Belgian Cmb Group News

Shipping magnate John Fredriksen is Norway's richest man, his tanker company Frontline is the world's biggest, and now his week-old gas transport venture Golar LNG has already dwarfed all competitors. Golar LNG raised $280 million in a private placement last week to fund the acquistion of six highly-prized Liquefied Natural Gas (LNG) tankers from another Fredriksen company Osprey Maritime. But the acquisitions are not yet over, said Tor Olav Troim, Fredriksen's right-hand-man both at Frontline and Golar. Troim said the money raised last week would also go towards a down-payment on two more LNG tankers to be built at both Daewoo and Hyundai in South Korea, and possibly more at other yards.

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. "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.

A Capesize bulk shipping alliance involving three of the sector's biggest fleets may be launched within a month, according to one key player, Greece's Angelicoussis Group. "The momentum right now is to get it finished as soon as possible," Angelicoussis CFO Dimitri Stylianou said. Stylianou said the two other key players would be Israel's Zodiac Maritime, which is part of Israel's Ofer Brothers Group, and Bocimar of the Belgian CMB Group. "It'll be a three-way pool, but there will be some smaller players involved too," he added. "It's not so much a reaction as we feel the trade and nature of the Capesize market needs something more organised." Brokers said an alliance between the three would tie up Bocimar's 40-50 Capesizes with Zodiac's 30 and the Angelicoussis Group's six.