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Tanker owner Euronav released a strong set of quarterly results on February 2, but were overshadowed by an upcoming judgment in Euronav’s troubled merger with Frontline.
The National Shipping Company of Saudi Arabia (Bahri) has posted a strong performance in 2022 on the back of high oil demand due to unstable global economic and security dynamics.
After facing exceeding resistance, John Fredriksen’s Frontline has now called off its acquisition of Euronav representing something of a victory for Saverys family interests who had sought to block the deal.
The tanker market enjoyed a dramatic turnaround in fortunes in 2022 as the Russian invasion of Ukraine and resulting sanctions saw spot rates ramp up and a redrawing of trade flows, but will the good times continue in 2023?