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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Worrying Trend of Tanker Hijacks in SE Asian Waters: IMB

The Piracy Reporting Centre (PRC) of the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) raises concerns over a worrying trend of

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Bulk Carrier Trends

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0980 sec (10 req/sec)