We are pleased to welcome CMB.TECH as an increased shareholder in TFG Marine

We are pleased to welcome CMB.TECH as an increased shareholder in TFG Marine.

The transaction also extends our existing supply agreement to cover the full bunker fuel requirements of CMB.TECH and its affiliates, providing their fleet of approximately 250 oceangoing vessels with access to our global network across more than 35 strategic bunkering hubs worldwide.

CMB.TECH will raise its equity stake from 10% to 15%, bringing the revised shareholding to Trafigura 70%, Frontline Management AS 15%, CMB.TECH 15%.

CMB.TECH first joined TFG Marine as a shareholder through its acquisition of Golden Ocean, and this expanded partnership is a natural progression of that relationship.

Kenneth Dam, Executive Director of TFG Marine, said: "CMB.TECH's decision to increase its stake and consolidate its bunker procurement through TFG Marine is a strong endorsement of what we have built together."

Alexander Saverys, CEO of CMB.TECH, added, “TFG has established an excellent track-record and this transaction supports our long-term bunkering strategy.”

Lars H. Barstad, CEO of Frontline, commented, “TFG Marine was built to serve the bunker operations of its shareholder fleets, and it does exactly that — allowing us to focus on our core business with the assurance that our fuel supply is in expert hands.”

Andrea Olivi, Global Head of Shipping at Trafigura, said: " TFG Marine's position as one of the leading marine fuel suppliers in the world is built on a foundation of operational excellence, underpinned by digitalisation, modernisation and transparency."

Read the full press release here: https://lnkd.in/eKEPcrhA