Frontline Management News

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

Denmark-based maritime safety, data collection and ship performance monitoring company Danelec Marine reports it has completed a turnkey project from installation to commissioning of a cloud-connected ship performance monitoring solution on +120 merchant ships operated by SeaTankers Group (Frontline, Golden Ocean Group, SFL Corp, Avance Gas, FlexLNG).The solution, which combines Danelec’s Kyma Shaft Power Meter, Vessel Remote Server (VRS) and DanelecConnect maritime IoT infrastructure…

SFL Corporation Ltd. on Monday announced it has agreed to acquire four Aframax LR2 product tankers from tanker shipping company Frontline for an aggregate purchase price of $160 million in combination with long term time charters to a subsidiary of commodity trading and logistics company Trafigura.The vessels are built in 2014 and 2015 and have modern eco-design features including exhaust gas cleaning systems, SFL said. The vessels are expected to be delivered to their new owner between December 2021 and February 2022.Hemen Holdings Ltd., who owns approximately 20% of the SFL’s issued and outstanding shares, is also a major shareholder in the seller Frontline.The charter period of the vessels will be for minimum five years with extension options thereafter…

Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO.

Tanker shipping company Frontline on Tuesday announced it has acquired six very large crude carrier (VLCC) newbuilds currently under construction at the Hyundai Heavy Industries shipyard in South Korea.The six ECO-type VLCC contracts are being acquired for an aggregate purchase price of $565.8 million, including an estimated $25.7 million in additions and upgrades to the standard specifications, the company said.Lars H. Barstad, interim CEO of Frontline Management AS, said, “This transaction is consistent with our core company goals to increase exposure to the VLCC market without adding to existing vessel supply. It further cements Frontline’s position in respect of owning a modern…

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as interim chief executive officer of Frontline Management AS."With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role," Frontline said.The outgoing CEO Macleod will be available for Frontline until April 30, 2021.Billionaire shipping magnate and Frontline chairman John Fredriksen said, "I would like to thank Robert for his contribution to Frontline.

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers built in 2019 through the acquisition of a TML special purpose vehicle which holds the vessels.Frontline has elected not to exercise the first option to acquire two additional Suezmax tankers.

Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity. The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the global fleet. While the weak market naturally affects our earnings in the short term, the company's strategy is not altered. "We continue to take proactive steps to increase the earnings potential of our fleet through the ongoing renewal of our fleet and by pursuing an opportunistic approach in the resale and newbuilding markets," he said. Over the last several quarters…

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push rates lower in an over-tonnaged market, ship brokers said on Friday. Earnings for a VLCC charter from the Middle East to Asia have fallen to $9,000-$13,000 per day depending on destination, brokers said. That compared with break-even costs for a VLCC of $21,200 per day, according to Robert Hvide Macleod, chief executive of leading tanker owner Frontline Management. "I don't think there's too much downside left," a European supertanker broker said on Friday.

Frontline Ltd. ("Frontline"), today announces the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, traded operated on the spot market. Frontline will contribute 22 vessels to the joint venture, including 14 vessels on the water and 8 newbuildings as they are delivered. A larger fleet will provide more flexibility and more options for cargo owners and also reduce voyage related expenses by optimizing vessel selection based on proximity to cargoes, thereby reducing greenhouse gas emissions as a direct consequence of using less fuel for ballasting movements.

Euronav NV has formed a commercial joint venture with Diamond S Management LLC and Frontline Ltd. with the aim of creating a single point of contact for cargo owners to access a fleet of 43 Suezmax vessels, including newbuildings, operated on the spot market. The joint venture, which will be named Suezmax Chartering, will commence operation June 2 from the existing offices of Euronav, Diamond S and Frontline Management AS. A larger fleet will provide more flexibility and more options for cargo owners…

* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million, respectively, for the termination of the charters. * In November, the Company agreed to terminate the long-term charter for the 1998-built Suezmax tanker, Mindanao. The charter is expected to terminate in the fourth quarter of 2015.

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement. A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc. Tanker companies, struggling to cope with poor charter rates, are teaming up to improve efficiency and reduce operating costs, besides adding to their fleets. General Maritime's deal for Navig8 comes less than five months after Frontline Management and Tankers International formed a chartering joint venture called VLCC Chartering Ltd. Shareholders of Navig8 Crude, established in December 2013, will receive 0.8947 shares of the combined company for each Navig8 share they hold.

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company'). *to reduce voyage related expenses and thereby improve the net earnings (TCE) of the Very Large Crude Carriers (VLCCs) operated by both owning companies through optimisation of voyages. *to reduce carbon emissions as a direct consequence of using less fuel for cargo movements through fleet optimisation. VLCC Chartering will have access to the combined fleets of Frontline and the TI Pool and will primarily identify the right ship for each cargo offered and on that basis select one ship to bid taking into consideration operational factors.

