Euronav ceo Paddy Rodgers launched a stinging attack on what he called the “abuse” of Chapter 11 bankruptcy protection procedures in the US by shipping companies.

If crude tanker owners embark on a newbuilding ordering spree they could kill the market for 10 – 15 years warns Euronav ceo Paddy Rodgers.

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.

Euronav is to raise $1.085bn to fund its purchase of 15 VLCCs from Maersk Tankers, via a capital increase, bank debt and mezzanine financing.

Maersk Tankers is selling its fleet of 15 VLCCs to Euronav for $980m.

Euronav has sold double-hulled VLCC Ardenne Venture for $41.7m, in an attempt to pay down its debts.