Are you considering a career in logistics? Here's everything you need to know about a career in logistics! Logistics is one of the fastest growing industries and an excellent career path that offers many opportunities. From working in warehouses to sales, from engineering to supply chain logistics management, there are various ways of working in this field. Logisticians are responsible for a business's supply chain, and their typical job responsibilities involve supplier relationships, material transportation, working with customers, and minimizing transportation costs.
Logisticians oversee activities including purchasing, transportation, inventory and warehousing. They can direct the movement of a range of goods, people or supplies, from general consumer goods to military supplies and personnel, and manage the entire life cycle of a product, including how it is acquired, distributed, and delivered.
Logisticians use software systems to plan and track the movement of products. They run software programs specifically designed to manage logisticsfunctions, such as purchasing, inventory management, and other supply chain planning and management systems.
This includes logistics coordinators, inventory analysts, warehouse managers, fleet managers, sales, warehouse workers, and more. It's a fast-paced industry!
2. A college degree is not required to work in logistics.
While some positions require a bachelor's or associate's degree, work experience, industry credentials, and certain skill sets are sometimes more important. Some roles, such as sales, just require a passion for learning. A good logistician has good communication, critical thinking, customer service, problem solving and organizational skills.
3. Logistics business is booming!
According to the U.S. Bureau of Labor Statistics, employment of support workers is projected to grow 30 percent from 2020 to 2030, much faster than the average for all occupations. On average, around 24,500 support staff positions are expected to open each year during this decade.
4. The work environment varies by industry.
This means you can choose the industry you like! Some logisticians work in the back office of a company, while others work in companies that specialize in logistical work, such as trucking companies. Manufacturing employs about 24% of logisticsstaff.
Fumigation is a form of pest control by which the disinfection procedure is carried out in a dry manner. This method, also known as phytosanitary treatment, is widely used today and is becoming more common in different market segments (especially when shipping goodsby container).
Why is fumigation so important?
Container fumigation procedures are designed to prevent foreign quarantine pests from entering the cargo. In this procedure, special products are used to eradicate or control the international spread of pests already present in the shipment.
You may be wondering what are quarantine pests?
Quarantine pests are any form of pests or parasites that, under natural conditions, cause damage to plants and animals in an area. These pests can pose a significant threat to international health when exposed to new environments. There are many types of quarantine pests, but none are as trivial as the Asian lady beetle. This beetle is commonly found in containers and woody materials used to hold loads. For this reason, it ranks among the world's worst-hit quarantine pests.
How does the container fumigation program work?
Container fumigation controls any type of pest through an efficient, safe and dry disinfection process, usually done with gas. The most commonly used gases in the fumigation process are methyl bromide and phosphine. While both maintain the same level of effectiveness, methyl bromide is more commonly used in containers. To receive fumigant, the container must be of good construction. The fumigation site must be isolated within a 5-meter radius, and a sticker containing basic information such as the start and end date and time of the treatment, as well as the information of the treatment company and technician responsible for the operation, must be affixed to the container door. The gas is injected through a probe inserted into the container. This process only happens when the door is closed. Appropriate protection of surrounding personnel must be provided with personal protective equipment, and collective protective equipment is recommended for fumigation sites. After the specified exposure time, aeration should be performed for commodity release.
What are the requirements for fumigation?
Do I need a fumigation certificate?
As you saw at the beginning of this article, any type of cargo and its wooden packaging can be refused entry into the destination country if not processed. To verify this, the Port Authority requires a written permit, certificate or other proof of processing. Therefore, every fumigation container, if done in the right way and by the right company, will be accompanied by a certificate. Fumigation is a legal requirement for the buyer, so a fumigation certificate is usually issued by the fumigator or approved for fumigation by a licensing body. This certificate, sometimes referred to as a pest control certificate, is a document confirming that any wood packaging material used in the shipment of goods has been properly fumigated. This document contains details such as purpose of treatment, fumigant used and temperature range.
As the main mode of transportation in international trade, international shipping accounts for more than two-thirds of the total international trade volume. When it comes to shipping, we have to mention Mason, which is divided into regular ships and overtime ships. What is the difference between them? Next, let's take a brief look at it.
Mason regular ship and overtime ship!
The sailing dates vary:
Mason's regular ships usually sail every Wednesday in Shanghai, and overtime ships usually sail on Thursdays. Generally speaking, they will sail for 11 days. The sailing time at Ningbo Port will be one day earlier, usually every Wednesday.
