Fredriksen eliminates final obstacle for tanker giant

Frontline confirms in a brief statement Wednesday that the carrier has paid the remains of a bond loan that is considered the final obstacle ahead of the potential creation of new listed tanker carrier.

BY OLE ANDERSEN

Published: 15.04.15 at 12:46

John Fredriksen-controlled tanker carrier Frontline, which is listed in New York, has now cleared the final obstacle ahead of a potential merger with Frontline 2012, listed on the OTC exchange in Oslo.

In a brief statement from Bermuda-based Frontline, the company confirms that it has paid the remaining USD 93.4 million of a convertible bond loan that originally totaled USD 225 million. The loan has been seen as the final obstacle ahead of a merger between the two Fredriksen-controlled companies into a new stock-listed tanker giant at a time when the tanker market is booming at a level not seen in many years.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

Access all locked articles
Receive our daily newsletters
Access our app

Start a free company trial today

"The challenges we face as an industry require more skills and competencies"

Foto: Lucy Nicholson/Reuters/Ritzau Scanpix

They are a generation of future maritime leaders shaped both by Covid-19 and shutdowns and now by a world filled with tension. Four potential future managers enrolled in the Blue MBA program give their take on why it is important to improve your skills.

Leading shippers prepared to pay 10% extra for sustainable transportation

Shippers are willing to pay more for ”green” transportation if it’s reliable. But they have to state their wishes more clearly, and prices have to be lowered, writes McKinsey in a new report, which provides suggestions for how to accelerate decarbonization.