Frontline To Partake In VLCC Consortium

Wednesday, June 06, 2001
Frontline Ltd.'s board has finally approved to participate with a 33% interest in a consortium, which will be established to buy 4 VLCCs from Bergesen for a total price of $321 million. The remaining interest in the joint venture will be taken up by other partners in Tankers International. The ships will be financed through the joint venture and it is anticipated that Frontline's equity investment in the 4 ships will be less than $35 million. The board of Frontline Ltd. has further agreed to acquire 47.2% of the K/S parts in the K/S "Moseagle Invest K/S". The K/S controls a VLCC newbuilding scheduled to be delivered from Samsung in Korea in November 2001. Through its investment in Mosvold Shipping Frontline already controls the remaining 52.8% of the K/S. The purchase price for the K/S parts is based on a ship price of $83.2 million. - (Reuters)

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

Shipbuilding

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Tech & Design Solutions for Modern Workboats

EPA Tier 4 regulations (for engines of 804 hp and higher) and propulsion advancements have many manufacturers and vessel designers changing course to adapt to new requirements and customer demands.

Tanker Trends

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0811 sec (12 req/sec)