Inmarsat, a provider of global mobile satellite communication services, today announced that Frontline, the world leader in the international seaborne transportation of crude oil, has committed to Inmarsat XpressLink for more than 100 vessels from its existing fleet and its planned new builds. “We evaluated the providers and made a purely commercial decision about XpressLink from Inmarsat,” said Kjell S. Langva of Frontline Management AS. “The choice was made after a year of positive experience with VSAT from Ship Equip”. “The cost-benefit profile and the unmatched failover capability, which offers unlimited usage on Inmarsat FleetBroadband, was key to the decision. Also Inmarsat’s ability to deliver made up the additional element in making the choice,” he said.

Ship Equip announced the signing of a major broadband communications contract with Frontline Management, world leader in the international seaborne transportation of crude oil. The agreement between Ship Equip and Frontline Management AS (NYSE:FRO) includes ships from Frontline, Golden Ocean and Knightsbridge Tankers. The Frontline group of companies, with majority owner John Fredriksen, is one of the world’s largest tanker owner, controlling more than 100 ships. Ship Equip will provide Frontline vessels with its exclusive SEVSAT (Ship Equip VSAT) broadband communications solution…

Hamilton, Bermuda, December 15, 2008 – Teekay Corporation and Frontline Ltd. announced an agreement to commercially combine their Suezmax vessels within the Gemini Pool, a Suezmax tanker pool serving customers around the globe. Frontline will place its spot Suezmax vessels within the Gemini Pool, bringing the total number of vessels in the pool to 36. To manage the larger fleet and establish a chartering presence in Europe to supplement its existing Stamford, Connecticut operations, Gemini has opened an office in Oslo and four commercial personnel from Frontline have joined the new office. “Frontline has always been a frontrunner in consolidating the tanker industry and entering the Gemini Pool is an important element in such.

PT Pertamina (Persero) has entered into a definitive Sale and Purchase Agreement pursuant to which Windstar Marine Inc. and Speed Shipping Corp. two single purpose companies nominated by Frontline Ltd. in accordance with the Terms of Reference for Bid, but presently controlled by Frontline's majority shareholder Hemen Holding Limited ("Hemen"), have agreed to acquire Pertamina's two Very Large Crude Carriers ("VLCC") which are currently being constructed by Hyundai Heavy Industries Co. Ltd. More than 40 bidders were invited to participate in the bidding process and finalists were short listed including the Buyers, Essar Shipping Ltd. of India and Overseas Shipholding Group Inc. of USA.

Frontline Management AS of Oslo, Norway. Company is a division of Ashland Inc. Scotland; and V-Ships (Germany) GmbH, Hamburg, Germany. Nels Hendrickson, Drew Marine vice president of marketing. times per engine revolution. analysis, and performance history comparisons.

Frontline Ltd. has secured two VLCC newbuildings for delivery in 2006. The newbuildings has been secured through a purchase of two resale contracts for a total price of $158.5 million. Initially only 10 percent of the contract price will have to be paid in cash. CEO of Frontline Management Oscar Spieler said "The Combination of the price, the payment terms and the delivery position makes this a very attractive investment for Frontline. Frontline will prior to delivery of the vessels consider various options to sell the vessels to a third party and take them back on long term charters. One of the most likely options is to agree a long term sale / charter back with our affiliated party Ship Finance International Limited."

Bermuda-based Ship Finance International Ltd. agreed to buy an oil rig for $185 million from Sweden-based Consafe Offshore AB and lease it back to the offshore oil and gas company for 30 years. Consafe has the right to purchase the rig back after 10 years, Ship Finance said. Ship Finance -- which owns most of the oil tankers operated by Bermuda-based tanker company Frontline Ltd. -- will assume ownership of the rig this quarter, after upgrades are made to the rig. Ship Finance's fleets are managed by Frontline Management, the parent company of Frontline Ltd. (Source: www.banknet360.com)

Knightsbridge Tankers Limited has agreed to purchase two newbuilding contracts, each for a Capesize bulk carrier of approximately 170,000 deadweight tons (dwt). The ships will be built at Daehan Shipbuilding Co. Ltd in the Republic of Korea with delivery scheduled for September and December 2009 respectively. The newbuilding contracts have been acquired from Golden Ocean Group Limited ("GOGL") which company has ordered a series of sister ships at the same yard. The contract price for the two vessels is $ 81m per vessel. In addition Knightsbridge will pay a 1% commission to GOGL for arranging the deal. GOGL is listed on the Oslo Stock Exchange and is a related party of Frontline Ltd, the parent company of the Company's manager.