By purchasing shares ahead of any potential merger, Mr Fredriksen’s strategy looks like a familiar play of creating volatility around the share price. It remains to be seen whether he will follow through on his previous tactic of pulling out at a profit and then wait to see what happens between now and the next Euronav AGM, or push ahead with another round of M&A discussions
Private subsidiary of oil major BP reveals $90.2m loss in 2020
‘Our investment into dry cargo and securities in the past three years has seen the business swing. We now have more equilibrium on the pie chart, which I wanted,’ says chief executive
Steep backwardation into next year could be a sign of an impending correction, although the first quarter tends to be the weakest in any case. The timing and extent of the fall is debatable, however
All routes are above $100,000 per day, according to the Baltic Exchange. The biggest gain has come from the Australia-Japan voyage, which is edging closer to the $200,000 mark
Competitive pricing of first mainstream shipping bond in 2021 virtually guaranteed further interest from sector
Global auto sales are still hobbled by the current supply deficit in microchips, but even with such headwinds pent-up cargo demand is revving up the under-supplied sector with current orders not hitting the water until 2024
The offer to buy Avance Gas shares at NKr43 per share ends on Tuesday. As it stands, Hemen Holding, a John Fredriksen unit, will own more than 60% of the shares
‘The days when owners would buy ships fresh from the yards, keep them for many years and trade them as part of the business are certainly reduced. People are now seeing the benefits of asset play in a more emphatic way,’ according to Macheras
Company expects conditions of supply-chain congestion, inventory restocking, peak season, and ongoing elevated consumption trends to remain largely in place at least to the middle of next year
The company also announced the sale of two of its older panamaxes, proceeds of which will be used for the new kamsarmaxes, which are expected to be delivered from the unidentified Chinese yard in the second half of 2023
US retail inventory has returned to pre-pandemic levels, while consumer spending on goods has shown signs of a dip. Slowing cargo demand could release more carrying capacity. This could mean that freight rates lose their main support from the logistics bottleneck at some point next year
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