52.24% of the available days have been fixed. Euronav's Suezmax fleet trading on the spot market have earned on average USD 40,504 per day and 52.94% of the available spot days have been fixed.
There are a number of reasons to believe this trend can and should be sustained. Demand for crude is real and has crucially been growing. This has been demonstrated in the past 3­4 months. Indeed, several of the agencies have started to upgrade their oil demand forecasts. Secondly, the prospects of growing vessel supply over the next two years remain limited. Last, voyage distances are increasing, driving higher ton-miles. These factors underpin management confidence going forward.

Euronav's 2014 annual report can be downloaded on its website (www.euronay.com).
 
CONFERENCE CALL
Euronav will host a conference call at 9:30 a.m. EST / 3:30 p.m. CET on Thursday 30 April 2015 to discuss the results for the quarter.
The call will be a webcast with an accompanying slideshow. You can find details of this conference call below and on the "Investor Relations" page of Euronav's website at http://investors.euronay.com/.

Webcast Information
  
Event Type:
Audio webcast with user-controlled slide presentation.
Event Date:
30 April 2015
Event Time:
9:30 a.m. EST / 3:30 p.m. CET
Event Title:
"Euronav Q1 2015 Earnings Call"
Event Site/URL:
http://services.choruscall.com/links/euronav150430.html

Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN conference call registration link: http://dpregister.com/10063437. Pre-registration fields of information to be gathered are name, company and email.
 
Telephone participants who are unable to pre-register may dial in to 1-866-807-9684 on the day of the call. The international dial-in number is 1-412-317-5415.
 
 
 
 
A replay of the call will be available until 8 May 2015, beginning at 11:30 a.m. EST / 5:30 p.m. CET on 30 April 2015 by dialing 1-877-344-7529 or 1-412-317-0088 and referencing the conference number 10063437.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
 
 

*
* *


Contact:
Mr. Brian Gallagher – Euronav Investor Relations
Tel: +44 20 7870 0436
Email: IR@euronav.com

 
Extraordinary and Annual General Meetings of Shareholders 2015: Wednesday 13 May 2015
 
 
About Euronav
 
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 53 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 27 VLCCs (of which 1 in 50%-50% joint venture) and 23 Suezmaxes (of which 4 in 50%-50% joint venture). The company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Regulated information within the meaning of the Royal Decree of 14 November 2007.
 
 
 
Consolidated statement of financial position
  
(in thousands of USD except per share amounts)
  
         
         
         
   
     
   
March 31, 2015
    
December 31, 2014
  
ASSETS
  
     
   
     
Current assets
  
     
Trade and other receivables
    
195,602
      
194,733
  
Current tax assets
    
32
      
36
  
Cash and cash equivalents
    
162,213
      
254,086
  
Non-current assets held for sale
    
-
      
89,000
  
                 
Total current assets
    
357,847
      
537,855
  
 
                
Non-current assets
                
Vessels
    
2,290,455
      
2,258,334
  
Other tangible assets
    
1,132
      
1,226
  
Prepayments
    
8,001
      
16,601
  
Intangible assets
    
25
      
29
  
Receivables
    
264,736
      
258,447
  
Investments in equity-accounted investees
    
18,384
      
17,332
  
Deferred tax assets
    
8,006
      
6,536
  
                 
Total non-current assets
    
2,590,739
      
2,558,505
  
 
                
TOTAL ASSETS
    
2,948,586
      
3,096,360
  
 
                
                 
                 
                 
EQUITY and LIABILITIES
                
                 
Equity
                
Share capital
    
173,046
      
142,441
  
Share premium
    
1,215,228
      
941,770
  
Translation reserve
    
(125
)
    
379
  
Hedging reserve
    
-
      
-
  
Treasury shares
    
(46,062
)
    
(46,062
)
Other equity interest
    
-
      
75,000
  
Retained earnings
    
421,647
      
359,180
  
Equity attributable to owners of the Company
    
1,763,734
      
1,472,708
  
                 
Current Liabilities
                
Trade and other payables
    
85,088
      
125,555
  
Tax liabilities
    
66
      
1
  
Bank loans
    
162,398
      
146,303
  
Convertible and other Notes
    
-
      
23,124
  
Provisions
    
508
      
412
  
                 
Total current liabilities
    
248,060
      
295,395
  
                 
Non-current liabilities
                
Bank loans
    
927,688
      
1,088,026
  
Convertible and other Notes
    
-
      
231,373
  
Other payables
    
464
      
489
  
Deferred tax liabilities
    
-
      
-
  
Employee benefits
    
2,091
      
2,108
  
Amounts due to equity-accounted joint ventures
    
5,880
      
5,880
  
Provisions
    
669
      
381
  
                 
Total non-current liabilities
    
936,792
      
1,328,257
  
 
                
TOTAL EQUITY and LIABILITIES
    
2,948,586
      
3,096,360
  
 
Consolidated statement of profit or loss
  
(in thousands of USD except per share amounts)
  
         
   
     
   
