World News
Frontline to Buy 24 VLCCs From Euronav
Tanker firm Frontline is set to buy 24 VLCCs from Euronav as part of a deal seeking to end a shareholder dispute over Euronav's strategy.
As part of the deal, CMB will acquire Frontline's 26.12% stake in Euronav at $18.43 per share, and Frontline will acquire 24 Euronav VLCCs for $2.35 billion, Euronav said in a statement on its website on Monday. Euronav also agrees to terminate its pending arbitration action against Frontline and its affiliates.
"After many months of uncertainty, the transaction announced today leverages the value that Euronav and its people have created through many years of hard work," Lieve Logghe, interim CEO of Euronav, said in the statement.
"It represents a balanced outcome for shareholders, who now have the choice between realising that value in cash or following Euronav in a new strategic direction under a new controlling shareholder."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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