Exmar, Golar Cease Merger Discussions

Monday, July 02, 2001
The world's two largest LNG tanker operators, Exmar and Golar LNG, have suspended merger talks, both companies said on Monday.

"We are in non-talks. For the time being we are not talking," Norway-based Golar said.

"Talks are totally stalled," said Belgium-based Exmar officials. "When someone is trying to buy our steel (ships) with overvalued shares, that's something we're not doing."

"We are willing to do a deal of like for like, shares for shares or NAV (net asset value) for NAV," officials said.

Golar raised $280 million in a private placement in May, with the intention of listing on the Oslo Stock Exchange this month and in New York later this year.

Golar is 50 percent owned by Norwegian shipping magnate John Fredriksen, who has become famous by taking his oil tanker company Frontline through three major takeovers in recent years.

The private placement will fund the acquisition of six highly prized LNG carriers and a down-payment on the construction of two more.

Exmar, the LNG division of the Belgian CMB group has one ship trading for Distrigas and six more on order in South Korean yards: five at Daewoo and one at Samsung.

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

Tanker Trends

NITC Claims World's Largest Supertanker Fleet

According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

NITC Tankers Chart Western Course

Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC

Bulk Carrier Trends

MSC Geneva Gets Fatter

A revolutionary new option to scrapping for younger panamax containerships deemed too small for a tradelane involves widening the vessel rather than adding length.

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Is It Too Late To Tangle With Spike in Shipping Market

A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar 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: 0.1250 sec (8 req/sec)