Euronav Company presentation July 2017 1 Forward Looking - - PowerPoint PPT Presentation

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Euronav – Company presentation July 2017

FSO US EXPORTS

Forward Looking Statements

Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and

• ther statements, which are other than statements of historical facts. All statements, other than statements of

historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general industry conditions future operating results of the Company’s vessels, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking

• statements. 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 obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or

• therwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking

events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

2

Agenda

3

Introduction to Euronav Financials Industry and Market Overview Conclusion Appendix 1 2 3 4 5

2

4

Introduction to Euronav

I NTRODUCTI ON

5

1. Adjusted EBITDA (a non-IFRS measure) represents operating earnings including the share of EBITDA of equity accounted investees before interest expense, income taxes and depreciation expense attributable to Euronav 2. Only 2 V-Plus vessels in world fleet 3. Six vessels have a BWTS installed.

• Leading provider of transportation and storage of

crude oil

• The largest tanker ship owner in the world with a fleet
• f modern high quality VLCC and Suezmax tankers
• Best-in-class fully-integrated operating platform
• Strong relationships to oil majors and leading energy

companies

• Conservative financing strategy with a strong balance

sheet and high liquidity

• Headquarter in Antwerp with ca 150 employees shore

side and globally 3,000 seafarers

• Listed on NYSE & Euronext (TICKER: EURN) with a

market capitalization of USD ~ 1.2 billion

FLEET DEPLOYMENT SUMMARY

3 MM barrels 2.8 MM barrels 3 0 VLCC Up to 3 3 0 ,0 0 0 DW T 2MM barrels 1MM barrels 1 9 SUEZMAX ( + 4 NBs) 1 5 0 ,0 0 0 – 1 6 5 ,0 0 0 DW T 1 V – PLUS ( 2 ) Over 4 4 1 ,0 0 0 DW T 2 FSO Stripped w ater capacity 3 8 0 k barrels Only 4 in w orld fleet

CURRENT FLEET – TOTAL 5 6 VESSELS – 1 4 .0 MM DW T

Euronav is the largest tanker company in the world

Fixed 23% Spot 77% Fixed Spot

5 10 15 20 25 30 35 40 45 Time Charter Spot No of Vessels VLCC Suezmax FSO

5 7 3 5 1 8 ( + 4 NB)

6

SUEZMAX CHARTERI NG

1 2 1 2 1 2

VLCC POOL SUEZMAX JOI NT VENTURE

Other VLCC Tanker Pools ( Ships on the W ater)

Source: Company reports 15 June 2017

Heidm ar – VLCC Seaw olf

12

Navig8 – VL8

36

China VLCC

32

3 6 Size is critical to im prove m arket know ledge and achieve the best com m ercial term s

Fleet managed in pool structure provides benefits

Main Tanker Clients

Value Adjusted Equity ratio* ( % ) DYNAMI CS I N THE SHI PPI NG I NDUSTRY

• Crude tanker business is industrialising
• Low rate environment enables market consolidation
• Euronav plays a key role in the consolidation

TANKER MARKET CONSOLI DATI ON

6 5 16 14 18 29 11 10 10 22 21 30 25 34 35 31 30 39 46 49 54 22 22 24 26 27 33 37 32 22 42 46 42 17 17 31 31 32 37 124 116 142 206 227

0% 5% 10% 15% 20% 25% 50 100 150 200 250 300 2012 2013 2014 2015 2016 2017 DHT TNK GNRT EURN

260

FRAGMENTED VLCC MARKET OPEN FOR CONSOLI DATI ON

Captive or Sovereign fleet Stock listed companies Small owners are data deficient

Differentiate spot players vs industrial players 53 46 44 40 38 32 31 26 25 22 19 18 95 183 30 34 30

China Merchants (11) Bahri (8) China COSCO (9) NIOC Angelicoussis (7) MOL Euronav NV DHT (2) Gener8 Maritime (1) Frontline (4) Nippon Yussan SK Holdings 10-15 Ship Owner 4-10 Ship Owner 3 Ship Owner 2 Ship Owner 1 Ship Owner

