Euronav Seeks Urgent Arbitration over Frontline's Unilateral Merger Termination
Belgian tanker operator Euronav has filed an application for urgent arbitration in relation to tanker firm Frontline’s unilateral termination of the previously proposed merger agreement.Frontline on January 9 said that a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination that would have created the world's largest publicly listed tanker company."Euronav is requesting to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the combination agreement.
Indonesian Navy Seizes MT Zodiac Star Oil Tanker
The Indonesian Navy says it has seized a Panamanian-flagged tanker in the waters off Riau islands after the foreign vessel was found to be carrying more than 4,000 tons of oil without valid permits.Indonesian Navy commander admiral Arsyad Abdullah said in a statement late Wednesday that the Panamanian-flagged tanker, the MT Zodiac Star, was seized on suspicion of conducting illegal activities in the country's waters.The Navy said the Panamanian-flagged tanker was carrying 4,600 tons of ‘black oil’, suspected of being waste, without a port clearance or a valid permit to transport dangerous goods.“The Navy will not hesitate to take action against all forms of legal violations that occur in Indonesian waters…
