Frontline Cancels Tanker Orders

Friday, May 29, 2009

According to a May 28 Associated Press report, Frontline Ltd., which owns and operates one of the world's largest fleet of crude oil tankers, said Thursday it canceled contracts to construct six new tankers, representing a third of the company's tanker building program and a contractual cost of $556 million.

The company said it canceled contracts to build four Suezmaxes and two Very Large Crude Carriers (VLCC). Shares of Bermuda-based company climbed $1.06, or 4.7 percent, to $23.88 in morning trading. After the cancellations, the company's total new-tanker building program amounts to about $1.1 billion, including seven VLCCs and four Suezmax tankers.

Bloomberg reported on May 28 that Frontline Ltd., said it was the first publicly traded shipping line to cancel contracts for new oil carriers and predicted a third of all orders will be delayed or canceled.

(Source: Associated Press, Bloomberg)

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

Tanker Trends

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

Icebreaker Murmansk Launched at Arctech Helsinki Shipyard

The 16 MW Icebreaker for the Russian Ministry of Transport was launched at Arctech Helsinki Shipyard on March 25th, 2015. Before floating the vessel, she was

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0992 sec (10 req/sec)