5 0 %

• f global

VLCC fleet controlled by Top 1 2 ow ners

7

Consolidation is happening...and likely to continue

Source Clarksons Source Clarksons

(11) Refers to NB on order within each group total

Data Deficient

Num ber of VLCCs / Suezm ax % of VLCCs / Suezm ax

• In 2008, Euronav undertook conversions of 2

ULCC into the largest 2 FSOs in the world

• Fixed

income service contract in Qatar delivering $36mm free cashflow annually until 2022

• Vessel Life expectancy extended to 2032
• Assets debt free by Q3 2017

8

FSO – PART OF “BOTTLENECK” PROCESSI NG 3 0 0 K BPD EBI TDA FROM FSO CONTRACTS CRUDE PROCESSED TO GRADE QUALI TY

8

FSO – Fixed Income– opportunistic capability

8

16

9

Financials

10

Q1-17 2016 62% 2015 63% 2014 48% 2013 37% 64% 909 879 921 Q1-17 2016 2015 2014 1,212 2013 1,059

LI QUI DI TY ( USDm ) VALUE ADJUSTED EQUI TY RATI O( 1 ) ( % ) EBI TDA FROM FI XED RATE CONTRACTS( 2 ) ( USDm ) NET DEBT ( USDm )

1) Book equity value adjusted for broker valuations 2) On proportionate basis covering all joint ventures

155 155 144 122 136 2013 2017 (est.) 2014 2015 2016

Strong credit profile

792 597 383 267 163 Today 2016 2015 2014 2013

• Tanker business is cyclical, towards which the
• nly cure is to have a strong balance sheet and a

liquidity pool

• Euronav has a very strong liquidity pool that

creates a 3 year runway through the cycles

• Policy to retain two years of operational liquidity

at all times and maintain strong banking relationships

11

CURRENT LI QUI DI TY ( USDm )

2

Since 2 0 1 4

2 5 VESSELS ACQUI SI TI ON HI GH DI VI DEND YI ELD

MAINTAIN STRONG BALANCE SHEET ≈ 50% ( Leverage)

+

1 . KEEP STRONG BALANCE SHEET 2 . RI GHT MI X OF EQUI TY & DEBT 3 . KEEP OR LOW ER AVERAGE BREAK-EVEN

1

ACQUI SI TI ON CRI TERI AS

Leverage

As evidenced by

STRONG BALANCE SHEET HEDGE TOW ARDS CYLI CALI TY CAPI TAL ALLOCATI ON KEY TO GROW TH STRATEGY

Strategy of strong capital allocation

SEASONALI TY: AVERAGE MONTHLY VLCC RATE 1 9 9 0 - 2 0 1 6 1 YEAR TC VLCC

12

Source Clarksons

• Cash flow breakeven(1) 2017:

– ~ USD 18,500 / day for VLCC ~ USD 15,750 / day for Suezmax

(1) Before fixed term contracts

Strong financial profile offsets cyclicality & seasonality

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000

Cash break even

Source Clarksons

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 low average high

113k 152k 145k 155k 147k 204k 136k

Leverage 13

HI GHLI GHTS REPAYMENT SCHEDULE AND RCF REDUCTI ONS

50 100 150 200 250 300 350 400 450 500 2017 2018 2019 2021 2023 2022 2020 Repayments Reductions Balloon Unsecured Bond

Long term financing on attractive terms

• Bank loan margins between 1.225% and 2.25%
• Most of the secured bank debt is revolving
• Strong

relationships with the leading international shipping banks

• No material debt maturities until 2020
• Revolving

credit facilities reduce by $138m/ year

• Cash

debt amortizations

• n

term loans: $55m/ year

5

14

Industry and Market Overview

15

Assum ing no additional speculative new building

Oil Tankers – 5 key medium term drivers

Dem and for Oil ROBUST

• Oil demand growing

last 25 years with yearly average 1.1 mbpd

• IEA forecast 1.4

mbpd pa growth 2017 & 2018

• Only 2 negative

years of growth since 1990 for global crude demand

Supply of Oil BALANCED

• OPEC cut = Non

OPEC increase supply

• USA production

shale New Sw ing Producer very resilient & responsive

• OPEC cuts may have

impact but for how long?

