Belgian tanker giant is free to buy back up to $216m of its shares after finally winning a crucial vote at a general meeting of investors.
The New York and Euronext-listed VLCC and suezmax owner said shareholders approved a measure to repurchase 10% of the stock over the next five years.
This was the third time the company had tried to force the buyback mandate through.
The last meeting on 9 April failed to reach the numbers of shareholders necessary to vote on the policy.
So this time, Euronav waived attendance rules, saying the meeting would "validly deliberate and decide on the agenda items irrespective [of] the portion of the capital represented by the shareholders participating".
Physical attendance was prohibited due to the coronavirus outbreak.
Concerns addressed
Investors had first rejected a plan to buy back up to 20% of its stock in March.
This prompted Euronav to reduce the capital return scheme to 10% to address shareholder concerns ahead of the April vote. This would have been worth $199m, but Euronav's value has since risen to $2.16bn.
The tanker owner has said the scheme will not be used by the supervisory board as an "anti-takeover defence".
The idea is to return surplus capital to shareholders, increasing earnings per share or providing stock for equity compensations plans.
The board believes that share buybacks create long term value for "all stakeholders", Euronav said.
The tanker owner had said it needed a vote of 75% in favour to carry the day in April.
But the company also needed more than half the shareholders to attend.
Shareholders also re-appointed Grace Reksten Skaugen as an independent member of the supervisory board for two years.
