Tanker operator has sold its 2005-built Very Large Crude Carrier (VLCC) TI Hellas for $38.1 million.

Euronav, based in Belgium, said Friday that a capital gain of around $1.6 million will be recorded in the current quarter from the sale of the VLCC:

"The vessel will be delivered to her new owners at the end of May after completion of the current voyage. Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients," Euronav said.

Since the start of the year, Euronav has sold one VLCC and two Suezmax vessel (all over 15 years of age) but also acquired four newbuild Eco-type VLCC resales due for delivery later in 2020 and early 2021.

The company on Thursday posted record-high first-quarter results and said it expected strong demand for oil storage at sea to continue in 2020.