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

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators 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: 0.0677 sec (15 req/sec)