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 Today


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

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

People & Company News

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016.   The new subsidiary, FURUNO CHINA CO.

Edison Chouest Opening Mississippi Shipyard

Edison Chouest Offshore locating shipbuilding operations, TopShip, LLC, in Gulfport, Miss.   Gov. Phil Bryant and officials from Edison Chouest Offshore, an offshore

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
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: 0.0700 sec (14 req/sec)