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Euronav has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of USD 342 million. The vessels are on average 3 years old.

In a statement, Antwerp-headquartered Euronav said: "The acquisition fits into the company's strategy to further strengthen its position as the leading listed crude tanker company."

"The transaction allows Euronav to expand its existing fleet with an 'en bloc' acquisition of 4 of the best vessels that can be found in today's second hand market. This will not only rejuvenate the company’s fleet, but it will also complement the company's existing fleet and further position Euronav as the key pure play consolidator in the crude tanker industry," Euronav added.

Three vessels are expected to be delivered in the course of the third and fourth quarter of this year and the last vessel in the second quarter of 2015.

Euronav is headquartered in Belgium and specializes in the transportation of oil products by sea. Fleet management is conducted by three wholly owned subsidiaries: Euronav Ship Management SAS and Euronav SAS, both French companies with headquarters in Nantes, France, and with a major branch office in Antwerp, Belgium, and Euronav Ship Management (Hellas) Ltd with its branch office in Piraeus, Greece.