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 January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0756 sec (13 req/sec)