Frontline Sells Tanker for $141.5m
Tuesday, September 26, 2006
Bermuda-based tanker operator Frontline Ltd. said Tuesday it agreed to sell its VLCC Front Beijing, which was delivered in 2006, for gross proceeds of $141.5 million.
Delivery to the buyers is expected to take place in November.
Frontline will record a gain of about $59 million on the transaction, and will generate approximately $58 million in additional liquidity which will partly be used to fund pre-delivery installments in Frontline's newbuilding program, and will strengthen its dividend capacity going forward.