Oh, hi there. In terms of the agenda, I will firstly run through the Q1 highlights before passing on to Lieve Logghe, our CFO, who will provide a full financial review of the income statement and the balance sheet.
This reflects mainly the OPEC+ production cuts but also OPEC's move to monthly meetings, suggesting they will be flexible in managing supply. Because if you only look at the NAV and the discount to NAV, then obviously, you're taking a picture of something that is moving target. All participants will be in a listen-only mode. All right. the OPEC Plus production cuts, but also OPEC's move to monthly meetings, suggesting they will be flexible in managing supply. It would seem that while the order book has come in a bit, those vessels do present somewhat of an overhang. And therefore, there's no ship out there that stand still due to lack of crew. Yes.

So that's why again in the prepared remarks we said we do believe that there's a bit more to come. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. But I guess it's interesting to hear that you participated in that tender. This is important because these ships were taken because VLCC rates during April were especially high. Hello everybody. And, as we think about the rest of the quarter, should we think about benchmarks, or do you have an elevated starting point for the back half of the quarter as well? So, it's absolutely everything. I think it's currently -- we've seen the rates running off. If we were to go back to maybe 80 or 85, that may become the NAV of tomorrow. Given the lower equity valuation, as illustrated by our share price in the last few months, we have started to buy back our own shares. This provides a medium- and long-term positive backdrop for the tanker sector and for investors, which Euronav believes is structural in nature. And what is really creating a problem is not to be able to tell those people you will be rotated on or off by this date. Of course if you order, if you go back on a contract, it's not really your problem, so why would you solve it? Hi Amit. Yes. The contango we had in '15, '16 peaked -- we didn't get the peak in the amount of ships that were held on contango for another nine months after that. This is going to take some more time just to unwind. Looking forward, the EIA forecast continued recovery of demand toward 97 million barrels per day in September before the rate of recovery eases off in Q4. It's simply because that voyages for VLCCs, we've been talking about positive ton miles for the last five or even ten years, but an average voyage seems to increase in number of days, and very often we are very close to 90 days-and 90 days is a quarter. Hey thanks for taking the questions. And, that explains why the mark-to-market has significantly decreased from the last time we reported on it. People cannot leave the ship. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. Your retirement probably won’t be anything like your parents’…and that’s not good news, Accenture Stock Slides as Earnings and Outlook Disappoint the Street, LPL Financial’s New Breakaway Channel Draws Another Wells Fargo Team, Square stock gets an upgrade as Cash App enthusiasm keeps growing, Barclays is asking more bankers to return to its New York office in October: Leaked memo, Economists and businesses react as U.K. Chancellor Sunak unveils emergency jobs program, Copyright © 2020 MarketWatch, Inc. All rights reserved. Wendy’s (NYSE: WEN) Stock a Pandemic and Recovery Play, BioXCel Therapeutics (NASDAQ:BTAI) A Hot Buy That Confuses Analysts, Rite Aid Is a Cautious Buy Ahead of Earnings, The Steelcase (NYSE:SCS) 4% Dividend Is Worth Your Time, 7 Stocks That Will Help You Forget About the Fed, 7 Stocks That Don’t Care Who Wins the Election, 7 Semiconductor Stocks to Power Your Portfolio, 7 Gold Stocks to Buy Before the Fed Changes Its Mind, 8 Consumer Staples Stocks That Offer Good Value, 6 Stocks Riding the Coattails of Nikola Motor, 8 Artificial Intelligence Stocks That Will Make You Feel Like a Smart Investor, 7 Valuable China Stocks That May Get Delisted, Receive Analysts' Upgrades and Downgrades Daily. And that's certainly not how we trigger it. Please take a moment to read our safe harbor statement on Page 2 of the presentation. Brian, over to you. And, you don't know when those vessels are going to return. I appreciate the fair and balanced approach in the presentation. And so when you're vessel is 12 years old or even 15 years old, that's not really an easy decision. And we're probably around $350 for the fuel oil for VLSFO, and that is still cheaper than what we have on board the Oceania, but it's not as big of a difference as we once had and certainly what we announced at the end of Q1. So once we project ourselves in the next five years, I think that we will continue to have a little bit of uncertainty which would not trigger a lot of newbuilding orders. We told earlier in the year that Q2 would bring a strong and sustained storage market opportunity. But, again, some of those programs are very, very generous, so-yes, and I don't think it would be a deviation because then it would mean that it becomes the fuel of the future. [Indiscernible] moves from green to green to amber, reflecting the lower US crude export potential, as US shale production is lower than before.
Amit Mehrotra -- Deutsche Bank -- Analyst.

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