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

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Euronav – Company presentation October 2017

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.

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Largest publicly listed tanker company in the world Strong financial position Mix of spot and fixed rate charters Long-term positive tanker market fundamentals Strong and Reputable Platform

1 2 3 4 5

• High quality fleet of Very Large Crude Carriers (“VLCCs”) and Suezmax tankers,

in addition to two 50% owned FSOs on long-term contracts

• Best-in class operations with a fully integrated operating platform
• Value adjusted equity ratio of 63% and liquidity of USD~794m (Q2-17)
• Conservative financial strategy with target to keep normalized leverage at or

below 50% and a minimum 2 year operational liquidity-runway

• Listed on NYSE with USD 1.29bn market cap and strong access to capital

markets

• Tanker fleet commercially operated through the leading VLCC Chartering and

Suezmax Chartering platforms

• USD 155m of contracted fixed rate EBITDA in 2016
• Recently awarded new 5 year contracts for the two FSOs (Qatar Petroleum and

Total) and four Suezmax 7 year time charter contracts (Valero Energy)

• Softer market outlook short-term due to high number of newbuildings coming

to market in 2017

• Stronger long-term market fundamentals with robust and steady increase in

demand for oil, increasing tanker ton-mile, lower newbuild ordering and financing becoming more restrictive

• Management and Board of Directors with strong experience in shipping and

through the shipping cycles

• Corporate governance – important factor for Euronav
• Strong historical track record

Key Credit Highlights

INTRODUCTION

4

1. Only 4 ULCC or V-Plus vessels in world fleet

• Leading provider of transportation and storage of

crude oil

• The largest listed tanker ship owner in the world with

a fleet of modern high quality 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 30 VLCC Up to 330,000 DWT 2MM barrels 1MM barrels 19 SUEZMAX (+4 NBs) 150,000 – 165,000 DWT 1 ULCC (1) Over 441,000 DWT 2 FSO Stripped water capacity 380k barrels Only 4 in world fleet

CURRENT FLEET – TOTAL 56 VESSELS – 14.0 MM DWT

Fixed 23% Spot 77% 5 10 15 20 25 30 35 40 45 Time Charter Spot No of Vessels VLCC Suezmax FSO

Euronav is the largest listed tanker company in the world

Average Age 10 years Average Age 7 years Age 15 years Average Age 15.5 years

28 years of tanker history

5

1989 2016 1995 1997 2000 2004 2005-2014 2008-2010 2014 2015

Started doing business under the name “Euronav” as a subsidiary of CNN Euronav Luxembourg created as a JV between CNN and CMB Initiated focus on larger sized and modern vessels: 6 VLCCs (double hull) ordered TANKERS INTERNATIONAL Pool founded Lists on Euronext Brussels Acquisition of 4 ULCCs in JV Acquired 4 VLCCs March 2005 Acquisition of 14 Suezmaxes and 2 Aframaxes from Tanklog (Livanos Group) Added 5 Suezmaxes and 3 VLCCs newbuilds TI Asia and TI Africa conversion into FSO Asia and FSO Africa Acquisition of 4 VLCCs January 2014 Acquisition of 15 VLCCs from Maersk Acquisition of 4 VLCCs January 2015 IPO on the NYSE Acquisition of 2 Suezmaxes Acquisition of 2 VLCCs

2017

4x 7-year time charters confirmed 5 year extension to FSO contract confirmed

Fleet managed in pool structure provides benefits

57 35 20 (+2 NB)

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SUEZMAX CHARTERING

17 12 12

VLCC POOL SUEZMAX POOL

Other VLCC Tanker Pools (Ships on the Water)

Source: Company reports 16 September 2017

Heidmar – VLCC Seawolf

10

Navig8 – VL8

34

China VLCC

41 Size is critical to improve market knowledge and achieve the best commercial terms

Main Tanker Clients

40

Strategy of strong capital allocation & discipline

• Tanker business is cyclical, towards which the only

cure is to have a strong balance sheet and liquidity pool

• Euronav currently has a very strong liquidity pool

that creates a three year runway through the cycles

• Policy to retain at least two years of
• perational liquidity runway at all times and

maintain strong banking relationships

7

LIQUIDITY END JUNE 2017 (USDm)

Total liquidity pool Undrawn secured revolving facility Undrawn unsecured credit line Cash and cash equiv.

