Fredriksen becomes Euronav’s largest shareholder Ship’s crew

The shipowner John Fredriksen has increased its stake in the Belgian tanker company Euronav, making it the largest shareholder.

According to a filing with the SEC, Fredriksen’s Famatown Finance Limited has acquired an additional 964,000 shares of Euronav at a price of $16.02 per share, increasing its aggregate interest from 24.99% to 26.46% of Euronav’s outstanding common stock elevated .

Euronav, which recently released its final financial results for the full year ended December 2022, says it is well positioned to benefit from a multi-year upswing in the large crude oil tanker market. The company cites strong fundamentals and catalysts such as the Russian crude/product shift expected to lead to structurally longer tonmiles and new shipping regulations beginning with the application of the Carbon Intensity Indicator as part of the Energy Efficiency Existing Ship Index (EEXI) -Regulations that came into effect on January 1, 2023. Euronav believes that over time the CII will act as a speed limit for shipping and put more tanker capacity under pressure.

Fredriksen’s increased stake follows the termination of the merger agreement between Frontline and Euronav, which is controlled by Fredriksen. The merger was opposed by Euronav’s previous largest shareholder, Compagnie Maritime Belge (CMB), controlled by the Saverys family, with a 25% stake.

Following the termination of the merger agreement, Fredriksen increased its stake in Euronav through Famatown and affiliated companies.

Fredriksen’s increased stake in Euronav follows a recent shareholder vote that significantly changed the composition of Euronav’s board of directors, with four new directors including Fredriksen and Cato H. Stonex representing Famatown and Marc Saverys and Patrick De Brabandere representing CMB.

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