Tanker billionaire Fredriksen runs afoul of International Seaways

Shipping billionaire John Fredriksen’s Seatankers Group has caused open friction with the board of tanker firm International Seaways after an attempt to buy and add value to the company was said to have encountered “entrenchment, self-interest and a steadfast refusal” to even consider change. Seatankers invested in International Seaways through a subsidiary last year. The group said it would withhold its vote from two board members, one of whom is CEO Lois Zabrocky, at the annual general meeting.

International Seaways says the claims in the open letter are misleading, adding the statement targets two of the company’s three female board members without explanation. The open letter from Seatankers added that its criticism did not suggest it wanted to take over the company and stated it would vote against a “poison pill” plan aimed at preventing the group from acquiring a majority stake in International Seaways. John Fredriksen has previous history of boardroom friction with publicly-traded oil tanker firms, after an attempt to merge Frontline and Euronav into the world’s leading publicly-traded tanker company was abandoned earlier this year and caused Euronav CEO Hugo de Stoop to resign.

Tags: international seaways,John Fredriksen,seatankers


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