2

2014-2017

25 VESSELS ACQUISITION HIGH DIVIDEND YIELD +

• 1. ADDITIONAL TONNAGE =/> BREAK EVEN
• 2. MAINTAIN LEVERAGE BELOW 50%
• 3. PRO – FORMA KEEP 2 YR LIQUIDITY POOL

1

ACQUISITION CRITERIAS

Leverage

As evidenced by

STRONG BALANCE SHEET HEDGE TOWARDS CYLICALITY CAPITAL ALLOCATION KEY TO GROWTH STRATEGY

100 200 300 400 500 600 700 800 900

269 465 60 794

From August 2017

ANNUAL 12c PER SHARE MINIMUM DIVIDEND ADDITIONAL CASH DIV /BUY BACK/M&A +

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

SEASONALITY 1 YEAR TC VLCC

8

Source Clarkson Research Services Limited 2017

• Cash flow breakeven 2017(1):

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

1. Before fixed rate contracts

Strong financial profile offsets cyclicality & seasonality

Source Clarksons

Cash break even 20,000 40,000 60,000 80,000 100,000 USD per day

Highest rate Lowest rate 5 Yr Avg 2016 2017 Current

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9

Financials

10

Q2-17 2016 62% 2015 63% 2014 48% 2013 37% 63% 783 879 921 Q2-17 2016 2015 2014 1,212 2013 1,059 Q2-17 2016 2015 2014 2013

LIQUIDITY (USDm) VALUE ADJUSTED EQUITY RATIO(1) (%) EBITDA FROM FIXED 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 LTM Q2-17 2014 2015 2016 794 597 423 264 97

Strong Credit Profile

Financial Highlights – Balance Sheet

11

1 2

4

Leverage: 44% marked to market (39% book value) HIGHLIGHTS Liquidity position

• Strengthened – via $150m

unsecured bond issue during May 2017

• At quarter end : almost $ 800 million

LIQUIDITY POSITION (30 JUNE 2017) Remaining CAPEX and Debt Capacity (30 June 2017)

• Newbuilding Capex (4 Suezmax)

= USD 211 million

• Total estimated lending capacity for

those 4 vessels = USD 173 million Cash & Cash equivalent (incl. share of JV): 269 USD m Undrawn secured revolving facility 465 USD m Undrawn unsecured credit line 60 USD m Total Liquidity : 794 USD m BALANCE SHEET

2017 2016

(in $ million)

Jun-17 Dec-31 Cash 235.5 206.6 Restricted cash 0.2 0.1 Other current assets 157.4 166.7 Long term assets: Newbuildings 37.6 86.1 Vessels 2,416.2 2,383.2 Other long term assets 206.5 204.2 Total assets 3,053.4 3,046.9 Current liabilities 170.3 189.1 Long term debt 1,015.2 966.4 Other long term liabilities 3.7 3.4 Equity 1,864.2 1,887.9 Total liabilities and stockholders' equity 3,053.4 3,046.9

3

New Financing $110 million ECA financing signed with commercial banks and Ksure.

5

Treasury Note Program EUR 50 million placed – short maturities 60 bps above Euribor Used to repay part of our revolving’s facilities and therefore decrease cost of debt

Long-term bank financing on attractive terms

Leverage 12

• Credit 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 on term

loans: $55m/year

HIGHLIGHTS REPAYMENT SCHEDULE AND RCF REDUCTIONS STRONG & SUPPORTING BANKING RELATIONS COVENANTS

• Liquidity (minimum USD 54.3 million):

USD 794 million (Q2-17)

• Equity Ratio (minimum 30%):

63.8% (Q1-17)

• Working Capital (positive):

USD 582.5 million (Q1-17)

50 100 150 200 250 300 350 400 2017 2018 2019 2020 2021 2022 2023

Millions

Bond Maturity Undrawn balloon to be refinanced Balloon to be refinanced Repayments Reductions (non-cash)

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 $267 $339 $483 $627 $1,059 +$5,000 per day +$15,000 per day +$25,000 per day +$55,000 per day 13

Each $5,000 uplift in both VLCC and Suezmax rates improves net revenue and EBITDA by $72mm

OPERATIONAL LEVERAGE FIXED INCOME

Operationally geared with strong fixed income base

+

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

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Industry and Market Overview

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Assuming no additional speculative newbuilding

Oil Tankers – 5 key medium term drivers

Demand for Oil ROBUST

• Oil demand growing

last 25 years with yearly average 1.1 mbpd

• IEA forecast 1.6

mbpd pa growth 2017 & 1.4m bpd 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 Swing 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 HEADWINDS L/T MANAGEABLE ONLY IF OWNERS ARE DISCIPLINED

