Secrets of S&P: Euronav has $700m to spend but Awilco VLCCs were too expensive

Belgian tanker giant Euronav has a $700m war chest to buy ships or to repurchase its own shares, even in today's weak markets.

Speaking on a conference call with analysts, chief executive Hugo De Stoop revealed that the cash will be available if it increases debt leveraging from 37% now to its target of 50%.

Euronav has already spent $119.5m