Friday, June 9, 2023
HomeFinance & EconomyFrontline’s Fredriksen appointed to Euronav supervisory board


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Frontline’s Fredriksen appointed to Euronav supervisory board

Belgium’s Euronav said its shareholders had overwhelmingly voted to elect John Fredriksen of peer Frontline, a major investor that pulled out of a merger deal with the company this year, to its supervisory board.

The oil tanker and storage operator said shareholders had also approved the nomination of Marc Saverys from CMB, its largest shareholder, which opposed the Frontline merger that would have created the world’s largest publicly listed tanker company.

The composition of the group’s supervisory board is key to defining Euronav’s future strategy.

Frontline, of which Fredriksen is the majority shareholder, terminated the deal to merge with Euronav in January, and the Belgian group has disputed its peer’s right to end it, saying it failed to provide a satisfactory reason for its decision.

Shareholders also approved the appointments Cato H. Stonex, representing Frontline-aligned Famatown, which Fredriksen also owns, and Patrick De Brabandere, representing CMB.

Norwegian-born billionaire investor Fredriksen was elected with 99.75% of votes at the meeting. CMB and Frontline, which have built their Euronav stakes over the last year, get two board members each.

The new supervisory board will consist of seven members – three representatives from the former Euronav board, two representatives from CMB, and two representatives of Famatown, including Fredriksen.

“CMB and Fredriksen may already be having positive dialogue”, Jefferies says in a note.

“Getting onto the board together may be the perfect antidote for CMB and Fredriksen to work together on a long-term solution for Euronav,” it said, warning however the new composition could create some dysfunction.

Antwerp-based CMB has argued that a total overhaul of the board is necessary to put the group back on track after a tumultuous period.

Contacted by Reuters, CMB declined to comment, while Famatown was not immediately available for comment.

Euronav’s shares were up 2% at 15.21 GMT, after rising as much as 5.8%.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

Trafigura publishes 2023 interim results showing a strong performance

Trafigura, a market leader in the global commodities industry, released its 2023 Interim Report today for the six-month period ended 31 March 2023. The results...

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

Celestyal Participates In Promotion Of The Tourist Destination Of Central Macedonia

Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the...

Capesize, panamax gains drive Baltic index higher

The Baltic Exchange’s main sea freight index rose for a fourth straight session on...

Baltic rises to over 3-month peak on firm demand for larger vessels

The Baltic Exchange’s main sea freight index rose on Wednesday to scale its highest...

Baltic index logs best day in nearly 3 months

The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Iraklio port tender set for another delay

The opening of the binding financial offers for 67% of Iraklio Port Authority had been scheduled for Thursday, but this is no longer expected...

APM Terminals extends concession of Kalundborg container terminal

APM Terminals has reached an agreement with the Port of Kalundborg to extend the concession of Kalundborg container terminal by 10 years to 2033. In...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...