Ton Miles CHANGEABLE

• Atlantic sourced

barrels been replaced by primarily by Middle East supply reducing ton miles

• USA crude exports to

increase ton miles from 2017

Vessel Supply

S/ TERM HEADW I NDS L/ T MANAGEABLE ONLY I F OW NERS ARE DI SCI PLI NED

• Seasonal trends

impacted by factors increasing tonnage

• Contracting rate

fallen substantially & shipyards under reform pressure

Financing & Regulation NEW BARRI ER TO ENTRY

• New regulations

(Basel 3 & 4) restricting lending

• Distress in shipping

loans has reduced risk appetite

1 2 5 4 3

1

Y/ Y CHANGE I N GLOBAL DEMAND FOR OI L - GROW I NG THE I EA ESTI MATES FOR OI L GROW TH OI L PRI CE I MPACT ON TANKER DEMAND

16

10 20 30 40 50 60 70 80 90 2015 2016 2017 2018 2019 2020 2021 2022 2023 USD per barrel Demand/ supply Disruptive Demand stim ulating Neutral Demand Destructive Capex cuts in E&P Lack of disruption/ market share game

Source IEA, McQuilling, Bernstein, Barclay, Petrowin and Bloomberg 0.3 1.0 0.5 0.3 1.0 1.5 1.9 2.0 0.3 1.7 0.8 0.7 0.7 1.5 3.1 1.4 1.0 1.6

• 0.7-0.9

3.1 0.8 1.1 1.3 0.7 1.8 1.6

• 1
• 0.5

0.5 1 1.5 2 2.5 3 3.5 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Million barrels per day

Average 1.1 million barrels per day

1.4 1.4 1.2 1.2 0.5 0.6 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 2017 2018 2019 2020

Demand growth m bpd

IEA

Demand for Oil – robust and steady

Source IEA

Long term average CONSI STENTLY GROW I NG

0.6 2.5 3.0 3.1 3.3 3.5 4.4 4.6 5.0 5.7

Average field development (approval to start up) time by resource [ years, selected areas]

Source SBC Analysis, Rystad Source Economist

OI L SUPPLY ELEVATED BUT PRI CE CAPPED SHALE OI L SPEED TO PRODUCTI ON I S KEY GLOBAL OI L SUPPLY I S GROW I NG AVERAGE SHALE W ELL COST ( m USD)

17

84,000 86,000 88,000 90,000 92,000 94,000 96,000 98,000 2012 2013 2014 2015 2016 2017

kbpd

Supply of Oil – driven by Shale dynamic

Source Clarksons

2 1 2 3 4 5 6 7 8 4Q14 1Q16

Source Citigroup

1.4 mbpd x 365 days = 5 1 1 m barrels 5 1 1 m barrels / 2m capacity per VLCC = 2 5 6 cargoes 2 5 6 cargoes / 9 annual journeys for VLCC MEG – F East = 2 8 VLCCs Arabian Gulf to China 5,500 miles 21 days West Africa to China 9,650 miles 33 days LatAm to China 11,500 miles 44 days

18

1.4 mbpd x 365 days = 5 1 1 m barrels 5 1 1 m barrels / 2m capacity per VLCC = 2 5 6 cargoes 2 5 6 cargoes / 4.5 annual journeys for VLCC Atlantic – F East = 5 7 VLCCs Average oil demand growth 1990-2015 = 1.1 mbpd