The efficiency of the cabinet is different:
After unloading the container, Matson's main ship will also load other goods to Hawaii immediately. This part of the route is their own domestic transportation, so Matson will arrange enough manpower on the dedicated terminal to unload and load the ship. The front and the frame of the United States are separated, and the Mason regular ship can ensure that each frame and box are ready to be pulled by the front, so the efficiency of the regular ship cannot be replaced by other ships.
Prices vary:
The timeliness of the main ship of Mason is very fast. If it arrives in the west of the United States, it can be put into the warehouse within 9 working days. Of course, the price will be more expensive than the overtime ship. There are other types of services of Mason, such as time-limited arrival, less than package. Compensation and other prices will also be a bit more expensive than other types of services. Sellers who pursue the timeliness of goods transportation can consider this type of service.
The docks at the unloading port are different:
After the main ship of Matson arrives at the port of destination, it will stop at the Port of Long Beach and the Port of Oakland. According to the official information of Mason Steamship, the pick-up location of Long Beach Port is located in the out-of-port storage yard (STE) 3.5 miles away from the terminal, and the pick-up location of the Oakland port is located at Pier 63 or 0.5 miles away from the terminal. There is no need to make an appointment for each of the lockers and the lockers. Therefore, the general cargo can be picked up the next day after arriving at the port.
Matson overtime ships usually dock at Pier A for unloading. This wharf is a joint venture between Matson Shipping, MSC and Yixing Clipper, which is a public wharf. Therefore, the unloading efficiency of the overtime ship of Mason docked at this terminal is relatively low. When the number of ships at the terminal is large, there is even a queue to wait for the port.
How to quickly distinguish between Mason's regular ships and overtime ships?
Look at the route code. The code of the main ship of Mason is CLX, and the code of the overtime ship is CLX+.
The CLX+ departed from Shanghai on Thursday to the Port of Long Beach on an 11-day voyage, and from Ningbo to the Port of Long Beach on a 13-day voyage.
There is also a peak season overtime express, namely CCX. It takes 12 days for CCX to sail from Shanghai to Oakland Port, and it takes 14 days to sail from Ningbo to Oakland Port. Generally, ships stop at Oakland Port for 2-3 days and leave, and then go directly to Long Beach Public Port, with a 1-day voyage. Because of the stopover in Auckland, the voyage between Shanghai and Long Beach will be 2-3 days longer than CCX and CLX+.
The transportation time between the main ship and the overtime ship will be about 4-6 working days. If there is no great requirement for the transportation time of the goods, you can also choose the overtime ship. Of course, it is better if there are other shippingcompanies. The shipping channel is also optional.
Shot of a young man using a digital tablet while working in a warehouse
Meaning of warehouse receipt
A warehouse receipt is a form of document used in the futures market to ensure the quality and quantity of a specific commodity stored in an approved facility.Warehouse receipts are part of the processing of business transactions involving physically delivered futures contracts.
Instead of immediately moving the actual goods under the contract, the warehouse receipt is used to settle the futures contract. In the case of precious metals, a warehouse receipt can also be called a vault receipt.
Warehouse receipts can be transferable or non-transferable.
Negotiable warehouse receipt
Negotiable warehouse receipts specify that the goods can be delivered to the document holder, which means they can be used as collateral for a loan. If the borrower defaults, the lender takes over the warehouse receipt and can sell the goods for payment of the loan.
Non-negotiable warehouse receipt
A non-negotiable warehouse receipt specifies to whom the goods should be delivered.
How to use warehouse receipt?
Stored goods cannot be delivered without a receipt.
Warehouse receipts are used to settle futures contracts. A vault receipt is an example of a warehouse receipt, but it is for metal. Vault receipts show ownership of precious metals stored in warehouses, banks and other approved facilities.
Warehouse receipts are used for stored goods that will be delivered or used at a later date. They are called physically delivered commodities. Physically delivered commodities are used in the production and manufacture of many commodities.
Tracking physical inventory is a critical process for future contracts. Inventory of goods must be registered with the designated authority and must be inspected and certified before it can be used in the future market.
When to use warehouse receipts?
Warehouse receipts are typically used when a seller signs a contract with a manufacturer to purchase some item that is not in stock, and then uses the warehouse receipt to collect the product at the warehouse.
It is reported that on April 16, CMA CGM LISA MARIE, a large container ship owned by CMA CGM, encountered a container fire in the waters of Banda Aceh Sabang in the west of Sumatra Island.
