Paddy Rodgers-led Euronav has snapped up two resale VLCCs. The 300,000dwt tankers, ordered by American firm Madison Crude Carriers are under construction at Hyundai Samho Heavy Industries. Brokers say that Euronav is paying US$168m for the pair.

At its interim results Euronav stated that now was a good time to boost its fleet given current tanker prices.

"The company believes there may be attractive investment opportunities in today's market for a long term industrial player such as Euronav. Falling asset values are constructive as they represent the replacement cost of the business and are therefore an expense. Asset prices are approaching historically low valuations which do not accurately reflect the longer term earnings capability of vessels on the water," the company said, adding, "When combined with Euronav's relatively low leverage and sustained access to capital markets this may provide a number of potentially interesting prospects that would create long lasting shareholder value above and beyond direct returns to shareholders."