Fredriksen Seeking Greater Tanker Market Share with New Frontline

  BY Jonas Cho Walsgard and Alaric Nightingale (Bloomberg) -- John Fredriksen, the billionaire who made his fortune investing in crude tankers, is reuniting two businesses he split three years ago to help gain a greater share of the oil-shipping market. Frontline Ltd. will pay about $1.5 billion for Frontline 2012 Ltd., which was split off to control the company’s … [Read more...]

Tanker Giant Reborn – Billionaire Fredriksen Merges Tanker Companies Three Years After Split

  By Jonas Cho Walsgard (Bloomberg) -- Billionaire John Fredriksen is merging the two oil tanker companies he split up more than three years to create a market leader. Frontline Ltd. will buy Frontline 2012 Ltd. by issuing 584 million shares worth almost 12 billion kroner ($1.5 billion). Shareholders in Frontline 2012 will receive 2.55 Frontline shares for each … [Read more...]

Knightsbridge Chairman Predicts Capesize Sector Recovery

Knightsbridge Tankers and Frontline 2012 announced today the two companies had reached an agreement to combine Frontline 2012's remaining fleet 25 capesize bulk carriers with Knightsbridge.  This deal will result in the formation of a new publicly-listed shipping company under the Knightsbridge brand providing investors a pure-play option into the iron ore shipping market. … [Read more...]

Fredriksen Sells Half Dozen Capes to Knightsbridge

In a deal announced this week, five capesizes under construction at Shanghai Waigaoqiao Shipbuilding in China, as well as 2013-built capesize bulker will be acquired by Knightsbridge Tankers Ltd. (Nasdaq: VLCCF) at a price of $61 million and $55 million each, respectively. The newbuilds were originally ordered by Frontline 2012 and have expected deliveries of between May and … [Read more...]

Frontline 2012 Finalizes Deal to Sell 8 Gas Carriers

Following up on their stated intentions this past August, Frontline 2012 Ltd. has finalized a sale agreement today with Avance Gas Holding Ltd. (AGHL) of eight, 83,000 cbm Very Large Gas Carriers (VLGCs) which are currently under construction at Jiangnan Changxing Shipyard in China. The vessels will be acquired by AGHL immediately upon their respective deliveries to … [Read more...]