Tanker giant Euronav is expected to post a quarterly loss in the coming days ahead of a sharp rise in its bottom line anticipated next year.
Consensus numbers guide for Euronav to book a loss of $42.5m in the three months to the end of June 2019, deeper than the $13m red number seen at this stage a year ago.
Analysts at DNB Markets note the VLCC and wider tanker market are forecast to be stronger in the second half of this year and rise further in 2020.
Its team, led by Nicolay Dyvik, project VLCCs will earn $40,500 per day next year, with all analysts forecasting rates above the $21,300 per day presently on offer.
DNB Markets calculates Euronav will book a loss of $35m this year, which would mark the third annual loss in a row.
However, the red rue is expected to end emphatically with a $223m profit in 2020, rising further to $254m in 2021.
Euronav, which will report its second quarter numbers on 8 August, has a market capaitalisation of over $2bn.
