Frontline Says There's Still Room for Takeovers

Wednesday, March 14, 2001
Tanker operator Frontline, which announced on Wednesday it planned to list its shares on the New York Stock Exchange, said that there could be room in the tanker market this year for more acquisitions.

"There aren't too many (acquisition targets) left," Frontline Financial Director Tor Olav Troim said. "Together with Worldwide and Teekay, I think we've pretty much cleaned up the market. But there's two or three things to be done, so let's see what happens this year."

Frontline, which is 40 percent owned by Norwegian shipping magnate John Fredriksen, owns a fleet of 29 Suezmax (million-barrel) tankers and 32 VLCCs. Troim said the focus would remain on the bigger tankers, rather than the small Aframax tankers, which are making impressive earnings this year. "I think we said from the start that we were only in the VLCC and Suezmax markets," he said. "If we were to do anything (with Aframaxes) we'd only do it by taking a major share of the market. We wouldn't buy two or three ships here or there." The Aframax market is currently dominated by New York-listed Teekay.

Frontline expects that its new listing on the NYSE will not take place until approximately the middle of June. - (Reuters)

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

People & Company News

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Piracy Still a Big Threat in the Indian Ocean

Underestimating the security risk in the Indian Ocean could put ships in danger once again, says maritime security company MAST Ltd.   “Whilst recent reports

St. Lawrence Seaway Opening Date Pushed Back

Tthe opening date for the St. Lawrence Seaway 2015 navigation season has been delayed following review and consideration of factors and conditions affecting safe

Tanker Trends

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

First LNG-powered EcoLiner Launched

Europe’s greenest inland vessel debuts Damen group innovations   Damen Shipyards Group launched the first LNG-powered Damen EcoLiner inland shipping tanker

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

 
 
Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1705 sec (6 req/sec)