The fully loaded vessel was on its way from Jeddah to Port Klang at the time of the incident. Basarnas Banda Acehs head Budiono said one of the containerscaught fire when the ship arrived in Sabang waters, suspected to be caused by a short circuit.
The crew reportedly managed to put out the fire by their own means, with ships and tugboats in Banda Aceh district pouring water over containers at the fire site to cool them as a precaution. CMA CGM LISA MARIE resumes sailing after confirming fire safety.
At the time of the incident, the ship's voyage was "0BXBLW1MA", which may involve multiple shippingcompanies sharing cabins: CMA CGM, COSCO, Evergreen, OOCL, APL, ANL and CNC.
In addition, it should be noted that the next voyage of the ship is "0BXC7W1MA". The scheduled sailing date is to depart from Busan Port on April 26, and then call at Shanghai Port (April 27-28) and Ningbo Port (April 29). Japan-30), Xiamen Port (May 1-2) and Shekou Port (May 3), please pay attention to whether there will be delays in the subsequent shipping schedules.
China is Australia's largest trading partner. China is not only Australia's largest export destination, but also its largest source of imports. Overall, it accounts for more than 30% of Australia's trade. The Australian economy needs the Chinese market. Learn about the shipping methods available from China to Australia.
These are some of the things your business needs to know when shipping between the two.
In the past decades, China became a global leader in producing electronics, cell phones, cosmetics, garments, shoes, furniture, and much more. Among the billions of dollars of goods shipped from China to Australia each year, top exports include:
Computer hardware
Electronic components
Garments
Household textiles
Furniture
Plastic products
China’s an industrial powerhouse. Pretty much any good you can dream up can be manufactured in the country and shipped to another ﹘ barring some legal restrictions.
Laws and restrictions
There are few laws restricting exports from China, while most import restrictions in Australia are what you would expect: weapons, animals, drugs, cultural relics, food and plant life. It is worth noting that while some items are not prohibited from being imported in Australia, they may be prohibited in some states. Be sure to look around for more specific regulations before shipping.
China and Australia have strong economic ties. The China-Australia Free Trade Agreement (ChAFTA) came into force in December 2015, removing most tariffs and boosting bilateral trade. When it comes to shipping from China to Australia, there are two shipping methods available:
If you are shipping on a budget, sea freight is the most efficient way to ship products from China to Australia. Depending on the size of your consignment, you can choose between less than container loads (LCL) or full container loads (FCL).
How long does it take to ship from China to Australia?
If China's loading port is Shenzhen, Guangzhou to Sydney and other Australian ports.
The transportation time is 11 days, 13-15 days, and 11 days.
Another port in Shanghai, due to the farther destination, takes much longer than Shenzhen, while Sydney is within 13 to 17 ports, Melbourne within 18-20 days and Brisbane within 13 days.
Taking loading ports such as Tianjin as a benchmark, it takes longer to consider shipping products into Australia than other ports that consider more than 20 days.
24 days for Sydney Harbour, 26 days for Port Melbourne and 23 days for Port of Brisbane.
While potential deliveries from Chinese ports to Australian ports have been identified, they cannot be guaranteed due to loading complexities.
It may take up to 7 days to load the cargo to the preferred port.
Air freight is the fastest shipping method, but also the most expensive. If you ship small consignments (up to three pallets) of perishable and valuable cargo, it may be worth considering air freight.
How long does it take for air freight from China to Australia?
It varies according to destinations such as port to port and door to door.
Getting items to customers' homes takes more time than ports.
Shipping from different airports in China like Guangzhou to Australian ports like Brisbane takes 3 to 6 working days.
But if the freight forwarder is responsible for home delivery, it will take 6 to 12 working days.
Because it needs to deal with the shipping system within Australia to deliver the product in time.
It varies depending on the destination of the port, which requires many formalities and routes to cover the cargo.
How to reduce shipping cost from China to Australia?
You must choose a shipping provider that has good experience with regularly shipping products and services from China to Australia.
They even offer customers discounts on product shipping.
For example, when freight forwarders have been offering discount programs, such as 10% less fees than usual.
It is suitable for items over 500kg, which will help reduce shipping costs.
In terms of transport items, there are two types of air freight and sea freight.
It is the responsibility of the organization to choose the appropriate shipping method for the goods.
If you need to ship the product within 7 days and carry more weight (eg 300kg), then air freight is the best option.
But when you need to ship about 800kg, you have to choose sea freight because it will be cheaper.
