Antwerp-based tanker operator Euronav returned another buoyant set of results in the third quarter of 2015 (3Q15) but announced it would not be taking up an option it has on four more VLCCs.

Euronav added US$72.2m in 3Q15 to the US$173.3m profit it amassed in the first half of the year but said it would nevertheless not place firm orders for the four VLCCs following the four-vessel order it announced in June.

The four vessels on option would have been for delivery late next year and in 2017. Euronav said that these "late" delivery windows were the reason it had decided not to acquire.

Instead, it had chosen to use them as "a sort of hedge" against any significant vessel price inflation that might occur subsequently. In the event, it said, this price inflation had not materialised and the board had decided not to exercise the option.

The decision was taken against the background of the group's strongest third quarter EBITDA (earnings before interest, taxes, depreciation, and amortisation) since 2008, non-recurring items excluded, at US$135.9m.

Euronav chief executive Paddy Rodgers said that, in what was traditionally a seasonally weak quarter, the four main drivers of the tanker business - robust demand for crude oil, moderate vessel supply, strong oil supply, and continuing tonne-mile expansion - had all provided further gains for the group.

The market-growth "thesis", which had made its appearance in early 2014, had continued to evolve as expected.

"This resilience of the thesis was demonstrated with a strong recovery in the freight market after a number of external factors simultaneously impacted the market during August," said he.

The group was upbeat about market prospects, noting that some cargo rates had hit a seven-year high in the early part of the final quarter. This, it said, reflected strong fundamentals, which could drive the market for several years.