2015
    
2014
  
   
Jan.1 - Mar 31, 2015
    
Jan.1 - Mar 31, 2014
  
Shipping revenue
  
     
Revenue
    
204,521
      
106,051
  
Gains on disposal of vessels/other tangible assets
    
2,122
      
-
  
Other operating income
    
2,488
      
1,879
  
Total shipping revenue
    
209,131
      
107,930
  
                 
Operating expenses
                
Voyage expenses and commissions
    
(21,916
)
    
(23,800
)
Vessel operating expenses
    
(36,809
)
    
(24,931
)
Charter hire expenses
    
(9,052
)
    
(4,125
)
Losses on disposal of vessels/other tangible assets
    
(2
)
    
-
  
Impairment on non-current assets held for sale
    
-
      
-
  
Depreciation tangible assets
    
(49,111
)
    
(33,439
)
Depreciation intangible assets
    
(5
)
    
(5
)
General and administrative expenses
    
(10,020
)
    
(8,540
)
Total operating expenses
    
(126,915
)
    
(94,840
)
                 
RESULT FROM OPERATING ACTIVITIES
    
82,216
      
13,090
  
                 
Finance income
    
643
      
242
  
Finance expenses
    
(17,177
)
    
(19,506
)
Net finance expenses
    
(16,534
)
    
(19,264
)
                 
Share of profit (loss) of equity accounted investees (net of income tax)
    
13,624
      
7,529
  
                 
PROFIT (LOSS) BEFORE INCOME TAX
    
79,306
      
1,355
  
                 
Income tax benefit (expense)
    
1,549
      
14
  
                 
PROFIT (LOSS) FOR THE PERIOD
    
80,855
      
1,369
  
                 
Attributable to:
                
   Owners of the company
    
80,855
      
1,369
  
                 
Basic net income/(loss) per share
    
0.55
      
0.02
  
Diluted net income/(loss) per share
    
0.54
      
0.01
  
                 
Weighted average number of shares (basic)
    
148,065,537
      
89,747,361
  
Weighted average number of shares (diluted)
    
150,117,560
      
91,497,361
  
 
 
Consolidated statement of comprehensive income
  
(in thousands of USD except per share amounts)
  
         
   
     
Profit/(loss) for the period
    
80,855
      
1,369
  
                 
Other comprehensive income, net of tax
                
Items that will never be reclassified to profit or loss:
                
Remeasurements of the defined benefit liability (asset)
    
-
      
-
  
                 
Items that are or may be reclassified to profit or loss:
                
Foreign currency translation differences
    
(504
)
    
-2
  
Cash flow hedges - effective portion of changes in fair value
    
-
      
1,291
  
Equity-accounted investees - share of other comprehensive income
    
238
      
555
  
                 
Other comprehensive income, net of tax
    
(266
)
    
1,844
  
                 
Total comprehensive income for the period
    
80,589
      
3,213
  
                 
Attributable to:
                
   Owners of the company
    
80,589
      
3,213
  
 
 
                                     
Consolidated statement of changes in equity
  
(in thousands of USD except per share amounts)
  
                                     
   
Share capital
    
Share premium
    
Translation reserve
    
Hedging reserve
    
Treasury shares
    
Retained earnings
    
Capital and reserves
    
Other equity interest
    
Total equity
  
Balance at January 1, 2014
    
58,937
      
365,574
      
946
      
(1,291
)
    
(46,062
)
    
422,886
      
800,990
      
-
      
800,990
  
                                                                         
Profit (loss) for the period
    
-
      
-
      
-
      
-
      
-
      
1,369
      
1,369
      
-
      
1,369
  
Total other comprehensive income
    
-
      
-
      
(2
)
    
1,291
      
-
      
555
      
1,844
      
-
      
1,844
  
Total comprehensive income
    
-
      
-
      
(2
)
    
1,291
      
-
      
1,924
      
3,213
      
-
      
3,213
  
                                                                         
Transactions with owners of the company
                                                                        
Issue of ordinary shares
    
41,645
      
308,355
      
-
      
-
      
-
      
-
      
350,000
      
-
      
350,000
  
Issue and conversion convertible Notes
    
30,369
      
154,231
      
-
      
-
      
-
      
(19,220
)
    
165,380
      
-
      
165,380
  
Issue and conversion perpetual convertible preferred equity
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
75,000
      
75,000
  
Equity-settled share-based payment
    
-
      
-
      
-
      
-
      
-
      
1,099
      
1,099
      
-
      
1,099
  
Total transactions with owners
    
72,014
      
462,586
      
-
      
-
      
-
      
(18,121
)
    
516,479
      
75,000
      
591,479
  
                                                                         
Balance at March 31, 2014
    
130,951
      
828,160
      
944
      
-
      
(46,062
)
    
406,689
      
1,320,682
      
75,000
      
1,395,682
  
                                                                         
 
                                                                        
 
  
Share capital
    
Share premium
    
Translation reserve
    
Hedging reserve
    
Treasury shares
    
Retained earnings
    
Capital and reserves
    
Other equity interest
    
Total equity
  
Balance at January 1, 2015
    
142,441
      
941,770
      
379
      
-
      
(46,062
)
    
359,180
      
1,397,708
      
75,000
      
1,472,708
  
 
                                                                        
