Dry bulk specialist Knightsbridge Shipping has, through the second and final shares for vessels transaction, completed the acquisition of 12 Capesize newbuildings from John Fredriksen’s Frontline 2012.
The transfer is part of a previously agreed deal to combine Frontline 2012’s remaining fleet of 25 vessels with Knightsbridge.
Knightsbridge has transferred additional 31 million shares to Frontline 2012 in exchange for the newbuildings, having previously issued the same amount of shares to Frontline 2012 in Septemper 2014.
Following this transaction, Knightsbridge will have 111.1 million common shares outstanding.
Frontline 2012 now controls 70% of the shares at Knightsbridge, which is due to merge with Golden Ocean, also a part of Fredriksen Group, by the end of March.