Euronav introduced a new fixed dividend policy as it reported a slightly weaker than anticipated second quarter performance today.
New York-listed Euronav is switching from a floating distribution structure amid a warning it can’t guarantee a profit for every half-year period that would bring regular payouts under the old system.
The tanker owner explains it has the resources to support a fixed payouts, with a fresh $110m loan covering two new ships further strengthening its balance sheet at a time when the tanker market is at “interesting intersection”.
