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2019-10-17 13:06:58

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The second public episode of Value Investor's Edge Live features Hugo De Stoop, CEO of Euronav (EURN), as well as Brian Gallagher, head of IR at Euronav. Recorded on September 17th, the conversation happened in light of the recent attack on Saudi Arabia's oil facilities. J Mintzmyer of Value Investor's Edge discusses that recent event as well as the looming catalyst of IMO 2020 regulations to hear how Euronav is preparing, as well as how they see the crude tanker shipping market shaping up as a whole.

They also discussed the potential for floating storage, Euronav's capital allocation priorities, the prospect of LNG dual-fuel vessels, and overall market thoughts regarding the increased focus on Atlantic-sourced cargoes. This interview and discussion is relevant for anyone with crude tanker exposure including other firms such as Diamond S (DSSI), Frontline (FRO), International Seaways (INSW), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Teekay Tankers (TNK), and Tsakos Energy Navigation (TNP).

Topics covered1:30 - What are the effects of the attack on the Saudi oil fields?4:30 - What's the outlook for US exports?7:30 - Scrubbers and use of compliant fuel.16:30 - What's the plan for the second ULCC and has there been movement in the sulfur spread?21:00 - Have you hedged against oil price fluctuations? How does this impact P&L?24:00 - How will the Saudi disruption affect your Suezmax fleet?26:00 - Are Suezmaxes being used for storage?29:00 - Will storage be drawn down now that there's backwardation?30:30 - Priorities with current cash balance.36:00 - Are you adding to the fleet and will you be looking into dual fuel technology?41:00 - Overall take on the market: Are you more bullish or bearish with Saudi disruption?

The Investing Edge will feature multiple shows from some of our top authors, with each focusing on the given hosts' investing style and interests. We're launching the new channel with two shows. Value Investor's Edge Live is the first. Hosted by J Mintzmyer of Value Investor's Edge, the show will feature J's conversations with publicly traded shipping company CEOs, sector experts, and fellow deep value investors about their companies and investing approaches. J has been a contributor on Seeking Alpha since 2011 and has become a leading analyst in the shipping sector, often quoted in industry publications and speaking at industry events like Marine Money.

Akram's Razor of The Razor's Edge will be the lead host of our other show, also called The Razor's Edge. SA Editor Daniel Shvartsman will be co-hosting, and the two will be discussing specific ideas from his investing watch list or portfolio, including specific ideas and takes as well as discussion about the research process. Akram's Razor has been on Seeking Alpha since 2010 and has built a reputation for deep-dive research, including thoroughly supported short ideas.

You can click on the links below the podcast at the top of the page to subscribe to this podcast. Follow this account to receive email alerts on new podcasts as well as podcast transcripts, which we will post shortly after an episode goes out.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: J Mintzmyer is long DSSI, TNK, TNP, INSW, NNA, and EURN (the latter added after the podcast was recorded). Hugo De Stoop and Brian Gallagher are employed by Euronav. Nothing on this podcast should be taken as investment advice.


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