Join our crew and become one of the 110,037 members that receive our newsletter.

FILE PHOTO: Norwegian-born shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo

FILE PHOTO: Norwegian-born shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo

Fredriksen Becomes Euronav’s Largest Shareholder

Mike Schuler
Total Views: 1182
April 4, 2023

Shipping magnate John Fredriksen has increased his stake in Belgian tanker company Euronav, making him the largest shareholder.

According to a filing with the US Securities and Exchange Commission (SEC), Fredriksen’s Famatown Finance Limited has acquired an additional 964,000 shares in Euronav, at $16.02 per share, taking his total stake to 26.46% of Euronav’s Ordinary Shares outstanding, from 24.99% previously.

Euronav, which recently reported its final financial results for the full year to December 2022, says it is well-positioned to benefit from a multi-year upcycle in the large crude tanker market. The company cites strong fundamentals and catalysts such as the Russian crude/product dislocation, which is expected to translate into structurally longer ton miles, and incoming maritime regulations beginning with the application of the Carbon Intensity Indicator as part of the Energy Efficiency Existing Ship Index (EEXI) regulations that started on January 1, 2023. Euronav believes that over time the CII will act as a speed limit on shipping, pressurizing further tanker capacity.

Fredriksen’s increased stake comes in the wake Fredriksen-controlled Frontline’s termination of combination agreement with Euronav. The combination was opposed by Euronav’s previous largest shareholder, the Saverys family-controlled Compagnie Maritime Belge (CMB), holding 25%.

Following the termination of the merger agreement, Fredriksen has been increasing his stake in Euronav through Famatown and related companies.

Fredriksen’s increased stake in Euronav follows a recent shareholder vote that significantly changed the composition of Euronav’s supervisory board, with four new directors joining, including Fredriksen and Cato H. Stonex representing Famatown, and Marc Saverys and Patrick De Brabandere representing CMB.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 110,037 members delivered daily straight to your inbox.