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

People & Company News

Singapore's Marine & Offshore Sector Powering Output

Singapore's first-quarter growth could be revised higher after data on Friday showed unexpectedly strong industrial output in March, double the pace of market expectations,

Gulf Island Fab Reports Q1 2014 Revenue Increase

Houston headquartered Gulf Island Fabrication, Inc. reported net income of $3.5 million ($0.24 earnings per share) on revenue of $134.7 million for its first quarter ended March 31,

Dry Bulk Carrier Newbuilding Orders Surge

Dry bulk carrier newbuilding orders predominate among the contracts reported in the latest issue of the Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers One

Tanker Trends

Dry Bulk Carrier Newbuilding Orders Surge

Dry bulk carrier newbuilding orders predominate among the contracts reported in the latest issue of the Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers One

Imperial: Decision on Canadian LNG Project Distant

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1247 sec (8 req/sec)