DHT Rejects Frontline Bid, Again
Crude oil tanker company DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen's Frontline. A statement from DHT Holdings said that its Board of Directors has unanimously rejected Frontline April 25 proposal to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share. "This is, of course, the exact same proposal you made at the end of February. We unanimously rejected that proposal, determining it significantly undervalued the contribution that DHT's business would make to a combined company," said the statement. "But charter rates, asset values and other conditions are changing constantly in our industry, and DHT's fleet has evolved significantly since your February proposal.
Tanker Firm DHT Net Asset Value Above Frontline's Bid
Tanker firm DHT Holdings estimated its net asset value at $5.7 per share on Tuesday, above a non-binding all-share offer made by competitor Frontline , which is currently worth about $5 per share. Frontline, controlled by shipping tycoon John Fredriksen, made an unsolicited offer for its rival during the weekend to acquire all outstanding shares in U.S. listed DHT. On Tuesday's DHT's management generally refrained from making further comments on the Frontline bid during an earnings call.
DHT Announces Co-CEOs
DHT Holdings, Inc. announced the appointment of Svein Moxnes Harfjeld and Trygve P. Munthe as co-CEOs of DHT. Munthe will no longer hold the position as President of DHT. Harfjeld and Munthe have been CEO and President of DHT respectively, since joining DHT in 2010. Chairman of the Board, Erik A. Lind commented, "Svein and Trygve have since they joined the company in 2010 for all practical purposes functioned as a management team of equals.
Big Ship Newbuildings: Global Order Update
Container ship newbuildings figure most active in the latest weekly news from Clarkson Hellas, with the majority of orders placed with China and Korea shipbuilders. Clients of Diana Shipping reports Clarkson Hellas in its Weekly Bulletin have announced a further order for one 82,000 DWT Kamsarmax at Sinopacific’s Dayang facility. Based on the Sinopacific MHI 82 design, the vessel is planned for delivery in the second quarter of 2016. Jinling Shipyard took an order for four firm 64…
Latest Bulk Carrier, Tankship, Newbuilding Order Round-up
Starting with the larger sizes Hyundai Merchant Marine (HMM) are understood by Clarkson Hellas to have placed an order for two firm 210,000 dwt Newcastlemax at Bohai, with delivery of both vessels due in early 2017. The majority of ordering this week has been focussed on the Kamsarmax market; Weihai Samjin (Korean owned yard with facility based in China) has taken two separate orders for 82,000 dwt Kamsarmax from NK Shipping for four firm plus two options, and two further firm vessels from another Korean buyer, although yet unknown.