• Seasonal trends

impacted by factors increasing tonnage

Financing & Regulation NEW BARRIER TO ENTRY

• New regulations

(Basel 3 & 4) restricting lending

• Distress in shipping

loans has reduced risk appetite

1 2 5 4 3

Y/Y CHANGE IN GLOBAL DEMAND FOR OIL - GROWING THE IEA ESTIMATES FOR OIL GROWTH OIL PRICE IMPACT 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 stimulating 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

Demand for Oil – robust and steady

Source IEA

Long term average CONSISTENTLY GROWING

1.8 1.6 1.6 1.4 1.2 1.2

0.5 1 1.5 2 2015 2016 2017 2018 2019 2020

Forecast growth at start of year Actual growth

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

OIL PRICE LOOKS SET TO BE CAPPED BY SHEIK V SHALE SHALE OIL SPEED TO PRODUCTION IS KEY OPEC PRODUCTION ROSE Q4 2016 SO CUTS NOT AS IMPACTFUL AS EXPECTED US SHALE ADDS 550K BPD SINCE OPEC CUT + NIGERIA/LIBYA NEUTRALISE OPEC

17

Supply of Oil – driven by Shale dynamic

Source Citi

40 41 42 43 44 45 46 2014 2015 2016 2017 2018 Initial headlines around Producer meeting in Algiers

OPEC and Russian Crude Production (m b/d)

6,800 7,000 7,200 7,400 7,600 7,800 8,000 8,200 8,400 8,600 40,000 40,500 41,000 41,500 42,000 42,500 K bpd crude production US Shale+NIG+LIB K bpd crude production OPEC 10+Russia

OPEC 10 + Russia US Shale + Nigeria + Libya

1.6 mbpd x 365 days = 584m barrels 584m barrels / 2m capacity per VLCC = 292 cargoes 292 cargoes / 9 annual journeys for VLCC MEG – F East = 32 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

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1.6 mbpd x 365 days = 584m barrels 584m barrels / 2m capacity per VLCC = 292 cargoes 292 cargoes / 4.5 annual journeys for VLCC Atlantic – F East = 65 VLCCs Average oil demand growth 1990-2015 =1.1 mbpd

Importer

Exporter

Supply Demand Demand Supply

DEMAND GROWTH ALL FROM FAR EAST – FOR TANKERS IMPORTANT WHERE SUPPLY IS SOURCED FROM

Source Euronav, Morgan Stanley

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

32 VLCCs 65 VLCCs

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

Ton miles – Basic Maths

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GLOBAL END OF THE YEAR LOAN SHIPPING PORTFOLIO

Around USD 94bn withdrawn from shipping sector since 2010

BANKS UNDER INCREASING COMMERCIAL & REGULATORY PRESSURE REGULATIONS STARTING TO BITE – BASEL 4 IN PARTICULAR SHIP-OWNERS ARE UNDER PRESSURE ON ALL FRONTS

Financials – Structural change

Source Petrofin

Global Fleet @ October 3 2017 VLCC Suezmax VLCC Equivalent 95 on order 50 on order 120

• n order

730 total 497 total 979 total 13.0% order book as % fleet 10.0% order book as % fleet 12.2% order book as % fleet

18

Vessel Supply – structure of the market

Open Market, 326 Captive; 187 Chinese; 77 Quoted ; 125 LT Storage, 15 Open Market, 328 Captive; 40 Chinese; 3 Quoted ; 126

VLCC FLEET BREAKDOWN SUEZMAX FLEET BREAKDOWN

21

Vessel Supply - Orderbook manageable; key is the delivery schedule

10 20 30 40 50 60 Orderbook as % of Fleet

534446 VLCC Orderbook % Fleet % 534448 Suezmax Orderbook % Fleet %

22

• 6
• 4
• 2

2 4 6 8 10

% growth in VLCC fleet YoY

Source Clarksons Source Clarksons

7 8 9 10 11 12 13 14 Average Age of Global Fleet

VLCC Suezmax

Vessel Supply – Delivery schedule has peaked: average fleet age accelerating

Q2 peak of delivery pace

VLCC ORDER BOOK SUEZMAX ORDER BOOK

• 48
• 25
• 13
• 22
• 11
• 7
• 21
• 29
• 4
• 29
• 39
• 64
• 21

12 46 35 2 54 62 49 30 24 23 47 41 (80) (60) (40) (20) 20 40 60 80

• 1

2017

• 11

2016

• 2

2015 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
• 9
• 14
• 20
• 20
• 14
• 48