Before you decide to source from a Chinese trading partner of your choice, please ensure that the goods meet Australian safety standards. For example, Australian law regulates chemicals in consumer products, children's products, vehicles and furniture.
For the customs clearanceprocess, you need to provide many documents. These include:
TJ China Freight has been in this business for many years. Due to our impeccable track record in the industry, we are recognized as the leading freight service provider in China. The high standards we maintain and our experience allow us to guarantee you a reliable freight service from China to Peru.
puzzle with the national flag of china and Peru on wooden table
We have established a huge air cargo network, providing daily and weekly flights from major airports in China to any air destination in the world.
Our air freight services from China to Peru provide a safe and reliable solution for all your air freight needs, including time sensitive and high value goods. Our transportation options include airport-to-airport, door-to-door, airport-to-door, and door-to-airport services. air transport
When the time comes, our team of experts provides the most cost-effective solution and the fastest route. We take care of your cargo from start to finish, overseeing every stage in the logistics chain, from when your cargo is picked up to delivery to its destination.
We provide FCL sea freight service for 20ft container and 40ft container to Peru. If the goods being transported require different types of equipment, such as open top containers, flat racks, reefers or other equipment, our specialist equipment department will provide you with the best alternative.
LCL - LCL Shipping from China to Peru
Our LCL service from China to Peru is always available if the cargo cannot fill the entire container. When using this service, the applicable rate depends on the volume of the shipment. If the weight of the cargo exceeds the maximum allowable weight per cubic meter, the applicable rate is based on the weight.
What are the couriers from China to Peru?
Almost all couriers from China to Peru, such as LAC, DHL, UPS, FedEx, USPS, China Post, can ship from China to Peru.
They offer express shipping at reliable prices for your imports in the shortest possible time. Express shipping companies usually offer door-to-doorshipping from China to Peru.
How long does it take to get from China to Peru
How long does it take for a courier service to ship from China to Peru?
On average, normal air shipping from China to Peru takes up to 7 days.
Time also depends on the shipping method you choose, urgency, and your affordability.
The average times for express services are as follows:
UPS Express - 4 to 6 days
FedEx - 4 to 6 days
DHL Express - 3 to 6 days
China Post - up to 7 days
It is important to note that delivery times may vary based on urgency and shipping costs.
How long does it take to ship by air from China to Peru?
Depending on the route chosen, the average transit time for air cargo from China to Peru is usually 3 to 7 days. This may be different when increased market demand results in a large volume of cargo being transported.
How long does it take to ship a product from China to Peru by sea carrier?
The average distance between China and Peru is over 16,500 nautical miles.
As expected, you will need a lot of time to ship from China to Peru.
The average transit time from China to Peru is 35 to 40 days.
But times may vary due to weather, port-to-port, route, and more.
Frequently Asked Questions
What documents are required to travel from China to Peru?
When shipping internationally, the required documents will depend on the route you decide to send and the country's customs regulations. Some of the most common import documents required to ship from China to Peru are the shipping label, original invoice and/or pro forma invoice. A customs declaration form should also be attached when shipping between countries that are not part of a free trade zone. Learn more about other documents that may be required for importing and exporting goods.
What is the average customs clearance cost to ship products from China to Peru?
Peruvian customs authorities impose 4 customs fees on different products.
The four tariff rates are 4%, 7%, 12% and 20%.
About 37% of imports are subject to a 4% tariff.
Most of these are intermediate goods in the industrial sector.
7% levied on building materials.
A 12% tariff was imposed on nearly 43% of imported goods.
20% is levied on almost 11% of products, covering textiles, footwear and agro-industries.
What are the consequences of not paying customs clearance fees for products shipped from China to Peru?
Customs fees must be paid.
You cannot skip customs fees at Peruvian customs.
If you try not to pay the duty, your product will be stuck in customs.
They may also be destroyed if there is a prolonged delay in paying customs fees.We can provide customs clearance servicesfor your goods
Recently, a screenshot of the densely crowded ships near Shanghai waters has been circulated on the Internet. The picture said that ""hundreds of ocean-going freighters have been stranded in the outer seas of Shanghai, and the supply chain is broken here.Sea freight severely affected in Shanghai.
Cargo ships around the world in Shanghai port during the epidemic
There are differences in the performance of dry bulk carriers, oil tankers and container ships. According to feedback from industry insiders, the reason for the decrease in container ships may be that shipping companies have made port-hopping adjustments to container ships, and canceled ports of call including Shanghai Port, Ningbo Port, Qingdao Port Port and Yantian Port.
