John Fredriksen has substantially enlarged his holding in Belgian tanker owner Euronav for the second straight week, even though he has scuttled merger plans and is heading to arbitration over the split.

Fredriksen vehicles are now in control of 45.6m shares. This reflects a 22.62% stake in his former merger target, bringing the tycoon even closer to the 25% position held by the Saverys family.

The Saverys have been vehement opponents of a combination between public Fredriksen tanker company Frontline and Euronav, instead urging the Hugo De Stoop-led company to pursue green energy development.