Euronav said that M&G Investment Management now holds a stake slightly above 5% in the company, making it the third largest single shareholder in the company.

M&G now owns 8.031 million shares in the tanker owner, which has dual listings on the New York and Brussels stock exchanges.

The new stake comes in the wake of chief executive Paddy Rodgers announcing that the owner would move to a fixed versus a floating dividend structure.