Euronav’s supervisory board is seeking dialogue with warring shareholders John Fredriksen and the Saverys family as arbitration and a bid to remove directors continue. The Belgian tanker giant said in its fourth-quarter report that chairman Grace Reksten Skaugen and colleagues have “reached out proactively” to Fredriksen’s Famatown Finance after it built its stake further following the failed merger with the tycoon’s Frontline.

Analysts have speculated on one possible way of ending the three-way stand-off among the parties: a demerger. One way to split the company would be to spin off the conventional fleet to Frontline and the ammonia-ready newbuildings to the Saverys’ Compagnie Maritime Belge, according to Clarksons.