It has been years since Frontline (FRO) has been top dog in the tanker sector.
Late last year, John Fredriksen (FRO backer) took a 5% stake in Belgian tanker giant Euronav (EURN).
Now apparently the two are combining forces, with the combined entity keeping the name of the smaller player.
So three big questions
Will Fredriksen be able to continue to influence FRO decisions as he has in the past?
What happens to Tanker International (TI), the VLCC trading pool that EURN helped establish?
Plans for the two tanker ULCCs and the joint venture that owns the other two ULCCs (both working a Total contract)?
Regarding #3. Fate of the two storage ULCCs.
One of the vessels was recently sold to a third party-
Only four 450K barrel behemoths known as ULCCs (Ultra Large Crude Carriers ) were ever constructed. Two were converted to FSO (Floating Storage Offshore) units and still serve that purpose in Qatar waters. These were initially a JV between Euronav (EURN) and International Seaways (INSW), but now, strictly a EURN investment. The other two are owned by Euronav (EURN) and utilized for storage. EURN just sold one of the two vessels.