J Mintzmyer • 121 Comments
J Mintzmyer • 111 Comments
Aug. 25, 2015, 6:58 AM
- Frontline (NYSE:FRO) announces it entered an agreement with Frontline 12 to merge the companies into one entity.
- Frontline 12 will become a wholly-owned subsidiary of Frontline.
- The financial impact of the consolidation wasn't disclosed.
Jul. 2, 2015, 11:19 AM
- Frontline (FRO -6.2%) agrees to acquire Frontline 2012 Ltd. for ~$1.5B, as John Fredriksen reunites two businesses he split three years ago to help gain a greater share of the oil shipping market.
- FRO will buy Frontline 2012 by issuing 584M shares worth nearly NOK12B, with the holder of each share in Frontline 2012 receiving 2.55 FRO shares.
- The combined company says it will become one of the world's leading tanker companies, with a total fleet of ~90 vessels including 25 VLCCs, 17 Suezmax tankers, 16 MR product tankers and 10 LR2 Aframax tankers.
- Analysts say the combination will create a business that is big enough to attract investment for further expansion.
Sep. 18, 2012, 2:19 PM
Nordic American Tanker (NAT -1.4%) acquires the remaining 50% shareholding interest in Orion Tanker Pool from Frontline (FRO -9.1%), effective January, 2013. Once the transaction closes, Orion will become a 100% subsidiary of NAT. FRO's nine suezmax vessels will leave Orion later this year after the shipper advised NAT that it wishes to be more flexible in the operation of its vessels.| Sep. 18, 2012, 2:19 PM | 8 Comments
Jun. 4, 2012, 2:26 PM
Ship Finance International (SFL -4%)) agrees to sell its 20-year old combination carrier Front Rider to an unrelated third party, while simultaneously agreeing to terminate the corresponding charter party with a subsidiary of Frontline Ltd (FRO -7.7%). SFL will receive approximately $10.2M, including a $500k charter termination compensation payment from FRO, and book gain of approximately $1.7M in Q312.| Jun. 4, 2012, 2:26 PM | 3 Comments