Belgian crude oil shipping group Euronav has agreed to buy three very large crude carriers and two aframax tankers for $255 million from U.S. company Overseas Shipholding Group (OSG), an SEC filing showed.

Euronav will buy the ships in a joint venture with GSO Capital Partners, though the deal is subject to the approval of a bankruptcy court, as OSG in November filed for a Chapter 11 reorganisation, the statement said.

Euronav was not immediately available for comment.

In January, Euronav said it would buy 15 very large crude carriers for $980 million from Denmark’s Maersk, citing an improved outlook for the crude shipping market.