Under the epidemic prevention and control in Shanghai, shipping companies responded urgently
Maersk
Yesterday, Maersk issued an announcement saying that due to the impact of epidemic prevention and control, the density of dangerous goods and refrigerated container yards at Shanghai terminals has increased. Customers are advised to ship or transfer the goods to other Chinese destination ports where possible to avoid port congestion. Goods arriving in Shanghai may be diverted to other locations.
MSC
In order to avoid port congestion and ship schedule delays, the 2M Alliance announced that the 17th week of the Jade/AE11 and Shogun/AE1 routes will cancel calls to Qingdao Port and Ningbo Port, respectively.
In addition, MSC issued an announcement on April 7 that the Shanghai port was congested and there were few or no refrigerated container plugs available. MSC will not be able to unload reefer containers at designated ports if there is no power available. Cargo may be time sensitive and delayed unloading may result in damage to the cargo. MSC said that if customers want to make a change of destination (COD), please communicate with them as soon as possible. In addition to the operating costs incurred, a COD fee will be charged.
CMA CGM
CMA CGM issued an announcement on April 8: Due to the impact of the epidemic prevention and control measures on truck transportation speed and available truck capacity, the pickup of imported goods has slowed down significantly, so the container stays for too long, resulting in a greater burden on the Shanghai Port yard. pressure. To prevent the potential occurrence of a reefer container being refused discharge due to a limited number of plugs, shippers are strongly advised to anticipate potential problems and identify options for rerouting shipments.
Hapag-Lloyd
On April 7, Hapag-Lloyd announced that Shanghai Port will not accept refrigerated containers and dangerous cargo containers. These two types of containers will be unloaded at the previous port before arriving at Shanghai Port.
ONE
ONE issued a notice a few days ago saying that the Shanghai port is still in operation, but the availability of trucking is limited, which hinders the customs clearance of imported goods. The resulting impact is that the utilization of hazardous goods and reefer yards is extremely high, especially the Yangshan and Waigaoqiao PH2. Due to operational constraints in the yard, some Dangerous Goods and Reefers (DG Classes and Reefers) may not be allowed to unload if the volume does not hold.
In this case, ONE will arrange a change of destination (COD) to unload the goods at other ports instead, or unload the goods at other transshipment ports and transport them to Shanghai if circumstances permit.
Take the star
On April 11, Yixing issued a notice of jumping to the ports of Yantian, Shanghai and Busan. Since the ship will gradually withdraw from the ZSA service, ZSA-CEZANNE9W will cancel the call at Yantian, Shanghai and Busan.
In view of the above situation, the adjustment of shipping companies' port-hopping and the launch of ""land-to-water"" by Shanghai Port Group have all diverted container ships in Shanghai Port to a certain extent. In view of the increase of dry bulk carriers and oil tankers, generally speaking, Shanghai Port is dominated by container transportation, and the above two types of ships account for a small proportion. It is not clear the exact reason for the increase of dry bulk carriers and oil tankers.
Some people in the shipping industry said that dry bulk carriers mainly transport iron ore, coal, grain, etc., and oil products are in the non-scheduled ship market. The upstream and downstream customers are relatively concentrated, and the transportation is mainly from port to port. The impact of the epidemic on the supply chain is relatively small. At the same time, dry bulk cargo mainly relies on mechanical equipment for loading and unloading, and oil products are mainly connected through pipelines."
In the past two years, the container shipping market has been hot. Although Seaspan, as the world's largest independent container ship owner, could have sat down and reveled in the high income, sufficient customers and long-term leases, due to the rapid development of the shipping industry, the The company still plans to expand its investment in container ships.
The Vancouver-based, Hong Kong-registered, Atlas Corporation-owned company has been growing at a record pace over the past year and a half. Its latest financial statements for 2021 confirmed that the company's cash flow was very solid, with a profit of $400 million in 2021, double the previous year. The leasing business added 70 newbuildings, or about 0.9 million TEU, and new contracts generated total cash flow of up to $12.9 billion.
Like the big liner companies, Seaspan is building a very strong capital pool. There is no doubt that investing in new projects is very easy for Seaspan. If a bank needs it to guarantee a loan, Seaspan can easily find a recent lease with a major liner company, which can last up to 18 years.
That said, Seaspan will still have an exceptionally strong funding position until 2040, even if the hot container market cools one day.
