Filenews 9 December 2022 - by Fanis Makridis
A ship-owning company registered in Bermuda and listed on the New York Stock Exchange, it seems to have embarked on the transfer of its activities to Cyprus. This is Frontline Ltd, whose fleet includes oil tankers and tankers.
According to information published in yesterday's edition of the English-language Bermuda newspaper The Royal Gazette, the company's executives have already taken a decision to "transfer" the ships of the Frontline Ltd fleet to the Cypriot register.
However, the matter cannot be considered formally closed. At a meeting to be held on December 20, the shareholders of the company will be asked to make the final decision. If the big shareholders turn green, then the "relocation" of this business entity is believed to be completed even before the end of this year.
The company has already announced that its shares will continue to be traded on the New York and Oslo Stock Exchanges, under the FRO trigram.
In a document completed on behalf of the US authorities supervising publicly traded companies, it is noted: "Frontline believes that the transfer, among other things, will offer legal, administrative and other relevant advantages. As a well-established ship management centre, Cyprus is expected to offer many advantages to the company, including attracting experienced personnel commercially, administratively and managerially."
In the same document, the management of Frontline Ltd notes that there will be benefits from the tax regime of Cyprus approved by the European Union, while adding that the geographical position of Cyprus will be beneficial for the company, as it is among the markets that interest it.
Frontline Ltd has already entered into a merger process with the Belgian Euronav NV last July, on the basis of an agreement and a specific plan. Once the merger is completed, one of the largest oil companies in the world will emerge, according to the relevant report.
The combined oil fleet will consist of 69 very large crude oil carriers, 57 Suezmax vessels, as well as 20 tankers with a deadweight capacity between 80,000 and 120,000 metric tons (LR2/Aframax).
