FourWorld Capital Management Files New Claim in Antwerp

An oil tanker and tugboat
Updated Published

An American investment firm, FourWorld Capital Management, based in New York, has initiated a new legal challenge in Belgium targeting Euronav, a leading European tanker company. The lawsuit seeks to invalidate agreements made by Euronav’s supervisory board and general meeting last year, which resolved a standoff with another maritime giant, Frontline.

Specifically, FourWorld has lodged a case with the Antwerp Enterprise Court to annul all decisions facilitating the sale of 24 very large crude carriers (VLCCs) to John Fredriksen’s company for $2.35 billion. 

This arrangement was pivotal in deterring Fredriksen from pursuing a takeover of Euronav, subsequently leading to Compagnie Maritime Belge (CMB), under the Saverys family, gaining control over Euronav and its subsequent acquisition of CMB.TECH.

This move by FourWorld extends its legal battle to include Frontline, along with Fredriksen’s investment entities: Famatown Finance, Hemen Holding, and Geveran Trading. Euronav and CMB have been called to court in relation to this suit. However, Euronav has dismissed the claim as baseless, stating, “finds the claim to be without merit and intends to vigorously defend against it”.

Holding approximately a 2.4% stake in Euronav, FourWorld's previous efforts to block CMB’s acquisition of the tanker company were rejected by both the US District Court and the Market Court in Belgium last month.