We’ve entered a net short position on Euronav. Euronav is market underperformer in its own physical market.

In a number of aspects, the balance of risk with this company is negatively skewed. What we’ve found is that Euronav’s realized TCEs are materially lower than the corresponding market during Q1-2020. Additionally we’ve exploring a controversial accounting treatment of their fuel costs which forced us to restated their reported earnings.  Continue reading →

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