Tanker shipping company Torm has acquired 75% of ME Production (MEP) in a transaction through which founder and current owner of the company Jens Peter Faldt will remain chief executive and retain a stake of 25%.
The two companies thereby reinforce a partnership that has already resulted in close collaboration on the development and production of exhaust-cleaning systems known as scrubbers, which have been installed on more than 50 of the carrier’s ships.
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.