13 31

8

38 43 45 27 8 10 24 43 (70) (60) (50) (40) (30) (20) (10) 10 20 30 40 50 60

• 9

2019 2018 2017 2016

• 1

2015 2010 2014 2013 2012 2011

23

Source Clarksons data @ 10 October 2017

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

Vessel Supply – Current order book

2020

10 VLCC scrapped 1 Converted YTD

24 speculative replacement growth speculative replacement growth chinese japanese

TOTAL VLCC ORDERBOOK – 2/3 REPLACEMENT TOTAL SUEZMAX ORDER BOOK – 80% REPLACEMENT Ownership of those ordering VLCC in 2017

Vessel Contracting 2017 – largely replacement

Source Clarksons

41

• 4
• 28

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

• 7
• 1
• 4
• 6
• 3
• 2
• 1
• 1
• 2
• 1
• 1

7 5 4 4 4 3 3 2 2 2 2 2 1

VLCCs ordered VLCCs 20+ age VLCCs 15-20 age

25

TANKER SHIPPING - HIGHLY REGULATED SCRAPPING MOTIVATION TO SCRAP OR NOT TO SCRAP – HIGHLIGHTED LINES KEY SCRAP PRICES RISING – TEMPTING OWNERS?

Vessel Supply – Scrap decision making process

Source Clarksons Source Euronav Source Morgan Stanley

Age (Years) 15 17.5 20

Vessel value $m 20.0 19.0 18.0 Ballast water capex $m 1.8 1.8 1.8 Next Special Survey 2.5 3.3 4.0 Vessel value at next survey $m

• 19.4
• 15.5
• 15.5

Net Cost 8.1 8.9 5.8 Break even / 913 days Required net income ($/day) to B/E 8,904 9,726 6,301 Running cost ($/day) 11,000 11,750 12,500 Required Gross income ($/day) 19,904 21,476 18,801 Assumed utilization 80% 70% 50% Required day rate ($/day) 24,880 30,680 37,603 Capital Consideration for Shipowner Scrap value @ Sep 2017 17.2 17.2 17.2 Operational Consideration for Shipowner Required day rate ($/day) 24,880 30,680 37,603

BWT costs not included

5 7 9 11 13 15 17 19 21 23 2012-jan 2012-mei 2012-sep 2013-jan 2013-mei 2013-sep 2014-jan 2014-mei 2014-sep 2015-jan 2015-mei 2015-sep 2016-jan 2016-mei 2016-sep 2017-jan 2017-mei VLCC scrap price $m $17.2m Sept-17

VLCC 2018 2019 2020 25 yr++ 2 2 3 22.5 11 13 8 20 10 25 37 17.5 39 26 42 Suez 2018 2019 2020 25 yr++ 3 5 3 22.5 5 3 12 20 17 7 18 17.5 9 18 22 VLCC

(equivalent)

2018 2019 2020 25 yr++ 4 5 5 22.5 14 15 14 20 19 29 46 17.5 44 35 53 Scrapping? 2018 2019 2020

100%

25 yr++ 4 5 5

100%

22.5 14 15 14

50%

20 9 14 23

33%

17.5 14 12 17

What could scrapping look like?

26

Source Euronav

49 45 41

10 20 30 40 50 60 70 80 90 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

USDm

VLCC parity VLCC quote

VLCC – Brokers quotes vs. parity Suezmax – Brokers quotes vs. parity

10 20 30 40 50 60 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

USDm

Suez parity Suez quote

27

DEMAND AND SUPPLY INTERACTION ON VLCC EQUIVALENTS 2016-2019 WHAT IEA DEMAND TRANSLATES INTO VLCC EQUIVALENTS REQUIRED PA

2016 2017 2018 2019 2020 Total VLCC to be delivered 45 53 46 35 2 Total Suezmax to be delivered 24 56 31 8 VLCC equivalents to be delivered* 57 81 62 39 2 +/- Gibsons Scrapping forecast

• 18
• 23
• 25
• 30
• Demand based on IEA forecast
• 49
• 49
• 43
• 37
• 37

IEA demand forecast bpd m 1.6 1.6 1.4 1.2 1.2 = Yearly Net Surplus/(Deficit) 14

• 4
• 23
• 65

Cumulative Surplus/(Deficit) 8 22 18

• 5
• 70

VLCC Equivalent fleet (assuming no

further scrapping)

928 996 1058 1097 1099

IEA demand forecast m bpd VLCC equivalent* IEA demand 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

Large Tanker market – moving toward equilibrium

• 80
• 60
• 40
• 20

20 40 60 80 100 2016 2017 2018 2019 2020

VLCC Equivalents VLCC Equivalents to be Delivered Demand based on IEA forecast

22

28

Current Themes

* Based on dollar dividend in each year dividend by number of shares at each dividend date since 2004

29

• Since 2004 IPO on Euronext it

has returned 779 million Euro (USD 978 million) in cash dividends.

