Fredriksen turns attention away from DHT to another big VLCC operator

Fredriksen turns attention away from DHT to another big VLCC operator

John Fredriksen is looking at alternative crude tanker targets having given up hope of taking over DHT Holdings. In an interview with the Wall Street Journal the shipping tycoon said he was likely to end the bid by his firm Frontline for rival DHT and has now turned his attention to another big tanker owner.

Without naming names, Fredriksen said his new target operates at least 20 VLCCs.

Credit Suisse analyst Gregory Lewis pointed towards Peter Georgiopoulos’s Gener8 Maritime as the likely target in a research note.

Frontline made an improved $765m offer earlier this month for DHT, but it was turned down in harsh terms and DHT has now teamed up with BW Group, taking 11 VLCCs from the Singapore firm in exchange for a sizeable shareholding in DHT. The BW play has seen Frontline’s stake in DHT become diluted to less than 10% and Fredriksen indicated to the Wall Street Journal he was now keen to sell his remaining stake in the New York listed company.

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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