Deals
$4.2 Billion Deal to Create Oil Tanker Giant
- Euronav, Frontline investors to hold 59% and 41% respectively
- Tanker market is recovering after Russia’s invasion of Ukraine
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Frontline Ltd. and Euronav NV are considering an all-stock merger that would produce the world’s biggest tanker fleet, just as Russia’s invasion of Ukraine drives a recovery in the market.
The creation of a tanker behemoth -- capable of carrying the equivalent of about 100 days of German daily oil demand -- would come at an opportune moment. With shippers shunning Russian vessels, demand for other carriers is increasing, boosting a market that’s languished for more than a year.