Euronav has signalled it could begin selling off some of its IMO 2020-compliant fuel cargo stored on an ULCC off Malaysia.
In January, chief executive Hugo De Stoop had joked that the company was being "selfish" and keeping the bunkers for itself as the spread increased between low-sulphur and high-sulphur fuel oils.
But the Belgian owner said in its first-quarter results that the value of the remaining oil on board its 442,000-dwt Oceania (built 2003) had fallen $56m below its book value.
