Frontline Buys Two VLCCs

Monday, July 12, 2004
Frontline Ltd. has secured two VLCC newbuildings for delivery in 2006. The newbuildings has been secured through a purchase of two resale contracts for a total price of $158.5 million. Initially only 10 percent of the contract price will have to be paid in cash.

CEO of Frontline Management Oscar Spieler said "The Combination of the price, the payment terms and the delivery position makes this a very attractive investment for Frontline. Frontline will prior to delivery of the vessels consider various options to sell the vessels to a third party and take them back on long term charters. One of the most likely options is to agree a long term sale / charter back with our affiliated party Ship Finance International Limited."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

First Alaskan North Slope Cude Export Planned for Nicaragua

Alaskan North Slope (ANS) crude will be shipped to Nicaragua for the first time in July, two trade sources said on Friday, underscoring a shift in oil flows to and from the U.

India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0635 sec (16 req/sec)