Euronav's Hugo de Stoop has said recent eye-catching prices paid for VLCCs nearing delivery are not justifiable.
The chief executive told a conference call with analysts on Thursday: "Recent sales have been reported at $107m, against a price of $90m for a newbuilding available from a yard 14 months down the line.
"You would need to earn $40,000 per day above opex every day for 14 months to justify this price."
