Frontline Ltd. Develops Heavy Lift Activity

Monday, January 15, 2007
In line with the strategy decided by the Board, Frontline Ltd. is currently in the process of establishing a separate entity to develop the company's heavy lift activity. Such a company will include up to six single hull Suezmax vessels. Five of these vessels are on long term leases from Ship Finance International Limited, and a deal is subject to reaching a mutually acceptable solution with Ship Finance International Limited for a purchase of these vessels. One vessel is currently being converted to a heavy lift vessel at Cosco shipyard in China and will be completed in April 2007. One further firm contract has been signed for a second vessel to be delivered in August 2007, and optional conversion contracts are in place with the yard for up to four more vessels. The new company which will be named Sealift Ltd., has recruited former Chief Executive Officer of Dockwise Transportation N.V. Bert Bekker to be the CEO of the Sealift management organization. Frontline is currently investigating the possibility to bring in outside investors in Sealift. It is the intention that Frontline will remain with minimum 33% of the equity. Frontline expects a final clarification around the possible spin off of Sealift and the financial consequences of the transaction to be communicated to the market within this week.

Maritime Today


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

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

People & Company News

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

Glosten Promotes Lamkin to Senior Marine Consultant

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant

LNG

DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

France's CGT Will Block Elengy's LNG Terminals

France's hardline CGT union said on Monday that workers at Elengy, which operates three liquefied natural gas (LNG) terminals in France, will go on strike from midnight until May 26 midnight included.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0985 sec (10 req/sec)