Dividends – important to Euronav

• Delivered

in prudent manner –

• nly

returning cash when it was available and appropriate to do so .

• Aggregate
• f

$13.90 dollars per share been returned since 2014*.

20,000 40,000 60,000 80,000 100,000 120,000 50 100 150 200 250

$ VLCC daily rate $m value of new build VLCC

Euro Dividend Dollar Dividend VLCC Price VLCC rates

Value Adjusted Equity ratio* (%) DYNAMICS IN THE SHIPPING INDUSTRY

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

TANKER MARKET CONSOLIDATION

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 % of VLCC/Suezmax fleet Number of VLCC/Suezmax DHT TNK GNRT EURN NAT FRO BAHRI % of fleet

260

FRAGMENTED VLCC MARKET OPEN FOR CONSOLIDATION

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

Top 12 owners control 50%

• f global

VLCC fleet

28

Consolidation is happening...and likely to continue

Source Clarksons Source Clarksons

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

Data Deficient

Ton miles increasing - US exports are here to stay

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 5.0m bpd

SUCCESSFUL TRIAL @ CORPUS CHRISTI (May-17) US INFRASTRUCTURE ROLL OUT ACCELERATING CORPUS CHRISTI OIL EXPORT INFRASTRUCTURE

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 LOCATION CURRENT CRUDE EXPORT CAPACITY

Source Evercore

31

Outlook

32

Demand for Oil ROBUST Supply of Oil OPEC CUTS CONTINUING Vessel Supply S/TERM HEADWINDS L/TERM MANAGEABLE Ton Miles CHANGEABLE BUT US EXPORTS GROWING Financing NEW BARRIER TO ENTRY 1 2 3 Recent VLCC & Suezmax contracting whilst more modest - remains a concern

Change from Q1

No Change Deteriorated No change No change Improved

Cautious into Q3 given continued delivery schedule and potential OPEC export cuts Demand, ton miles, supply of oil, restricted financing factors – all remain constructive

33

Clean structure - most assets held directly Euronav NV

34

Euronav Ship Management SAS France

Euronav UK Ltd United Kingdom Euronav Tankers NV Belgium Euronav SAS France Euronav Hong Kong Ltd Hong Kong Euronav Shipping NV Belgium

Euronav Ship Management (Antwerp) Branch Office Belgium Euronav Ship Management (Hellas) Ltd Liberia Euronav Singapore

• Pte. Ltd.

Singapore Euronav Luxembourg SA Luxembourg Larvotto Shipholding Ltd Hong Kong Fiorano Shipholding Ltd Hong Kong TI Africa Ltd Hong Kong TI Asia Ltd Hong Kong E.S.M.C. Euro-Ocean Ship Management Ltd Cyprus Euronav Ship Management (Hellas) Branch Office Greece 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

50% 50%

100% 100%

1 vessel 1 vessel * 1 vessel * 1 FSO 1 FSO 3 vessels *

Euronav NV

Belgium

47 Vessels*

*Vessel to be repatriated under main balance sheet

*All of our daughters are funded through shareholders’ loans. The excess of cash is repatriated through the repayment of these shareholders’ loans.

SERVICE HOLDING

Highlights Q2 2017

In USD per day Second quarter 2017 Second quarter 2016

VLCC

Average spot rate (TI Pool)

27,689 47,864

Average time charter rate*

41,480 44,382

SUEZMAX

Average spot rate**

17,341 33,119

Average time charter rate*

21,651 26,363

35

* Including profit share where applicable ** Excluding technical off hire

1 2 3 4

Creditable rate performance in VLCC sector via TI pool in tough market conditions Seasonal trading patterns plus delivery schedule of new ships impacting freight rates Outlook Q3 VLCC so far: 62% fixed at around 20,000 USD per day Q3 Suezmax so far: 60% fixed at 14,700 USD per day

VLCC Suezmax

Extension of FSO contract + 2x additional long term time charters on Suezmax fleet

P&L B/E Q2 16 Q2 17

10000 20000 30000 40000 50000 60000

USD/day P&L B/E Q2 16 Q2 17

5000 10000 15000 20000 25000 30000 35000

USD/day