DHT and Frontline battle comes to an end

DHT Holdings yesterday announced that its board of directors had unanimously rejected John Fredriksen’s Frontline revised takeover, likely putting an end to the acquisition battle between the two VLCC firms.

The DHT board said the revised offer was “wholly inadequate”. DHT said it had tried to fix meetings with senior Frontline management but had been rebuffed.

Frontline, for its part, hinted in its latest quarterly report yesterday that it would not pursue DHT further but would look at other acquisitions, rather than ordering new ships.

In its quarterlies, Frontline also revealed it had snapped up a pair of DSME resale VLCCs due in the third quarter this year for $77.5m per unit, a price it described as “historically low”.

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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