Editor’s selection: Euronav carve-up, Poseidon Principles gets tough and what do Michael Parker and Greta Thunberg have in common?

TOP STORY

Belgium’s Euronav has provided the first official confirmation of strong industry rumours that its two main shareholders are preparing to carve up its tanker fleet. As TradeWinds reported at the end of September, a deal was said to be in the offing between the Saverys family’s Compagnie Maritime Belge (CMB) and John Fredriksen’s Frontline. Euronav, also listed in New York, said the two shareholders were “in discussions on an integrated solution to the strategic and structural deadlock in Euronav”. Under a deal, CMB would acquire Frontline’s 26.12% stake for $18.43 per share, following a mandatory public offer at the same price for the rest of the shares. Frontline, in turn, would acquire 24 VLCCs for $2.35bn.

ALSO IN THE NEWS

Significant carbon revision | The Poseidon Principles group of banks has agreed to a “significant” revision to its reporting framework to move shipping portfolios closer to Paris climate targets. The 30 signatories said the move also aligns with the International Maritime Organization’s new “ambitious” decarbonisation goals.

Love it or list it | Stolt-Nielsen is to hold on to Stolt Tankers, having previously intended to list it. During the Oslo-listed company’s third-quarter earnings call on Thursday, new chief executive Udo Lange said the company needed to see both a supportive tanker market and an IPO market before taking its world-leading chemical tanker segment public.

Newcomer linked to suezmax orders | A Greek bulker owner is being linked to an order for suezmax tanker newbuildings in China. Shipbuilding sources said Piraeus-based Gourdomichalis Maritime has diversified into the tanker arena with an order for two 158,000-dwt crude carriers at state-owned Shanghai Waigaoqiao Shipbuilding through a new company it has set up, Flynn Shipping.

Qatar expansion kick-off| Qatar has officially started its massive North Field expansion project — which it dubs the largest in the gas industry’s history — that will add 48 million tonnes per annum of LNG to global supply in three years. The tiny Gulf state looks set to charter in more than 100 LNG newbuildings to ship its new volumes and renew its existing fleet, reports Lucy Hine.

Carbon pricing delays | Policymakers’ foot-dragging over carbon pricing is slowing or even stopping clean fuel projects, a senior Trafigura manager says. That occasionally includes his own company, the Swiss trading giant’s global head of fuel decarbonisation, Rasmus Bach Nielsen, told a Capital Link Forum in Athens this week. “So what do we do? We delay,” he said.

COMMENT

In this week’s Wavelength column, Terry Macalister asks whether Citi’s Michael Parker is the Greta Thunberg of shipping. The Swedish environmental activist has made her point forcibly, and now the money men, such as Parker, are driving progress on the ground.

IN-DEPTH

In this week’s Green Seas environment and business of the ocean newsletter, Eric Martin explores the big names in shipping and shipbuilding developing vessels that produce atomic energy at sea. Are floating nuclear power vessels the future of zero-carbon energy, he asks.

INTERVIEW

After more than 50 years in shipping and as the founding father of one of the world’s largest third-party ship management companies, Kishore Rajvanshy has seen it all. As managing director of Hong Kong-based Fleet Management, Rajvanshy is responsible for the technical management of 654 ships. Jonathan Boonzaier caught up with him to find out how he tackles the challenges of the job.