Hints and tips:
...Frontline pulled out of the Euronav transaction in January 2023, prompting legal action by Euronav to try to make it happen....
...Alexander Saverys, chief executive of crude oil operator Euronav, said that further diversions were likely to push up rates for the largest tankers. Euronav is not currently sailing via Suez....
...He proposed that Euronav instead merge with the clean shipping division of his company....
...Euronav shareholders will receive 1.45 Frontline shares for every Euronav share, a ratio that will leave Euronav shareholders holding 59 per cent of the combined company and Frontline shareholders 41 per...
...However, Saverys said the deal offered “nothing” for Euronav shareholders, who will receive 1.45 Frontline shares for each Euronav share they own....
...The global seaborne oil trade is some 45mn barrels of oil a day, according to Euronav....
...Euronav said on Tuesday it was “cognisant” that a large amount of the oil currently produced and transported was being stored for use at a future date....
...The forward enterprise value to ebitda of Euronav is close to 4 times, for example. That is the lowest level since 2008. Speaking of supply, do not expect many new ship orders....
...Euronav has stockpiled 3m barrels of low sulphur fuel oil, giving it room to delay retrofits....
...Share prices of listed oil tanker companies such as Euronav, Frontline and Scorpio Tankers have hardly budged. Insurance rates are likely to be on the rise....
...Euronav’s estimated dividend yield is 15 per cent, a clear sign that the payout is not seen as sustainable. Opec may have smiled on the oil trade. Tanker owners, though, will not be grateful....
...Euronav was spun out of CMB, a company controlled by the wealthy Saverys family, in 2004....
...Shares in Norway’s Frontline, Brussels-listed Euronav, and DHT of the US have not performed particularly well....
...Only Belgium’s Euronav has shown much life — up a fifth this year. All three trade at about the same valuation....
...Now it is being sold in the Asia-Pacific region — that’s a 10,000-mile voyage,” said Paddy Rodgers, chief executive of Belgium’s Euronav, the world’s largest independent tanker company....
...Three beneficiaries of higher tanker demand should be Norway’s Frontline, Euronav, listed in Belgium, and Double Hull Tankers of the US....
...Two of the best-known tanker owners, Frontline and Euronav, have enjoyed healthy re-ratings in their share prices – both have doubled, roughly, since October....
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