I m porter

Exporter

Supply Demand Demand Supply

DEMAND GROW TH ALL FROM FAR EAST – FOR TANKERS I MPORTANT W HERE SUPPLY I S SOURCED FROM

Source Euronav, Morgan Stanley

West Africa US/LatAm / Caribs Middle East Asia Pacific China

28 VLCCs 57 VLCCs

Atlantic Basin – Far East route Middle East - Asia Pacific route

Ton miles – increasing

3

Ton miles increasing - US exports

3

Corpus Christi 1.3m bpd Houston/ Freeport 1.4m bpd Port Arthur/ Nederland 1.7m bpd New Orleans/ Louisiana (Ex LOOP) 0.6m bpd Total 5 .0 m bpd

SUCCESSFUL TRI AL @ CORPUS CHRI STI ( May-1 7 ) US I NFRASTRUCTURE ROLL OUT ACCELERATI NG CORPUS CHRI STI OI L EXPORT I NFRASTRUCTURE

Source Euronav Source RBN Energy

• Preliminary

Congress approval for $350m dredging

• Channel deepened to 52 feet from 45 feet
• 60% funded by U.S. Government
• Two more pipelines, the EPIC and South Texas

Gateway, slated to open in 2019

• New oil terminal incl. Suezmax loading dock

PORT LOCATI ON CURRENT CRUDE EXPORT CAPACI TY

Source Evercore

19

20

2 1 days carriage 4 4 days carriage

USA EXPORTS – GROW I NG, VERY POSI TI VE FOR TON MI LES

Source US DOE

Ton miles increasing - US exports

3

100 200 300 400 500 600 700 800 1h 2016 2h 2016 1h 2017 '000 bbl per day US crude exports Canada RoW

GLOBAL FLEET - JULY 2 0 1 7 VLCC Suezm ax VLCC Equivalent 102 on order 61 on order 133 on order 727 total 489 total 972 total 14.0% order book as % fleet 12.5% order book as % fleet 13.6% order book as % fleet

21

Vessel Supply – structure of the market

4

Open Market, 323 Captive, 187 Chinese, 77 Quoted , 125 Storage, 15 Open Market Captive Chinese Quoted Storage Open Market, 320 Captive, 40 Chinese, 3 Quoted , 126 Open Market Captive Chinese Quoted

VLCC FLEET BREAKDOW N SUEZMAX FLEET BREAKDOW N

Source Morgan Stanley

ORDER RI SE FROM SPECI FI C SI TUATI ON I N S. KOREA CONTRACTI NG = ok but More = UNSUSTAI NABLE Order flow needs context – since Jan 2016 - 53 VLCCs & 26 Suezmax orders – in line with historical average

Vessel Supply – long term capacity being reduced

4

15 5

2 4 6 8 10 12 14 16

Mid 2000 2017 Number of small to mid-size yards in Korea, 2000 versus 2017

Small-to-mid-size shipbuilder in Korea

SOUTH KOREA CONTI NUES TO RATI ONALI SE YARDS

1 2 3 4 5 6 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17

US$bn

HHI & Samho SHI DSME Mipo + 364% YoY aggregate

2 4 6 8 10 12 14 16

2016-Jan 2016-Feb 2016-Mar 2016-Apr 2016-May 2016-Jun 2016-Jul 2016-Aug 2016-Sep 2016-Oct 2016-Nov 2016-Dec 2017-Jan 2017-Feb 2017-Mar 2017-Apr 2017-May 2017-Jun 2017-Jul

2 4 6 8 10 12 14

$ value of total ship orders in each Q1 in Korea in past 5 years

22

* Since Jan 1 2016 VLCC SUEZMAX

VLCC ORDER BOOK SUEZMAX ORDER BOOK

(48) (25) (13) (22) (11) (19) (33) (7) (26) (37) (23) 19 48 35 54 62 49 30 24 23 47 32 (80) (60) (40) (20) 20 40 60 80 2017

