• ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
  • ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
American Shipper

Frontline takes stake in rival tanker company

Frontline takes stake in rival tanker company

Frontline Ltd., the world’s largest tanker company, said it or other companies controlled by shipping tycoon John Fredriksen, have acquired 1.6 million shares or about a 5.2 percent stake in rival tanker company Overseas Shipholding Group Inc.

   In addition, Frontline said it has acquired forward contracts, that if optioned would boost that stake to 9.6 percent.

   Frontline said it sees its investment in New York-based OSG “as a good value. Frontline is making this investment together with its largest shareholder in order not to significantly reduce Frontline’s short and medium term dividend capacity. The joint investment also reflects the fact that only about 41 percent of OSG’s total fleet in terms of number of vessels is exposed to the market for crude oil transportation, which is Frontline’s core market.”

   The company went on to say that while the purchases are viewed as “good financial value investments” they “reserve the right to be in contact with management and other shareholders of OSG regarding alternatives that OSG could employ to enhance shareholder value.”

   The Fredriksen group was also an investor in TUI and one of the voices calling in recent weeks for a sale or spin-off the container shipping company Hapag-Lloyd from the tourism company.

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