Euronav shareholders approve CMB’s plans for alternative future

After a two-year battle for control of the Antwerp tanker giant, Famatown Finance, John Fredriksen’s finance vehicle, along with Frontline, his tanker firm, announced a deal with the Saverys-controlled Compagnie Maritime Belge (CMB) last month whereby 24 Euronav VLCCs will be handed over to Frontline for $2.35bn in return for Fredriksen backing away from his take over ambitions with the Saverys’ buying him out.

CMB wants to diversify the fleet of Euronav into different shipping segments to decrease the dependence on the transportation of crude oil. This does not mean exiting the tanker business altogether, CMB has stressed, but a gradual decrease of the share of revenues coming from pure crude oil transportation by adding different future-proof shipping asset types to the Euronav portfolio, potentially from the CMB and CMB.TECH fleet. Future-proof in CMB’s view means efficient low-carbon emitting ships and/or ships powered by hydrogen or ammonia.