Marshall Islands court rejects Frontline complaint against DHT and BW deal

Marshall Islands court rejects Frontline complaint against DHT and BW deal

A court in the Marshall Islands on Wednesday rejected a complaint by Frontline against a deal between DHT Holdings and BW Group, according to Reuters.

Frontline has been involved in a lengthy attempt to take over Bermuda-headquartered oil tanker company DHT and wanted the Marshall Islands court to impose a preliminary injunction on DHT.

The court said Frontline had failed to show a probability of success on the merits of its claims.

If granted, the injunction could have prevented DHT’s deal with BW Group whereby DHT acquired 11 VLCCs in return for BW attaining a 33.5% stake in DHT.

In April, the Supreme Court of the State of New York ruled it did not have jurisdiction over NY-listed DHT or over BW in a similar case brought there by Frontline.

That led to Frontline discontinuing the case and trying instead in the Marshall Islands, where DHT is incorporated.

Tycoon John Fredriksen’s Frontline has had multiple takeover bids rejected by DHT.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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