The tanker big Frontline is present process a management transformation because it heads to satisfy Euronav. The unbiased director was eliminated and two new administrators joined the board with ties to billionaire naval magnate John Fredriksen.
Tor Svelland, CEO of the funding firm Svelland Capital, resigned from the Board of Administrators after about 18 months of service. He was changed by Ole B. Hjertaker and Steen Jakobsen, two administrators of firms with ties to Fredriksen. Hjertaker is the CEO of SFL Company, the proprietor of dividend-oriented ships listed on the NYSE. SFL has a various fleet of about 70 vessels and Fredriksen – by way of many funding trusts – is the biggest shareholder. Its funding devices personal about 19 % of SFL shares, in response to the corporate’s newest submitting.
Jakobsen is Saxo Financial institution’s Chief Funding Officer and serves as CEO of Flex LNG, the NYSE’s LNG provider. The corporate has 13 South Korean LNG carriers, all lower than 5 years outdated. Via an funding belief, Fredriksen owns about 46 % of its stake.
With the assist of Fredriksen, Frontline is negotiating a merger with Euronav, the world’s second largest tanker operator. The Saverys household, the house owners of Compagnie Maritime Belge (CMB), opposed the settlement, which acquired about 16 % of Euronav within the hopes of blocking the settlement.
On the annual Euronav shareholders’ assembly on 19 Could, CMB proposed to Euronav’s board of administrators a listing of three new administrators and submitted its personal proposal for a merger. Euronav rejected CMB’s supply and requested shareholders to vote towards. The Frontline-Euronav merger will create the world’s largest tanker proprietor, a $ 4.2 billion firm that controls about 10 % of the world’s VLCC and Suezmax.