About Euronav NV

Euronav NV operates as an integrated provider of international maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of April 1, 2023, the company owned or operated a fleet of 65 vessels with an aggregate carrying capacity of approximately 16.9 million deadweight tons (dwt) consisting of 41 very large crude carriers (VLCCs), one V-plus, 21 Suezmax vessels, and two floating, storage and offloading vessels (FSOs). As of April 1, 2023, the average age of the company's fleet was approximately 10.5 years for the VLCC fleet and 11.4 years for the Suezmax fleet. The company charters its vessels on time charters, non-exclusively, to leading international energy companies, such as North Oil Company (whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited) and Valero Energy Corporation or their respective subsidiaries, although there is no guarantee that these companies will continue their relationships with it. Its vessels are routinely employed on a combination of spot market voyages, fixed-rate contracts and long-term time charters, which typically include a profit sharing component. The company employs its VLCCs through the Tankers International Pool (TI Pool), a spot market-oriented pool. As of April 1, 2023, 16 of the company's vessels were employed directly in the spot market, 40 of its vessels were employed in the TI Pool, and six of its vessels were employed on long-term charters, as well as two FSOs, FSO Asia, and FSO Africa, were employed on long-term service contracts and its V-Plus vessel, Oceania, was used for storage. Fleet The company's tanker fleet is employed worldwide through a combination of primarily spot market voyage fixtures, including through the TI Pool, fixed-rate contracts, and time charters. The company deploys its two FSOs as floating storage units under fixed-rate service contracts in the offshore services sector. Spot Market Under spot market voyage charters, the company pays voyage expenses, such as port, canal, and bunker costs. As of April 1, 2023, the company employed 16 of its vessels directly in the spot market. TI Pool The company principally employs and commercially manages its VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other shipowners with vessels of similar size and quality participate along with it. The company participated in the formation of the TI Pool to allow it and other TI Pool participants, consisting of unaffiliated third-party owners and operators of similarly sized vessels, or Pool Participants, to gain economies of scale, obtain increased cargo, flow of information, logistical efficiency and greater vessel utilization. As of April 1, 2023, the TI Pool consisted of 58 vessels, including 40 of its VLCCs. Tankers (UK) Agencies Limited, of which the company owns 50% of the outstanding voting shares, is the manager of the pool and is also responsible for the commercial management of the Pool Participants, including negotiating and entering into vessel employment agreements on behalf of the Pool Participants. Technical management of the pooled vessels is performed by each shipowner, who bears the operating costs for its vessels. Time Charters Time charters may help the company mitigate, in part, its exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. The company may also enter into time-charter contracts with profit-sharing arrangements. As of April 1, 2023, the company employed six of its vessels on fixed-rate time charters. FSOs and Offshore Service Contracts The company deploys its two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector. Technical and Commercial Management of Vessels A majority of the company's vessels are technically managed in-house through its wholly-owned subsidiaries, Euronav Ship Management SAS, Euronav SAS, and Euronav Ship Management (Hellas) Ltd. Its in-house technical management services include providing technical expertise necessary for all vessel operations, supervising the maintenance, upkeep and general efficiency of vessels, arranging and supervising newbuilding construction, drydocking, and repairs and alterations, as well as developing, implementing, certifying and maintaining a safety management system. In addition to its in-house fully integrated technical management, the company utilizes the services of third party managers. The independent technical managers typically have specific teams dedicated to the company's vessels and are supervised by an in-house oversight team. The company contracts Northern Marine Management Limited (part of Northern Marine Group) and Anglo Eastern group of companies (through some of their wholly-owned subsidiaries). The services provided by its third party technical management are very similar to its own technical management and involves part or all of the day-to-day management of vessels. The company's VLCCs are commercially managed by Tankers International while operating in the TI Pool. All of the participants in the TI Pool collectively pay a pool management fee equivalent to the costs of running the pool business, excluding voyage expenses, interest adjustments and administration costs, including legal, banking and other professional fees. The company's Suezmax vessels trading in the spot market are commercially managed by Euronav (UK) Agencies Ltd., its London commercial department. Commercial management services include securing employment for its vessels. The company's time chartered vessels are managed by its operations department based in Antwerp. Customers For the year ended December 31, 2022, Valero Energy Corporation accounted for 8% of the company's total revenues in its tankers segment. As of December 31, 2022, the company's only FSO customer was North Oil Company. Regulation A variety of government and private entities subject the company's vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), Captain of the Port or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. The company's vessels are in full compliance with the Safety of Life at Sea of 1974 (SOLAS Convention) and the Convention of Limitation of Liability for Maritime Claims (LLMC) standards. Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the ISM Code), the company's operations are also subject to environmental standards and requirements. The company relies upon the safety management system that the company and its technical management team have developed for compliance with the ISM Code. The company has obtained applicable documents of compliance for its ship management offices and safety management certificates for all of its vessels for which the certificates are required by the International Maritime Organization (IMO). All of the company's vessels are in possession of the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 State issued certificate attesting that the required insurance coverage is in force. The company has obtained Antifouling System Certificates for all of its vessels that are subject to the Anti-fouling Convention. Both the U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act impact the company's operations. The U.S. Environmental Protection Agency and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on the company's vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict its vessels from entering the U.S. Waters. All of the company's vessels are in full compliance with and are certified to meet the Maritime Labour Convention 2006. The operation of the company's vessels is affected by the requirements set forth in the IMO's International Management Code for the ISM Code. All of its vessels are ISM Code-certified. All the company's vessels are certified as being 'in-class' by American Bureau of Shipping, Lloyds Register or Bureau Veritas who are all members of the International Association of Classification Societies. History Euronav NV was incorporated under the laws of Belgium in 2003.