Shipping mogul John Fredriksen, who faced a setback in his bid to acquire Euronav earlier this year, is now embroiled in a conflict with a different shipping company, as reported by Shipping Watch.
John Fredriksen Clashes with International Seaways
Norwegian shipping billionaire John Fredriksen, who previously failed in his bid to acquire Euronav NV, is now in a dispute with another tanker company, International Seaways Inc. Fredriksen’s investment vehicle, Seatankers Group, has announced that it will withhold its vote for the reelection of two board members, including CEO Lois Zabrocky, citing concerns over entrenchment and self-interest within the company. Seatankers claims that the board and management members have unjustly taken credit for the company’s success, which Seatankers believes was influenced by its own value-creating reputation.
International seaways respond
New York-based International Seaways has responded to Seatankers Group’s open letter, stating that the claims made in the letter are misleading. They also highlighted that Seatankers is specifically targeting two out of the three women on their board without providing any explanation. This is not the first time billionaire John Fredriksen has been involved in a boardroom battle with an oil tanker company, as he previously attempted to merge Frontline Plc and Euronav. The deal was eventually abandoned, leading to the resignation of Euronav’s CEO. Seatankers has also announced its intention to vote against a poison pill plan designed to deter them from acquiring a controlling stake in International Seaways, asserting that they have no plans to take over the company.
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Source: Shipping Watch
