Giant tanker merger will go ahead despite CMB opposition, analysts say

The huge merger between tanker giants Euronav and Frontline should go ahead despite opposition from the Saverys family, analysts believe.

Saverys-controlled shipowner CMB — Euronav’s biggest shareholder — came out against the transaction last week, arguing for a move away from crude shipping and into ammonia and hydrogen businesses.

But CMB only owns 13% of Euronav and Kepler Chevreux’s head of shipping Anders Redigh Karlsen said the deal will not be imperilled despite the opposition being a “surprise”.