Transaction Report

Ship finance is all about maximizing value. As Quintana’s sale moves forward, TUI has announced that Hapag-Lloyd is officially in play, to the satisfaction of minority holder John Fredriksen. Mr. Fredriksen meanwhile, just after accepting the prestigious CMA Commodore Award from Morten Arntzen, announced that his interests had taken a 5.2% stake in Mr. Arntzen’s OSG, with a forward contract for an additional 1,628,300 shares that would bring his stake to 9.6%. With OSG trading at barely above half its net asset value last week, Mr. Fredriksen’s investment focus on shares rather than ships is hardly surprising, and a future combination for the two companies is certainly in the realm of possibility.

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