Frontline To Spend $330M On New Tankers

Tuesday, February 06, 2001
Norway's Frontline ordered five tankers from Japanese yards for $330 million. "Two Suezmaxes have been ordered with the Sasebo Shipyard in Japan for delivery in August and October 2001, and three VLCCs have been ordered with Hitachi for delivery in April, August and October 2002," Frontline said in a statement. "The total newbuilding project will have a cost of approximately $330 million, and will be paid through a competitive installment plan until delivery," it said. It said that the company assumed that the five contracts in total will need less than $100 million in equity, and Frontline was not likely to need new equity to fund these acquisitions. Frontline said that the contract price of the Suezmaxes was approximately $6 million per ship lower than what has recently been paid for 2001 resale tonnage. "Frontline's board has currently no further plans to increase the size of the company's newbuilding commitment," it said.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.1137 sec (9 req/sec)