Frontline and Euronav Merge to Create Tanker Giant in $4.2 Billion Stock Deal
Two of shipping’s biggest names,...
Two of shipping’s biggest names, Norway-based Frontline Ltd. and Belgium’s Euronav NV, have agreed to merge in a move that would create one of the world’s biggest tanker owners.
The all-stock deal announced Thursday, which has been approved by both the companies’ boards, involves an exchange of 1.45 Frontline shares for each Euronav share. The exchange will result in Euronav shareholders owning 59% of the merged entity and Frontline investors controlling 41%.
It will have a market capitalization of around $4.2 billion, based on trading levels as of Wednesday, and a combined fleet of 69 very large crude carriers and 77 smaller tankers.
Continental Resources to hold annual shareholders meeting May 19
The upcoming annual shareholders meeting by Continental Resources Inc. will be a virtual...
The upcoming annual shareholders meeting by Continental Resources Inc. will be a virtual gathering on Thursday, May 19.
The company filed a Proxy Statement with the Securities and Exchange Commission showing the planned agenda including the adoption of the 2022 Long-Term Incentive Plan, the ratification of the selection of independent auditors and the approval of the compensation of executive officers.
In addition to the formal items of business at the Annual Meeting, you will have an opportunity to ask questions relating to the matters to be acted upon at the Annual Meeting. Members of the senior management of Continental Resources, Inc. and the Board of Directors will be present.
US Natgas Futures Jump to 2008 Closing High on Soaring LNG Exports
U.S. natural gas futures jumped almost 6% on April 7, closing up ...
U.S. natural gas futures jumped almost 6% on April 7, closing up 33 cents at $6.35 per MMBtu, their highest close since December 2008 on record global demand for American LNG exports.
Traders also noted prices gained on a bigger than expected storage draw, a preliminary decline in output and forecasts for more demand in the U.S. over the next two weeks than previously expected.
“All this talk of sending U.S. LNG to supply Europe and get them off Russian gas is causing U.S. gas to be repriced because of what lies ahead for LNG exports,” said John Kilduff, partner at Again Capital LLC in New York.
Containers full of frozen food and chemicals are piling up at China’s biggest port in Shanghai...
Containers full of frozen food and chemicals are piling up at China’s biggest port in Shanghai as a Covid lockdown in the city and compulsory virus testing means truckers can’t get to the docks to pick up boxes. While the port is operating normally, there are a “critically high” number of refrigerated containers and items classified as dangerous goods piled up at two storage yards, meaning some ships carrying those types of cargo may not be able to unload any more boxes at the port, Ocean Network Express said. Read the story here.
A strategy chief shared why a recession that causes stocks to fall 25% from their highs could be on the way. Merion Capital Group's Richard Farr said a big hit to the market could come within three to four months. He shared four ways to bolster your portfolio ahead of the fallout.
