Euronav’s Contango Opportunity, Can It Benefit from The COVID-19 Situation?

Euronav owns both the Europe and Oceania Ultra Large Crude Carriers, which it operates as floating storage.
The company also owns 39 VLCCs and 25 Suezmax tankers.
Most of the fleet is operated in the spot market and is fixed through Tankers International Pool.
The company ended the quarter with more than $295MM on hand and valued the fleet at a net $3,000MM.
It reported an average Time Charter Equivalent of $35,700 on its VLCCs and $29,300 on Suezmax tankers.
Its base rates of $25,000 per day...