It turns out that VMware logs didn't give any feedback because OVFtool was not executing correctly. This was discovered when running OVFtool from CLI where it became apparent that a dependency libnsl was missing. After installing it and running OVFtool, it started working properly.
Checked whether OVFTool runs from CLI.
This issue exists in Fedora 29 as well. Installing libnsl resolved the issue.