Euronav - An Earth-Moving Acquisition, But Is The Company Still Cheap?
- Euronav is up 38% since my first article on a smart acquisition.
- The company acquired 15 young VLCC vessels from Maersk shipping to rejuvenate its fleet and to become a dominant player.
- The oil tanker sector still is under severe pressure, but the oversupply should decrease.
- Traditionally, the summer season is weaker for oil tanker companies which could result in an opportunity to get in cheaper.
- However, I'm not too impressed with Euronav's decision to place discounted shares and an (extremely) high yield bond without giving the public a chance to participate.