Euronav has revealed a doubling of its term tanker coverage, but is not seeking to add contracts merely because they are available.
Rate spikes this year due to crude price cuts and Saudi volume increases have allowed tanker operators some "optionality" to lock in high rates for the upcoming six months, the Belgian company said.
Euronav has fixed a number of vessels to take advantage of these opportunities before an expected drop in rates later this year as stored oil stocks are drawn down.
