Tag: Frontline

Euronav filed an application request for urgent interim and conservatory measures in relation to "Frontline’s unilateral action in pursuing the termination of the combination agreement of July 10, 2022."

In a recent update to its stakeholders, Euronav determined that Frontline’s unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement between the two companies signed on July 10, 2022.

Frontline announced that it no longer pursues a combination between Frontline and Euronav, as Frontline has terminated the combination agreement it entered into with Euronav in this respect.

In fact, two scrubber manufacturers backed by Frontline and Navig8 Group have completed a merger to create one of the world’s biggest suppliers of exhaust gas cleaning kits. Namely, Clean Marine has finalized the tie-up with FMSI, as planned earlier in October.

Oil tanker shipping company Frontline announced that it has ordered scrubbers for a further 12 vessels from Feen Marine Scrubbers. This order comes to add the another six scrubbers that the company ordered from FMSI in June 2018. With the new scrubbers, more than 40% of Frontline's owned fleet will be equipped with scrubbers. 

Euronav NV has announced the formation of a commercial joint venture with Diamond S Management LLC and Frontline Ltd. .The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, including newbuildings, operated on the spot market. The joint venture will be named Suezmax Chartering.

A strategy change for the next three years The latest start-up by John Fredriksen, the world's highest-profile shipowner, plans to turn itself within three years into a world-leading owner of all types of bulk ships, in a surprise strategy change announced alongside first-quarter results.The board of Frontline 2012, founded at the start of this year, said that it planned to invest in carriers for dry-bulk commodities such as iron ore, liquefied petroleum gas carriers and other forms of bulk shipping besides the crude oil tankers it already owned.The announcement marks a significant departure for a company associated with Mr Fredriksen, whose publicly listed companies generally specialise in specific shipping areas. Frontline, until recently the world's largest independent crude oil tanker owner, specialises in the largest oil tankers, while Golden Ocean owns dry-bulk carriers and Golar LNG operates liquefied natural gas carriers.It also appears to signal Mr Fredriksen's determination to use his personal fortune - which he puts at between $8bn and $13bn, depending on market conditions - to take advantage of other shipowners' current weakness.Mr Fredriksen owns 50 per cent of Frontline 2012, which is listed on Oslo's over-the-counter exchange. But he put up $505m in personal guarantees from his ...

Communications package for Frontline Inmarsat, provider of global mobile satellite communication services, announced that Frontline, the world leader in the international seaborne transportation of crude oil, has committed to Inmarsat XpressLink for more than 100 vessels from its existing fleet and its planned new builds."We evaluated the providers and made a purely commercial decision about XpressLink from Inmarsat," said Kjell S. Langva of Frontline Management AS. "The choice was made after a year of positive experience with VSAT from Ship Equip"."The cost-benefit profile and the unmatched failover capability, which offers unlimited usage on Inmarsat FleetBroadband, was key to the decision. Also Inmarsat's ability to deliver made up the additional element in making the choice," he said."With XpressLink's internet and voice services, communications onboard the vessel will be greatly enhanced, supporting operations and improving overall efficiency. It also allows the crew to stay in touch with family and friends, and handle their personal affairs, at a very low cost, which has been an important issue for Frontline," said Mr Langva."We are delighted that Frontline has selected Inmarsat XpressLink against competition with other major communications providers", said Frank Coles, President, Inmarsat Maritime. "The contract with Frontline is a landmark agreement for XpressLink. ...

pPlans to save his company Frontline and his fellow investors As expected, self-made shipping tycoon John Fredriksen seems to have a plan to save his vast tanker-owning company Frontline and his fellow investors. Shares initially soared on the news, but then settled back again this week.Major Norwegian banks had said from the outset that they had strong faith in Fredriksen, even after his right-hand man Olav Troim had to report heavy third-quarter losses last month. A miserable market for Fronline's huge oil tankers, with daily charter rates generating far less than what it costs to operate a super tanker, meant the company would run out of cash shortly after New Year.Now Fredriksen plans to split Frontline in two, with its 10 newest vessels being sold along with the contracts for five new 300,000-dwt tankers to a new company called Frontline 2012. The rest of Frontline will be an operations company. Meanwhile, Fredriksen will put up a guarantee of NOK 1 billion."It's easer to discuss a solution (for a company) when you have a main shareholder who comes forward in this manner," the boss for ship finance at one of Fredriksen's banks, Nordea, told newspaper Dagens Næringsliv (DN). Frontline 2012 will ...

Frontline 2012 will be established and registered on the NOTC list in Oslo Cash-strapped Frontline is to form a new company, as part of a restructuring programme.Frontline 2012 will be established and registered on the NOTC list in Oslo.The new company will acquire five VLCC newbuilding contracts, six modern VLCCs and four modern Suezmaxes from Frontline at fair market value.The value of these vessels, including the value of one timecharter agreement, is based on independent appraisals, and was set at $1,121 mill.In addition, Frontline 2012 will assume a total of $666 mill in bank debt attached to the newbuilding contracts and vessels, plus a further $325.5 mill in remaining newbuilding commitments.In addition, Frontline will be paid for working capital related to the assets acquired. The transaction will be supported by a fairness opinion.The company's restructuring was approved by the board this week and will in the next few days be put forward to creditors and counterparties for approval.This solution has been made possible through a large commitment from Frontline's major shareholder - Hemen Holding - which is fronted by John Fredriksen.Frontline claimed that it had agreed preliminary arrangements with its major counterparts whereby the rates in the existing chartering contracts ...