• 3

2016

• 2

2015

• 1

2014 2013 2012 2011 2010 2019 2018 Could be scrapped (≥ 20 years old) Must be scrapped (over 22.5 years old) Scrapped Forecast Additions Additions (19) (7) (20) (7) (9) (15) (21) (25) (15) (26) (31) 25 28 8

38 43 45 27 8 10 24 33

(70) (60) (50) (40) (30) (20) (10) 10 20 30 40 50 60 2019 2018 2017

• 5

2016

• 1

2015 2010 2014 2013 2012 2011

23

Source Clarksons data @16 June 2017

Vessel Supply – Current order book

4 Could be scrapped (≥ 20 years old) Must be scrapped (over 22.5 years old) Scrapped Forecast Additions Additions

24

Source Clarkson

VLCC ORDER BOOK VS RI SI NG FLEET AGE PROFI LE

Vessel Supply –Order book

4

SUEZMAX ORDER BOOK VS RI SI NG FLEET AGE PROFI LE

2019 2018 2017

33 35 7 48 18 19 32 34 25 20 40 60 80 100 120 140 160 VLCC Order book VLCC up to 2019

20+ years 19 years 18 years 17 years 16 years 15 years 102

24 25 24 28 13 8 15 25 20 40 60 80 100 120 Suezmax Order book Suezmax up to 2018

20+ years 19 years 18 years 17 years 16 years 15 years 2019 2018 2017 61

25

TANKER SHI PPI NG - HI GHLY REGULATED TO SCRAP OR NOT TO SCRAP – HI GHLI GHTED LI NES KEY SCRAP PRI CES RI SI NG – TEMPTI NG OW NERS?

Vessel Supply – Scrapping decision making process

Source Clarksons Source Euronav Source Morgan Stanley

4 5 10 15 20 25 2012 2013 2014 2015 2016

VLCC scrap price $M

BWT costs not included

VESSEL AGE 1 5 1 7 .5 2 0 Vessel Value today 23.3 19.4 15.5 Vessel Value next special survey 19.4 15.5 15.5 Value difference over next 2.5 years 3.9 3.9 0.0 Next Special Survey (USD million) 2.5 3.3 4.0 Ballast Water Capex $m 1.8 1.8 1.8 Total I nvestm ent Cost ( $ m ) 8 .2 9 5 .8 Investment Cost per day over next 2.5 years 8,904 9,726 6,301 Opex; Overhead 11,000 11,750 12,500 Breakeven per day over next 2.5 years 19,904 21,476 18,801 Assumed utilization 80% 70% 50% Required day rate ( $ ) 2 4 ,8 8 0 3 0 ,6 8 0 3 7 ,6 0 3 SHI P OW NER’S CHOI CE CAPI TAL CONSI DERATI ON Scrap value June 2017 $m 15.1 15.1 15.1 OPERATI ONAL CONSI DERATI ON Required day rate ($/ day) 24,880 30,680 37,603

26

DEMAND AND SUPPLY I NTERACTI ON ON VLCC EQUI VALENTS 2 0 1 6 - 2 0 1 9 W HAT I EA DEMAND TRANSLATES I NTO VLCC EQUI VALENTS REQUI RED PA

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 Total VLCC to be delivered 45 51 48 35 Total Suezmax to be delivered 24 58 28 8 VLCC equivalents to be delivered* 57 80 62 39 + / - Gibsons Scrapping forecast

• 18
• 23
• 25
• Demand based on IEA forecast

49 43 43 37 IEA demand forecast bpd m 1.6 1.4 1.4 1.2 = Yearly Net Surplus/ (Deficit) 19

• 4
• 23

Cum ulative Surplus/ ( Deficit) 8 2 7 2 3 VLCC Equivalent fleet (assuming no scrapping) 928 1007 1066 1102

I EA dem and forecast m bpd VLCC equivalent* I EA dem and forecast m bpd VLCC equivalent*

