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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

Cameroon Awards Kribi Deepwater Contract

Cameroon has awarded a contract for its Kribi port to a consortium led by French logistics group Necotrans, the two parties said. The deepwater port will allow

Ship Sales

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.

CMES Establishes Subsidiary for Valemax

China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2934 sec (3 req/sec)