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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Windrock Names Kelleher Global Business Development Manager

Edward P. Kelleher will be assuming the new role of Global Business Development Manager – Diesel, effective December 1st.   In this role, Mr. Kelleher will be

Canada to Aid Developing Nations Fight Climate Change

Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming,

Sandra Weakens to Tropical Storm off Mexico's Coast

Hurricane Sandra weakened to a tropical storm on Friday and was expected to continue losing strength as it approached Mexico's Pacific coast, the U.S. National Hurricane Center (NHC) said.

Tanker Trends

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
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: 0.0932 sec (11 req/sec)