Euronav: 'Orders negative, tanker asset prices at bottom'

Euronav spoke out against a first quarter flurry of VLCC newbuilding orders as it wheeled out a stronger than expected first quarter profit.

Paddy Rodgers-led Euronav also called a likely floor in crude tanker asset prices that would open the door for further fleet growth.

In its first quarter report today Euronav said the 15 VLCCs contracted in the period was a “negative data point” and a “disappointing development” given the restraint of a year ago.