Eurnoav has raised $125 million by the private placement of more than 10.5 million new shares to partially fund four new VLCCs.
The company began by offering $100 million in shares, but increased the placement due to demand.
Euronav said the tanker industry could improve in the coming months.
“The company is still of the view that a more balanced tonnage list, coupled with increased ton-miles, should help to further improve the state of the tanker market for the rest of 2014 and 2015,” according to a press release. “In this regard, the company does not intend to place speculative newbuilding orders, but continues to see value in the second-hand market.”