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Euronav eyes more opportunities in the large tanker sector

Euronav eyes more opportunities in the large tanker sector
Despite making a loss in 2013 Euronav is already eyeing more opportunities in the large tanker sector just weeks after buying Maersk Tankers VLCC fleet for $980m.

Euronext-listed Euronav reported a net loss of $21.9m for the fourth quarter of 2013, and a full year loss of $88.2m. However, the company is seeing better prospects for the large tanker market, an is on the lookout for further expansion following its recent deal buy Maersk Tankers VLCC fleet.

“Euronav continues to look at opportunities in the large tanker sector as it wants to play a significant role in a wider consolidation of the world tanker fleet,” Euronav said.

“The Euronav platform is ready for it and management believes that with the concurrent benefits of synergy and logistical enhancement this will benefit all of the company’s stakeholders.”

However, the shipowner ruled out ordering speculative newbuildings and repeated its view that eco-ships do not exist in the large tanker sector.

Looking at the outlook for the large tanker market the company noted it had significantly improved over the last few months.

“The market is currently stronger than at any time since the first quarter of 2010 and looks likely to last for the rest of this quarter. The owners are finally showing willingness to make up for the lost time of the last three years and there is a very different mood on the back of stronger fundamentals,” Euronav said.

The company warned though the recovery remained fragile with at best a very thin balance between demand and supply.

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