Frontline Execs. Approve $321 M Four-Tanker Purchase

Tuesday, June 05, 2001
Norwegian shipping group Frontline said on Tuesday its board had approved the firm taking a 33 percent stake of a partnership buying four tankers from Bergesen valued at $321 million.

Bergesen on Friday made a preliminary agreement to sell four tankers to a consortium, Tankers International, led by Frontline.

"The remaining interest in the joint venture will be taken up by other partners in Tankers International," Frontline said in a statement.

"The ships will be financed through the joint venture and it is anticipated that Frontline's equity investment in the four ships will be less than $35 million," it said.

The deal included two tankers and contracts to build two new tankers. The sales price of the two tankers was $164 million, while the new contracts had a total value of $157 million.

The four tankers were part of a series of eight tanker projects that Bergesen acquired from the Hitachi yard in Japan in January 2000.

Frontline said its board also agreed to buy the remaining 47.2 percent in a unit of Moseagle Invest K/S, which controls a VLCC tanker scheduled to be delivered from Samsung in Korea in November 2001.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
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: 0.1874 sec (5 req/sec)