World News
Frontline Sees Stake in Feen Marine Scrubbers Increase
John Fredriksen's Frontline Ltd has seen its original 20% stake in exhaust gas cleaning system firm Feen Marine Scrubbers Inc. (FMSI) rise to 28.9%.
The increase comes as a result FMSI purchasing a 30.8% stake in itself from owner Bjørnar Feen.
"FMSI has gained market share since our initial investment, and we are pleased to see our ownership stake in the company increase," said Robert Hvide Macleod, CEO of Frontline Management.
"Setting aside potential financial benefits, our ownership in FMSI has allowed Frontline to source high specification scrubbers on short notice, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches."
In a separate announcement, FMSI said Delta Tankers & Marmaras Navigation have added to their scrubber orders with the addition of another six vessels, bringing their total to 27.
All of the orders are all due to be completed within 2019.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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