Expansionist Euronav was marginally back in the black in the first quarter with a $1.4m profit, improving on a $10.7m loss in the same period last year.
Acquisitive tanker owner Euronav narrowed its losses in 2013. Euronav reported a loss of $89.8m last year compared to $118.6m in 2012.
Euronav’s plans to buy five large tankers from bankrupt Overseas Shipholding Group (OSG) have been scuppered.
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.
Euronav has raised $50m by issuing 5.4m shares, the first step in gathering $1bn to purchase Maersk Tanker's 15-strong VLCC fleet.