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

Ports

Cargo Growth at Indian Ports Remain Sluggish

In FY14, total cargo handled at Indian ports increased by 4.3% to 976 million tonnes from 935 million tonnes during FY13. The growth was pegged down by sluggish

Wilmington Wharf Fire: Port of LA Update

With the wharf fire in Wilmington now more than 90 percent contained, terminals at the Port of Los Angeles plan to resume full operations Tuesday evening at 6 p.

Fire at Los Angeles Port Stops Container Traffic

Thick smoke from a smoldering fire started by a welder's torch at the Port of Los Angeles was preventing the movement of containers at the facility on Tuesday,

 
 
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 | 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: 0.1233 sec (8 req/sec)