New York-listed shipping firms Euronav and Gener8 Maritime on Friday merged to create the shipping market’s leading independent large crude tanker operator.
The development will see Gener8 becoming a wholly owned subsidiary of Euronav.
Euronav will now operate 75 crude tankers, including 44 VLCCs and 28 Suezmax crude tankers, representing a total of over 18 million deadweight tonne (dwt).
“I have been a vocal advocate for consolidation in the shipping industry and have always stated that we would be a willing buyer or seller depending upon what is best for our shareholders,” says Peter Georgiopoulos, Chairman and CEO of Gener8.
“This transaction creates the largest independent VLCC fleet in the world. The combined company has a very bright future that will benefit both Gener8 and Euronav shareholders.”
Commenting on the merger, Carl Steen, Chairman of Euronav said: “The merger between Euronav and Gener8 is expected to deliver real value for both sets of shareholders.”
“The financial strength of the Combined Entity together with a strong leadership team will make it well placed to navigate the tanker cycle.”
Photo credit: Euronav
Published: 26 December, 2017
‘Ecoslops is proud to be able to count on the EIB and its teams to support it in its European development.’
Plans to build facility capable of storing refined petroleum product requirements of the entire country for a period of three months, says Chairman.
Proactively buyers should clarify means of delivery and location of the sampler used to produce the binding contractual samples; Singapore is a notable exception, it said.
MSC’s container ship Santa Vanessa received 1,000 metric tonnes of bunker fuel in this trial operation that aims to elevate China’s marine services sector.
Signs LOI with Jiangsu Yangzijiang Shipbuilding Group for deliveries between 2020 and 2023.
Combined company will be able to deliver higher manufacturing volumes and shorten delivery times further.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
