Euronav has bought back another swath of shares, this time more than 1.1 million on both Brussels and New York markets.
The Belgian tanker giant reported Monday that it had spent €9.2m ($10.4m) on the buybacks, bringing its total holding to 4.5 million shares, or 2% of the company.
Euronav began buying back shares in December.
"The board and management firmly believe this affirmative action creates long term value for all stakeholders given the significant disconnect between equity and net asset values at present," the company said in a statement.
Shares were trading at $9.45 in New York, up a cent since Monday's open. In Brussels, shares were up two cents since the open to €8.32.
Since starting the year at $7.21 and €6.40, Euronav shares shot up 31% and 30% respectively.
The company's largest holder remains Chateauban, a Luxembourgish holding company related to shipowner CLd-N-Cobelfret, with 18.4 million shares. It's next two largest shareholders are members of the Saverys family, who together hold more than 24 million shares.
Its largest institutional investor is Prudential with 8.8 million.
