Euronav’s Hugo De Stoop has shed more light on how a bigger combined tanker operation with John Fredriksen’s Frontline could unlock major efficiencies and cost savings.

As work continues on merging the two VLCC and suezmax specialists, the chief executive told a conference call that Euronav obviously expects significant synergies in different parts of the business.

“I think on the revenue side, it is about utilisation,” he added.