Historically low prices offer tanker giant Euronav the chance now to be “acquisitive”, the company’s ceo, Paddy Rodgers said today.
Commenting on interim results, Rodgers said: “The tanker market is at an important stage in its evolution with asset prices at historically low levels primarily as a result of limited access to financing becoming increasingly selective and favouring industrial players like Euronav… This is a good opportunity to be acquisitive.”
Rodgers admitted the third quarter was proving “challenging” and current market conditions would impact the fourth quarter too.
Euronav registered a net interim profit of $153.7m, down from $173.2m in the same period of 2015.
Rodgers also confirmed the acquisition of a pair of VLCC resales for $84.5m each as first reported by Splash on July 28.
