Euronav at a Crossroad: Clashing Visions for the Future of a Crude Oil Tanker Business

Euronav, a publicly listed crude oil tanker company, is at a pivotal point in its history. CEO Hugo De Stoop is facing a potential hostile takeover by Norwegian shipping tycoon John Fredriksen. Fredriksen proposes a merger between Euronav and his company, Frontline, to consolidate the fragmented tanker industry and create a market leader with significant bargaining power. This strategy contrasts sharply with an alternative vision presented by Alexander Saverys of CMB, Euronav's former parent company. Saverys suggests pivoting toward renewable energy by acquiring CMB Tech, a hydrogen-focused subsidiary. De Stoop must weigh the potential benefits and drawbacks of consolidation versus transformation, and strike a balance between shareholder expectations and his vision for sustainable innovation.

The case highlights (i) the energy transition, (ii) technology substitution, and (iii) governance and stakeholder management.