Analysts have speculated on one possible way of ending the Mexican stand-off between John Fredriksen, the Saverys family and Euronav management.

Frontline backer Fredriksen has built his stake in Belgium’s Euronav to 25% in recent days after pulling out of a tie-up between the two tanker companies.

This is the same level of Euronav ownership as the Saverys family, the owner of shipping company CMB, which used that holding to block the full legal merger with Frontline and ultimately torpedo the backup plan of a fleet combination.