Euronav chief executive Hugo De Stoop is not tempted by the better rates on offer for term tanker deals amid appalling spot markets.
The boss of the Belgian VLCC and suezmax owner said owners who fix for up to three years could regret the decision when the long-delayed recovery has kicked in.
VLCC spot rates are averaging an all-time low of minus $7,000 from the Middle East to Asia currently, although modern eco ships with scrubbers fitted are still in positive territory.
