Dividend Policy & Return to shareholders

Dividend & return to shareholders policy

The board of directors may from time to time, declare and pay dividends in accordance with our articles of association and applicable Belgian law. The declaration and payment of dividends, if any, will always be subject to the approval of either our board of directors (in the case of "interim dividends") or of the shareholders (in the case of "regular dividends" or "intermediary dividends").

In general, under the terms of our debt agreements, the company is not permitted to pay dividends if there is or will be as a result of the dividend a default or a breach of a loan covenant. Please see our latest 20-F annual report filings for more information relating to restrictions on our ability to pay dividends under the terms of the agreements governing our indebtedness. Belgian law generally prohibits the payment of dividends unless net assets on the closing date of the last financial year do not fall beneath the amount of the registered capital and, before the dividend is paid out, 5% of the net profit is allocated to the legal reserve until this legal reserve amounts to 10% of the share capital. No distributions may occur if, as a result of such distribution, our net assets would fall below the sum of (i) the amount of our registered capital, (ii) the amount of such aforementioned legal reserves, and (iii) other reserves which may be required by our Articles of Association or by law, such as the reserves not available for distribution in the event we hold treasury shares. We may not have sufficient surplus in the future to pay dividends and our subsidiaries may not have sufficient funds or surplus to make distributions to us. We can give no assurance that dividends will be paid at all. In addition, the corporate law of jurisdictions in which our subsidiaries are organized may impose restrictions on the payment or source of dividends under certain circumstances.

Return to shareholders policy (incl. dividend policy) (August 2017)

Since August 2017, Euronav has upgraded its return to shareholders policy pursuant to which the company intends to pay a minimum fixed dividend of at least USD 0.12 in total per share per year provided (a) the company has in the view of management and the board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts.

In addition, if the results per share are positive and exceed the amount of the fixed dividend, that additional income will be allocated to either:


Additional cash dividends – at board discretion cash distributions would be made to shareholders dependent on the tanker cycle outlook and capital requirements for the company. First half dividend may be adjusted according to the outlook for the rest of the fiscal year.

Share buy-back - should the board believe that the difference between the share price relative to the intrinsic value of the business is significant so that acquiring Euronav shares would be accretive to all stakeholders then the board may use part or all of this cash resource to acquire our own stock. Currently the board has shareholder permission to buy back up to 20% of its own equity.

Notwithstanding the above, the board of directors’ primary obligation is to act in the best interest of the company and in doing so always to consider alternatives for use of cash that might otherwise be distributed as dividends or used for share buybacks. These alternatives could be the accelerated amortization of debt or, of course, vessel, fleet or shipping companies acquisition which will be considered at that time to be accretive to shareholders’ value.

Pursuant to the policy set out above, the board of directors will continue to assess the declaration and payment of dividends upon consideration of our financial results and earnings, restrictions in our debt agreements, market prospects, current capital expenditures, commitments, investment opportunities, and the provisions of Belgian law affecting the payment of dividends to shareholders and other factors. The board of directors can at any time decide to stop paying dividends and cannot assure you that the company will pay any dividends in the future or of the amount of such dividends. For instance, the company did not declare or pay any dividends from 2010 until 2014.

Treatment of capital losses and capital gains

As part of its distribution policy Euronav will continue to INCLUDE exceptional capital losses when assessing additional dividends but also continue to EXCLUDE exceptional capital gains when assessing additional dividend payments.

Treatment of Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL)

As part of its distribution policy Euronav will not include non-cash items affecting the results such as DTA or DTL.




Withholding tax on dividends

Memo - Belgian withholding tax on dividends distributed by Euronav NV.

Dividend Policy & Return to shareholders

Dividend year Dividend per share Ex date Payment date Important
16 2018 $0.06 14 May 2018 23 May 2018


15 2017 (interim) $0.06 25 September 2017 5 October 2017


14 2017 $0.22 22 May 2017 31 May 2017


13 2016 (interim) $0.55 20 September 2016 30 September 2016


12 2016 $0.82 17 May 2016 26 May 2016


11 2015 (interim) $0.62 9 September 2015 22 September 2015


10 2015 $0.25 18 May 2015 28 May 2015


09 2010 (interim) €0.10 31 August 2010 3 September 2010


08 2009 (interim) €0.10 2 September 2009 7 September 2009


07 2008 €0.80 29 April 2009 5 May 2009


06 2008 (interim) €1.00 5 September 2008 5 September 2008


05 2007 €1.60 9 May 2008 9 May 2008


04 2006 €1.68 27 April 2007 27 April 2007


03 2005 €1.60 28 March 2006 28 March 2006


02 2004 €1.60 29 April 2005 29 April 2005


01 2004 (interim) €1.60 6 December 2004 6 December 2004


Freeze Period

In view of the upcoming dividend payment, investors are reminded that shareholders cannot reposition their shares between the Belgian share register and the U.S. share register from Monday 25 September 2017 9 a.m. CET until Thursday 28 September 2017 9 a.m. CET.

Ex-date and record date

  • Ex-date: Date as of which the trading of the shares is ex-dividend i.e. the date as of which the buyer of a share is not entitled to the dividend (and the right to the dividend stays with the seller).

  • Record date:The date on which the positions within the settlement systems give entitlement to the dividend.

  • Payment date: The date on which the dividend is actually paid.

Principal Paying Agent

Following the introduction of the ESES platform Euronav has appointed Euroclear Belgium as single Paying Agent for all transactions on its shares.

For U.S. investors, corporate actions on shares held in Euronav, are coordinated by Computershare and, for dividend payments, also Globetax. In this respect, for Euronav shares tradeable on the NYSE, investors are kindly requested to consult with their financial advisors / read the notices published on the website of Globetax.