Euronav ups offering

Strong demand from investors has prompted Euronav to increase its stock offering by $25m to help pay for four new VLCC acquisitions.

The company said it had raised $125m through the issuance of 10.55m new shares to institutional investors.

The stock sold at EUR 8.70 ($11.84), a 3% discount to Tuesday’s closing price.

The new shares represent 8.05% of its new enlarged capital.

The cash is going towards a deal announced on Tuesday to buy four VLCCs built in Japan with an average age of three years.

The en-bloc price is $342m.

Brokers believe the units are the remnants of Nissen Kaiun’s VLCC stable: the 300,000-dwt Maersk Hojo (built 2013), Maersk Hakata (built 2010), Bright Harmony (built 2009) and Bright Pioneer (built 2010).

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