Seaspan and its shareholders want uninterrupted returns through continuous investment like a shipping company. Many large liner companies use their profits to invest in logistics assets. For example, Maersk bought LF, MSC bought Bolloré's African business, and CMA CGM bought Ceva.
But considering that the customers of these profiteers are now helpless to pay sky-high freight costs and endure long delays, in this case, shipping companies rely on their special tax incentives and use their high profits to acquire Another industry has exacerbated the negative sentiment in some parts of the supply chain market to a certain extent. Seaspan needs to study how to play a long-term "ship owner and operator" in the container shipping industry. business to best serve customers.
The issue has been discussed within the company for some time, but according to COO Torsten Pedersen, there is no final conclusion yet. But in general, the company aims to further strengthen its position in global value chains, including beyond 2025.
Ensuring a role in decarbonisation may be an option, but it may also be other activities, and opportunities abound in the chaotic container market.
“The industry is currently undergoing major changes, and the competitive environment is very different from a few years ago. Some links may be squeezed in the new structure, and there will be many strategic moves and counter-attacks in the industry. Huge market changes can provide many creative opportunities, we Think it's an exciting challenge."
"It's a good thing that Seaspan has a strong financial position" amid the boom in the container market, Pedersen said. Seaspan is currently achieving its stated goals. The company has struck deals with operators to build around 70 new ships over the next two or three years.
Concluding comments on the shipping industry, he said: "We have strong partners and long-term contracts, and our partner yards have a long history of shipbuilding. This is an industry that will be heavily funded in the next few years and the landscape is changing."
Frontline, the oil tanker subsidiary of Norwegian shipping king John Fredriksen, and Euronav, the Belgian tanker owner, announced the merger. The new owner with 146 tankers surpassed China's China Merchants Shipping to become the "Big Mac" in the global very large tanker (VLCC) market. .
If the merger materialises, the combined group will continue to operate under the Frontline name and will continue to operate in Belgium, Norway, the UK, Singapore, Greece and the US. The combined group will be headed by Mr. Hugo De Stoop as Chief Executive Officer, and the Board of Directors of the combined group is expected to consist of seven members, including three current members of the independent Euronav Supervisory Board, two nominated by Hemen Holding Limited (“Hemen”) and additional Two new independent directors. Frontline's largest shareholder, Hemen, and related companies with stakes in Euronav have pledged to back the potential deal.
The companies said the combination provides economies of scale that will facilitate improved fleet utilization and ease the transition to digitalisation of logistics and the adoption of low-carbon fuels for tankers.
"The merger will create the world's leading independent tanker operator," KBC Securities wrote in a note to clients, while warning that there was no guarantee that a final merger agreement would be reached.
The merger will create a world-leading independent tanker operator with a market capitalization of more than $4.2 billion, with a fleet of 69 VLCCs (including 9 newbuildings under construction) and 57 Suezmaxes, as well as 20 LR2/Afra type oil tanker. In the VLCC market, the combined fleet of the two companies accounts for about 8% of the market, which is enough to exceed the 54 ships (including 3 new ships under construction) of China Merchants Steamship, the world's largest VLCC shipowner.
The combined, expanded fleet will enable the new company to better serve customers globally. Furthermore, given rapid technological change, including digitization and the application of new low-carbon fuels, new companies will be able to mobilize more resources to address these challenges and energy transition opportunities.
Commenting on the merger, John Fredriksen said: "The combination of Frontline and Euronav will create a market leader in the tanker market, allowing the combined group to continue to deliver shareholder value in addition to substantial synergies. The new Frontline will be able to provide our of customers providing value-added services, increasing fleet utilization and revenue, which will benefit all stakeholders.”
It is understood that last year, John Fredriksen purchased a 5.5% stake in Euronav through a subsidiary company CK Limited, and bought 7.7 million shares through another subsidiary company FamatownFinance. After two rounds of operations, John Fredriksen held 19.8 million shares of Euronav, with a shareholding ratio of 9.8%, which immediately triggered market speculation about the merger.
The merger is still subject to transaction structure, confirmatory due diligence, the terms and conditions of the potential merger agreement, applicable board, shareholder, customer, lender and/or regulatory approvals, employee consultations and other customary closing conditions.
Frontline and Euronav are working to reach and finalize an appropriate transaction structure for a potential business combination. It is not yet ripe for the market to complete the merger, and there is no guarantee that the parties will reach a final agreement, and the completion of any transaction is subject to the satisfaction of many of the above conditions. Frontline and Euronav will keep all stakeholders informed of any future developments in accordance with applicable regulations.
