Oslo: Providing value to shareholders is the main aim of the new merged Frontline, a senior official told Splash today.
Robert Hvide Macleod is the ceo of Frontline Management, which in turn manages the fleets of Frontline Ltd and Frontline 2012.
Last week John Fredriksen-led Frontline and its affiliate Frontline 2012 agreed to merge to create one of the biggest tanker operating companies in the world. Frontline will survive the merger, with Frontline 2012 becoming the company’s wholly owned subsidiary.
“Size in itself is not an ambition or goal, our goal is to provide value for our shareholders,” Macleod told Splash today. “Frontline is a $2bn market cap now and we are likely to grow and be the leading tanker company in the world,” he added.
Frontline has ridden the changing tanker waves remarkably well, fending off financially difficulties that threatened its very existence earlier this year to become on shipping’s hot stocks once again.
