![]() Specifically, a loss-making business and weak spot rates mean depressed share prices, and cheap tankers for “Big John”. In 2021, Euronav’s average VLCC spot charter rate was just US$11,300 and its Suezmaxes trading spot earned just US$11,100 per day.īut every cloud has a silver lining. ![]() On March 31 last year, Euronav disclosed its full year results, which showed a US$338 million loss, and a US$72 million loss for the final quarter of 2021. ![]() The year 2021 was not a great one for the tanker industry, but in October 2021, Mr Fredriksen disclosed that he had bought a 5.5 per cent ownership interest in Euronav through a trust. He previously controlled Seadrill before that drilling company’s catastrophic double bankruptcy restructuring, but he still owns some rigs and construction vessels privately, and has a chunk of shares in listed driller Valaris. Euronav – John Fredriksen and Frontline versus the Saverys family John Fredriksen (Photo: Frontline)Īs anyone who has not been living under a rock knows, Cypriot of Norwegian descent John Fredriksen, probably the most famous and richest ship owner in the world, has been attempting to take over merge with Belgian listed tanker owner Euronav since April last year.įredriksen controls a swathe of publicly listed shipping companies including Flex LNG, tanker owner Frontline, Ship Finance International, and bulk carrier owner Golden Ocean, as well as fish farming businesses. We refer, of course, to a trio of battles going on in boardrooms in Belgium, Scotland and Norway. After the shocking injustice perpetrated by the cruel and arbitrary governments of Nigeria and Equatorial Guinea on the 26 unfortunate seafarers aboard the crude oil tanker Heroic Idun, we turn our eyes this week to boardroom battles in Europe wherein some rich and powerful people either resign from their jobs or face imminent firing.
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