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euronav is a vertically integrated owner operator and manager able to provide complete shipping services in addition to its fleet of modern large tankers. the crude oil seaborne transportation market is cyclical and highly volatile requiring flexible, proactive management of assets in terms of fleet composition and employment. euronav increases exposure to the market through opportunistically entering the market by chartering vessels from other owners and tonnage providers whilst maintaining a core fleet of high-quality owned or controlled tonnage. the euronav core fleet has an average age of a little less than 8 years. (for further details see fleet) euronav operates its fleet both on the spot and the period market. most of euronav's vlccs and 1 v-plus are operated in the tankers international pool. the majority of its suezmax fleet is fixed on long-term charter. euronav can also supply and operate floating, storage and offloading (fso) vessels through conversion or newbuilding.