Fredriksen reportedly ditches Gener8 Maritime bid

Fredriksen reportedly ditches Gener8 Maritime bid

The Wall Street Journal (WSJ) is reporting that John Fredriksen’s Frontline has abandoned plans to take over tanker rival Gener8 Maritime. The deal would have given Fredriksen the world’s largest VLCC fleet and provided some succour after the Norwegian tycoon’s repeated failed attempts earlier this year to take over another New York-listed VLCC company, DHT Holdings.

A source has told the WSJ that Frontline’s top management now feels market conditions have changed and the company will hold off on M&A activity for now.

Fredriksen had been advocating greater consolidation in the VLCC space for much of the past year.

However, it has been many of his rivals, such as BW and Teekay, who have reacted fastest to spur consolidation.

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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