INDUSTRY NEWS
A power struggle to take control of Euronav between its two largest shareholders, Belgium-based Compagnie Maritime Belge (CMB) and Frontline, appears to be coming to an end. The two companies have agreed a deal whereby Frontline’s subsidiaries will sell their 26 per cent shareholding in the company to CMB.
The deal will see 24 modern VLCCs, built between 2015 and 2023, transferred to Frontline, with the deal valued at $2.35 billion. Following the sale, CMB will hold a 49 per cent share in Euronav, and will initiate a mandatory public takeover for the remaining shares.
The vessels involved in the deal are: Alboran (2016), Alex (2016), Alice (2016), Amundsen (2017), Andaman (2016), Anne (2016), Aquitaine (2017), Arafura (2016), Aral (2016), Ardeche (2017), Camus (2023), Cassius (2023), Clovis (2023),…