EuropeFinance and InsuranceTankers

Frontline to delist from the London Stock Exchange

Frontline is delisting from the London Stock Exchange, cancelling all of its ordinary shares of $1.00 each with effect from the opening of the market on November 2 this year.“The company believes that, given the limited liquidity of the ordinary shares, the costs and administrative burden of maintaining the listing on the Official List and admission to trading on the Main Market are disproportionate to the benefits thereof,” Frontline said in a release.

The decision by the John Fredriksen-backed shipping giant is another blow to London’s ship finance claims. Maritime London, the UK shipping promotional body, has been frustrated at the lack of progress from the London Stock Exchange in getting more into shipping.

“We have been totally left behind by the NYSE,” Harry Theochari, global head of transport at law firm Norton Rose told delegates attending a Maritime London event held at Trinity House as part of London International Shipping Week on September 9. Theochari said that Maritime London had been lobbying the LSE for three years to no avail.

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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