Euronav CEO Hugo De Stoop is leaving with immediate effect from the Belgian tanker company at the centre of a failed merger with John Fredriksen’s Frontline.

Frontline CEO Lars Barstad says a merger with Euronav is “firmly off the table” following its termination in January of the planned deal.

Euronav says it could take legal action against Frontline for terminating its proposed merger agreement.

After facing exceeding resistance, John Fredriksen’s Frontline has now called off its acquisition of Euronav representing something of a victory for Saverys family interests who had sought to block the deal.

Frontline and Euronav have entered into a definitive agreement for an all-stock merger to create one of the world’s largest tanker companies.

Tanker owner Euronav has sold its two oldest suezmaxes for a $12.4m profit.

Leading large tanker owner Euronav slumped to a $339.2m loss for 2021 as the omicron variant stalled a hoped for recovery in Q4.

Euronav boss, Hugo De Stoop, expects that a large tanker powered by ammonia could well be on the water by 2025.

Euronav has entered into an agreement to acquire two resale suezmax newbuildings that will be able to run on LNG and even ammonia in future.

The Euronav-International Seaways joint venture has clinched a 10-year extension of contracts for two FSOs currently working for Qatar-based North Oil Company (NOC).