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
Name change further reflects on the group’s growing business as it explores opportunities in sustainable and alternative energy spaces.
Recently released report shares additional updated information on China’s bunkering industry including latest list of bonded bunker suppliers for international vessels.
STS hub will be Straits’ flagship energy project which will be located within the port limits of Victoria Bay deep water area spanning a 3,309 hectares.
Delta Corp operates and purchases bunkers for anywhere between 50-70 dry bulk vessels allowing its volume bought via digital platform over time as it is integrated internally.
Fuel comparison sheet provides insight into the costs for LNG as a marine fuel compared to existing bunker fuels to help companies account for future budgeting.
Chevron to support GCMD’s efforts to develop potentially scalable lower carbon technologies and the commercial means to enable their adoption.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
Digitalization can help shipping achieve its decarbonization goals but only if human factors are considered enough when introducing smarter maritime operations with ‘user-friendly’ technology.
