Major tanker deal in the works–
Frontline (FRO) acquiring tanker giant Euronav (EURN).
Though Euronav has more vessels and will have the larger stake, the surviving entity is FRO
About 13-14 years ago, Frontline was the largest independent owner of VLCCs. I think the combined entity jumps back to the top of the pile. At least, in terms of VLCC ownership. FRO also brings a lot of Suezmax and LR2 vessels to the combined entity.
No guarantee the deal goes through.
The founding family, the Saverys, are opposed to the merger. They have quickly rebuilt their EURN position to about 13.3%.
The Greek guy that Jackie Kennedy married–Onassis? Wasn’t he big in ocean shipping. Its an ancient business. Lots of players.
Back in the 70s i owned stock in a Philadelphia company that owned an ocean shipping subsidiary. No US flagged vessels. Mostly Greek i think.
Mildly interesting book I read once a few years back, if you’re at all interested in shipping:
When restless New York City hedge fund manager Robert Fairchild watches the Baltic Dry Cargo Index plunge 97%, registering an all-time high and a 25-year low within the span of just six months, he decides to buy a ship.
Immediately fantasizing about naming a vessel after his wife, carrying a string of worry beads and being able to introduce himself as a “shipowner” at his upcoming college reunion, Fairchild immediately embarks on an odyssey…"
The Shipping Man by Matthew McCleery
If you want the nuances of how a ship gets arrested (not a typo), this is a good place to start
no interest in being a shipowner