European Tanker Alliance Formed

Tuesday, March 08, 2005
Euronav announced the conclusion of negotiations between the representatives of Tanklog Ltd. and Euronav pursuant to which there will be a merger of the assets of Tanklog Ltd. into Euronav.

Tanklog is a major player in the Suezmax sector with a fleet consisting of 14 modern double Hull Suezmax tankers, of which 5 are under construction at Samsung Heavy Industries in Korea with deliveries scheduled in 2006 and 2007 and 2 modern double Hull Aframax tankers. The Tanklog fleet is under the management of Ceres Hellenic Shipping Enterprises Limited in Greece and is under long term contractual arrangements with major independent U.S. refiners. The transaction will take the form of an acquisition by Euronav of the assets of Tanklog valued in excess of USD 1 billion. Consideration will be in form of cash, stock and assumption of shipyard payments which will see Tanklog becoming the second largest shareholder of Euronav at just over 20%. The acquisition of stock by Tanklog will be in the form of a new issue and the subscription price agreed between parties is Euro 26 per share.

The transaction will leave the existing major shareholders, Saverco and Victrix with shareholdings of just over 33% and 12% respectively.

The Board of Directors of Euronav will be asked to approve the transaction within 16th March 2005 and recommend it to the Euronav shareholders at their Annual General Meeting on 26th April 2005. The Tanklog board of Directors will take similar action within the same time period.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,


Canada to Aid Developing Nations Fight Climate Change

Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming,

Gates to Launch Mega Clean Tech Initiative

Microsoft co-founder Bill Gates will launch a multi-billion-dollar clean energy research and development initiative on Monday, the opening day of the U.N. climate change summit in Paris,

Extended Warranty from Yanmar for Sailboat Engines

Yanmar Marine International B.V. has introduced an extended 3 years’ period of YANMAR Limited Warranty for Sailboat Engine Models. This extended warranty of

Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0761 sec (13 req/sec)