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

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

Bulk Carrier Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Baltic Sea Index Down as Weak Demand Hits Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday as lack of demand took a toll on rates for most of the vessel segments.

Cosco Bulk Shipping Losses Down in 2014

China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar 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: 0.1256 sec (8 req/sec)