Antwerp-based Euronav has filed a second arbitration case against tanker rival Frontline following the collapse of their merger agreement earlier in January.

The New York and Brussels-listed shipowner wants a domestic panel to examine the merits of the John Fredriksen company’s decision to pull out of the combination deal.

This follows a previous “urgent” application to halt Frontline’s exit.

A judgment in this first arbitration is now expected on 7 February.

The Fredriksen group has built its stake in Euronav to 24.99% from 17.78% after scrapping the merger.

The Oslo-listed giant appeared to blame the failure of the deal on opposition from the Saverys family, which has the same stake.

The family, which owns shipping company CMB, is now trying to replace the supervisory board of Euronav as it seeks a change in strategy to decarbonise the company.

Euronav said on Monday it had “assessed” that Frontline’s unilateral action to scrap the deal had no basis under the terms of the combination agreement dating from last July.

“Frontline failed to provide a satisfactory reason for its decision to pursue termination,” the owner added.

The filing decision was made “after careful consideration”, Euronav said.

‘Entirely lawful’

Frontline said in a filing it had received the arbitration request.

The company is analysing this request with its legal advisors.

“Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful,” the Fredriksen company added.

Fredriksen would have spent $74.2m on his latest Euronav stock acquisition last week, based on a price of $15.50 in New York.

His stake in the $3.14bn company is worth about $785m.