Belgian tanker owner Euronav is facing a financial hit on its stockpile of low-sulphur fuel oil (LSFO) and gasoil stored on an ULCC off Malaysia.

The company said the unused IMO 2020-compliant bunkers will be subject to a mark to market valuation at the end of the first quarter and will lead to a write-down.

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This is because the "current market is significantly below the acquisition cost", it added.