Frontline Sells Suezmax Tanker

Monday, May 14, 2001
Frontline has entered into an agreement to sell one of its 2000-built Suezmax tankers, Front Archer. Front Archer was designed and built with future employment as shuttle tanker in mind and is equipped with controllable pitch propeller and thruster tunnel. It is the buyer's intention to use the vessel in shuttle operations. Frontline took delivery of the Front Archer in February 2000 and the vessel has traded in the spot market from delivery. The vessel is expected to be delivered to the buyer in July/August 200. Frontline expects to book a profit of approximately $20 million and to release about $ 32 million in liquidity. Frontline did not fully utilize the technical capacity of Front Archer in regular trading. In view of this and in view of the fact that Frontline's newbuilding program after acquisition of Mosvold already includes two Suezmaxes and six VLCCs the Board has decided to accept the price offered for Front Archer. - (Reuters)
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Fratelli Neri Orders Damen ASD 3212 Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015. The vessel will be the first ASD tug in

More Vessels Call at Lerwick Port

The number of vessels using Lerwick Harbour in the first half of this year increased by 7% to 2,930, due mainly to more fishing boats compared to the same period

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Ship Sales

China Shipping Orders Eight 13500 TEU Box Ships

China Shipping Container Lines has placed orders for eight 13,500 twenty-foot-equivalent container ships at Shanghai Jiangnan Changxing Shipbuilding, continuing

Pacific Basin Returns to The Black

Pacific Basin Shipping cut its half-year underlying losses by 32 per cent to US$14.6 million from a year ago, thanks to stringent cost-cutting efforts that helped

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0845 sec (12 req/sec)