Euronav: Transparency Legislation

Nov 05, 2015, 11:58 ET from Euronav NV

ANTWERP, Belgium, November 5, 2015 /PRNewswire/ --

In accordance with the Law of 2 May 2007 relating to the disclosure of important shareholdings in listed companies, Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") announces that it received a notification from Mr. Peter G. Livanos, Chairman of the Board of Euronav, and related entities, disclosing a crossing below the 5% threshold.

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On the date of this notification, Mr. Peter G. Livanos holds 3,922,684 voting rights, for a total percentage of 2.46%.

Euronav was informed that this downward crossing is a result of Ceres Investments (Cyprus) Limited ("CIC"), an investment company controlled by Mr. Peter G. Livanos, having sold 9,000,000 Euronav ordinary shares that were beneficially owned by Mr. Peter G. Livanos.

CIC advised: "This share sale is completed to allow Mr. Peter G. Livanos to diversify his investment portfolio, with proceeds being used to finance other activities in the shipping and energy sectors."

Euronav would like to take this opportunity to reaffirm the strong confidence management has in the current crude tanker sector cycle following the update we gave with last week's third quarter results. The strong fundamentals that underpin the tanker market we believe have structural support to drive the market forward for several years.

The notifications received in relation to the transparency legislation are available on the Company's website in the investor relations section:

http://investors.euronav.com/share/transparency-declaration.aspx?sc_lang=en.

A full overview of the current shareholders' structure can also be found on the website:

http://investors.euronav.com/share/shareholders.aspx?sc_lang=en.

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.

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Announcement of fourth quarter results 2015: Thursday 28 January 2016

 

About Euronav 

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. 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 57 double hulled vessels being one V-Plus vessel, 28 VLCCs (of which 1 in 50%-50% joint venture), three VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 23 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned 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.  

SOURCE Euronav NV