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).


  1. Economou linked to buy number 10

    Greek shipowner's busy week continues with reported purchase of aframax resale.

  2. Iraqi oil minister vows tanker fleet renewal

    Second largest Opec oil producer to build fleet destroyed in first Persian Gulf War.

  3. Scorpio Tankers executives buy up stock

    Investment runs to beyond $4.5m and follows dividend reduction and bullish profit projections.