Fredriksen buys 4.6 million extra shares in Euronav as arbitration over failed merger looms

Famatown Finance Restricted, an organization managed by delivery magnate John Fredriksen, has acquired 4,653,000 further shares in Belgian tanker delivery firm Euronav.

Along with associated corporations, Famatown holds 45,641,478 shares in Euronav or 22.62% stake. The transfer has introduced Fredriksen near the Saverys household’s stake of 25 pct within the tanker big. That is the second share purchase by Famatown in Euronav reported this month.

The share build-up comes within the wake of the failed merger between Fredriksen’s Frontline and Euronav. As reported earlier, Frontline backed out of the fleet mixture plans in a sudden flip of occasions revealed earlier this month.

The tie-up of the 2 big tanker corporations would have created a tanker super-power. The mixed fleet would comprise 146 vessels together with 68 VLCCs, 56 Suezmaxes, 20 LR2/Aframaxes and a pair of FSO items.

The choice additional stirred up relations between Euronav and its shareholders, as CMB, Euronav’s largest shareholder, is looking for the dismissal of the corporate’s whole Supervisory Board.

The Saverys-family-led CMB has been a staunch critic of the merger plans describing the transfer as detrimental to the corporate’s future.

Euronav, alternatively, has requested arbitration over Frontline’s resolution in an try to resuscitate merger talks. The corporate believes that Frontline’s unilateral termination of the mixture deal had no foundation.

Fleet renewal

In the meantime, Euronav is readying to take supply of two LNG-ready very giant crude carriers into the fleet. The scrubber-fitted vessels, Cassius and Camus, have been christened earlier this month on the South Korean shipyard Hyundai Samho Heavy Industries (HSHI).

Moreover, Euronav stated it’s working in cooperation with the yard and classification society to incorporate an ammonia-ready notation with the potential to cut back CO2 emissions to zero.

Two months in the past, the corporate signed a cope with South Korean Daehan Shipbuilding for 2 Suezmax tankers which will probably be constructed as ammonia/methanol-ready ships. Each tankers are scheduled for supply within the third quarter of 2024.