Shares of Euronav rose after the company confirmed it was in talks to sell 24 oil tankers to shareholder Frontline for $2.35 billion.
The stock was up 16% to $17.11 in Thursday afternoon trading. Shares are up 0.4% this year.
The Belgian shipping company said that Frontline was seeking to sell its over 26% stake in Euronav to Compagnie Maritime Belge, another top shareholder. Frontline would receive $18.43 per share and acquire the tankers as part of the deal.
Euronav said the deal was currently being negotiated but that talks were “well advanced.”