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Fredriksen juggles LNG newbuild pair

Fredriksen juggles LNG newbuild pair

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John Fredriksen’s busy start to the year continues apace with news he’s looking to juggle a couple of newbuild LNG carriers in South Korea.

Flex LNG, controlled by the Norwegian tycoon, has said it is looking at taking on two LNG ships ordered at Daewoo Shipbuilding & Marine Engineering by his private firm Geveran Trading. The ships are due for delivery early next year.

“The transaction will give thec a uniform fleet of four LNG MEGI carriers with expected delivery in early 2018 with the most advanced propulsion and fuel efficiency technology compared to the existing LNG fleet. Furthermore, the transaction will consolidate all Geveran’s LNG assets and activities in Flex, which will be positioned to capitalize on the expected tightening in the LNG shipping market, and on the expected strong growth in the markets for LNG shipping and FSRUs,” Flex LNG said in a statement.

Flex LNG said it would partially pay for the pair by issuing Geveran with 78m new shares. The remaining part of the consideration will be settled by a seller’s credit structured as a revolving credit facility.

Fredriksen has been in full action mode in 2017 to date – looking to fix finances at troubled Seadrill, while also targeting VLCC rival DHT Holdings and also keeping an eye out for dry bulk bargains. In a recent interview with the Financial Times, the 72-year-old said he had no plans to retire for at least the next three to five years.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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