Profit (loss) for the period
    
-
      
-
      
-
      
-
      
-
      
80,855
      
80,855
      
-
      
80,855
  
Total other comprehensive income
    
-
      
-
      
(504
)
    
-
      
-
      
238
      
(266
)
    
-
      
(266
)
Total comprehensive income
    
-
      
-
      
(504
)
    
-
      
-
      
81,093
      
80,589
      
-
      
80,589
  
 
                                                                        
Transactions with owners of the company
                                                                        
Issue of ordinary shares
    
20,324
      
208,739
      
-
      
-
      
-
      
(19,212
)
    
209,851
      
-
      
209,851
  
Issue and conversion convertible Notes
    
-
              
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Issue and conversion perpetual convertible preferred equity
    
10,281
      
64,719
      
-
      
-
      
-
      
-
      
75,000
      
(75,000
)
    
-
  
Equity-settled share-based payment
    
-
      
-
      
-
      
-
      
-
      
586
      
586
      
-
      
586
  
Total transactions with owners
    
30,605
      
273,458
      
-
      
-
      
-
      
(18,626
)
    
285,437
      
(75,000
)
    
210,437
  
 
                                                                        
Balance at March 31, 2015
    
173,046
      
1,215,228
      
(125
)
    
-
      
(46,062
)
    
421,647
      
1,763,734
      
-
      
1,763,734
  
 
 
 
Consolidated statement of cash flows
  
(in thousands of USD except per share amounts)
  
 
  
   
 
   
     
   
2015
    
2014
  
   
Jan.1 - Mar 31, 2015
    
Jan.1 - Mar 31, 2014
  
Cash flows from operating activities
  
     
Profit (loss) for the period
    
80,855
      
1,369
  
                 
Adjustments for:
    
49,385
      
46,264
  
     Depreciation of tangible assets
    
49,111
      
33,439
  
     Depreciation of intangible assets
    
5
      
5
  
     Impairment on non-current assets held for sale
    
-
      
-
  
     Provisions
    
441
      
-
  
     Tax benefits (expenses)
    
(1,549
)
    
(14
)
     Share of profit of equity-accounted investees, net of tax
    
(13,624
)
    
(7,529
)
     Net finance expense
    
16,534
      
19,264
  
     Capital gain (loss) on disposal of assets
    
(2,120
)
    
-
  
     Equity-settled share-based payment transactions
    
587
      
1,099
  
                 
Changes in working capital requirements
    
(28,011
)
    
(28,934
)
     Change in cash guarantees
    
35
      
-
  
     Change in trade receivables
    
802
      
2,447
  
     Change in accrued income
    
(107,422
)
    
(21,928
)
     Change in deferred charges
    
4,090
      
(16,609
)
     Change in other receivables
    
101,604
      
12,153
  
     Change in trade payables
    
11,245
      
(6,233
)
     Change in accrued payroll
    
(1,103
)
    
(538
)
     Change in accrued expenses
    
899
      
1,461
  
     Change in deferred income
    
1,723
      
(1,573
)
     Change in other payables
    
(39,884
)
    
1,886
  
     Change in provisions for employee benefits
    
-
      
-
  
                 
Income taxes paid during the period
    
148
      
110
  
Interest paid
    
(25,159
)
    
(20,517
)
Interest received
    
131
      
103
  
Dividends received from equity-accounted investees
    
275
      
9,200
  
                 
Net cash from (used in) operating activities
    
77,624
      
7,595
  
                 
Acquisition of vessels
    
(72,526
)
    
(81,541
)
Proceeds from the sale of vessels
    
91,065
      
-
  
Acquisition of other tangible assets
    
(54
)
    
(88,099
)
Acquisition of intangible assets
    
-
      
-
  
Proceeds from the sale of other (in)tangible assets
    
57
      
-
  
Loans from (to) related parties
    
6,210
      
(538
)
Proceeds of disposals of joint ventures, net of cash disposed
    
-
      
-
  
Purchase of joint ventures, net of cash acquired
    
-
      
-
  
                 
Net cash from (used in) investing activities
    
24,752
      
(170,178
)
                 
Proceeds from issue of share capital
    
229,063
      
350,000
  
Transaction costs related to issue of share capital
    
(19,212
)
    
(8,305
)
Proceeds from issue of perpetual convertible preferred equity
    
-
      
150,000
  
Transaction costs related to issue perpetual convertible preferred equity
    
-
      
(3,500
)
Proceeds from new long-term borrowings
    
128,400
      
200,175
  
Repayment of long-term borrowings
    
(532,317
)
    
(283,698
)
Transaction costs related to issue of loans and borrowings
    
-
      
(680
)
Dividends paid
    
(2
)
    
(1
)
                 
Net cash from (used in) financing activities
    
(194,068
)
    
403,991
  
                 
 
                
                 
Net increase (decrease) in cash and cash equivalents
    
(91,692
)
    
241,408
  
                 
Net cash and cash equivalents at the beginning of the period
    
254,086
      
74,309
  
Effect of changes in exchange rates
    
(181
)
    
(80
)
                 
Net cash and cash equivalents at the end of the period
    
162,213
      
315,637