1.6 49 1.1 33 1.5 46 1.0 30 1.4 43 0.9 27 1.3 40 0.8 24 1.2 37 0.7 21

Source Clarksons, Gibsons * VLCC equivalent = 1 VLCC = 2 Suezmax

SUPPLY DEMAND

10 20 30 40 50 60 70 80 90 2016 2017 2018 2019 VLCC Equivalents VLCC Equivalents to be Delivered Demand based on IEA forecast Cumulative Surplus/ (Deficit)

Large Tanker market – moving toward equilibrium

HUGE REDUCTI ON I N SHI PPI NG BANK EXPOSURE

Around USD 94bn withdrawn from shipping sector since 2010

REGULATI ONS FORCE LEVERAGE DOW N

• Banks lending

flexibility severely curtailed due to Basel II & III

• Shipping & Energy

loans in distress

• Quantum of available

lending capital restricted for commercial reasons

PRI VATE EQUI TY I N RETREAT

• PE exiting shipping
• PE been surprised by

the lack of liquidity implying a return to the sector difficult to realize

SHI P OW NERS UNDER PRESSURE

• Other shipping

segments under severe financial pressure

• Most tanker owners

have mixed fleets so pressure felt within

• wnership structure

SHI PYARD PRESSURE TO RESTRUCTURE & REDUCE CAPACI TY

• Low order books in all

shipping segments leading to ship yard distress

• Reforms being

actively adopted by shipyards driven by governments

Source: Petrofin 2 0 1 7

27

Financing – becoming more restrictive

5

Financials – Bank withdrawal from ship finance is structural

28

PETROFI N GLOBAL I NDEX COMPARED W I TH GLOBAL FLEET DEVELOPMENT I NDEX GLOBAL END OF THE YEAR LOAN SHI PPI NG PORTFOLI O

Around USD 94bn withdrawn from shipping sector since 2010

22

29

Conclusion

30

47% 49% 66% 70% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Euronav Peer 1 Peer 2 Peer 3 Peer 4

Net Debt to EV

18% 0% 2% 7% 9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Euronav Peer 1 Peer 2 Peer 3 Peer 4

% of Revenue from Fixed income for 2017 HI GHEST DELI VERED PAYOUT LOW EST LEVERAGE I N SECTOR UNMATCHED FI XED I NCOME

Euronav – best positioned and valued tanker stock

Source Company reports, Bloomberg

0.5 1 1.5 2 2.5 3 Euronav Peer 1 Peer 2 Peer 3 Peer 4

Dividend per share paid 2015 & 2016

31 VLCC TCE rates $25,000 $30,000 $40,000 $50,000 $80,000 Suezmax TCE rates $20,000 $25,000 $35,000 $45,000 $75,000

Each $ 5 ,0 0 0 uplift in both VLCC and Suezm ax rates im proves net revenue and EBI TDA by $ 7 2 m m

$264 $339 $493 $650 $1,092 + $5,000 per day + $15,000 per day + $25,000 per day + $55,000 per day

OPERATI ONAL LEVERAGE OPERATI ONAL LEVERAGE

Strong fixed income portfolio but geared to recovery

+

FSO 5 year contract to 2022 Long term TC 7 year contract to 2024 Commercial TC 1-3 year length

22

32

Appendix

33 speculative replacement growth speculative replacement growth chinese japanese

TOTAL VLCC ORDERBOOK – 2 / 3 REPLACEMENT TOTAL SUEZMAX ORDER BOOK – 8 0 % REPLACEMENT VLCCs ordered in 2 0 1 7 Ow nership of those ordering VLCC in 2 0 1 7

Vessel Supply 2017 – largely replacment

Source Clarksons

4

• 1
• 7
• 6
• 3
• 2
• 1
• 1
• 2
• 1
• 1

10 7 4 4 3 3 2 2 2 2 2 1

VLCCs ordered VLCCs 20+ age VLCCs 15-20 age

4 2

• 4
• 2 1

HMM Angelicoussis Cardiff BW Group Lemos Shandong Tai Chong Frontline DHT Sentek Kyoei Neda