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Frontline Ltd News

21 Sep 2020

OSM Nears Deal to Acquire SeaTeam

© photobar / Adobe Stock

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

21 Apr 2020

Singapore Adds Minerva Bunkering and TFG Marine to List of Bunker Suppliers

Singapore port - Image by anekoho / AdobeStock

The Maritime and Port Authority of Singapore (MPA), home the world's top marine refueling hub, said it has awarded two new bunker supplier licenses to Mercuria's Minerva Bunkering and Trafigura's TFG Marine."MPA and ESG welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore's position as the global bunkering and oil trading hub," the MPA said in a joint statement with Enterprise Singapore (ESG).The licences are the first to be issued by the port regulator since 2017, bringing the total number of licensed bunker suppliers to 45 in Singapore, and come after the M

09 Feb 2020

SFL Sells its Oldest VLCC

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).The international ship owning and chartering company said that the net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter.SFL Corp, formerly Ship Finance International, does not expect a material book effect from the transaction.The Front Hakata was the last vessel in the fleet remaining from the Company’s inception in 2004 and divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet.Following this transaction…

18 Sep 2019

Frontline Says No to Tankers Options from Trafigura

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.

28 Aug 2019

Frontline Sees Opportunity in Tanker Market

So far in 2019, 41 VLCCs have been added to the global fleet compared to three vessel demolitions, said  the world's largest oil tanker shipping company Frontline Ltd.An additional 33 VLCCs are scheduled to be delivered in 2019 with 43 more to follow in 2020 before the order-book declines sharply.It is important to note that both the VLCC and Suezmax tanker order book as a percentage of the total fleet are at the lowest levels seen in over 20 years.The order book has been the biggest challenge for the tanker markets over the last 24 months. The removal of this overhang is positive, but a surge in new orders can of course quickly change this.Despite continued deliveries of newbuilding vessels in the short term…

16 May 2019

Tanker Rates Firming Up: Frontline

The middle of the first quarter in 2019 saw tanker rates firming significantly, driven mainly by an increase in US exports, said Frontline Ltd. is the world's largest oil tanker shipping company.The tanker market pulled back in January due to OPEC production cuts and a high level of newbuilding deliveries after a strong end to 2018, it said.The market then came off primarily due to extended refinery maintenance in preparations for IMO 2020 and both new and persistent supply disruptions.Atlantic refinery maintenance is currently coming to an end and East of Suez refinery maintenance is coming off of peak levels.Crude oil demand forecasts remain healthy and largely unchanged since the start of the year.

28 Feb 2019

Frontline Predicts Tanker Market Volatility

The tanker market improved significantly in the fourth quarter ended December 31, 2018 driven by continued strong oil demand, said Bermuda-based tanker shipping company Frontline Ltd.According to the world's largest oil tanker shipping company, crude inventory draws reversed in the quarter, after having fallen below five-year levels and reduced the demand for crude tankers in the process.There is a historical correlation between inventory cycles and tanker rates, it said. Crude oil supply / demand forecasts from the IEA imply that inventories will remain relatively stable over the next several quarters, which in turn should create a…

16 Nov 2018

Ship Finance International Sells Older VLCC

Bermuda-based shipowner Ship Finance International (SFL) announced that it has agreed to sell the 2002-built VLCC Front Falcon to an unrelated third party.Delivery to the new owner is expected later this quarter, and the net sales price will be approximately $30.7 million. The Company does not expect a material book effect from the transaction.Divesting of older vessels is part of Ship Finance's strategy to continuously renew and diversify its fleet.

23 Aug 2018

Euronav sells Suezmax Cap Romuald

Euronav NV announced that the Company has sold the Suezmax Cap Romuald (1998 – 146,640 dwt) for USD 10.6 million.The vessel was delivered to her new owners on 22 August. The Company will record a capital gain of approximately USD 9 million in the current quarter.The sale of the Cap Romuald is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which three (Cap Pembroke, Cap Quebec and Cap Port Arthur) have already been delivered, with the remaining one due for delivery at the end of August.Those 4 vessels will all go under seven year time charter contracts with a leading global refinery player.Euronav's fleet includes FSOs…

04 Jun 2018

Oil Tanker Scrapping to Hit Multi-year High

© Evren Kalinbacak / Adobe Stock

The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations.The surge in scrapping underscores how the sector is grappling with one of its worst-ever crises, hit hard after rates for transporting oil plunged to multi-year lows in the wake of excess tanker supply and tepid demand as OPEC production cuts bite."The tanker markets are definitely in a trough at the moment…

06 Feb 2017

DHT Rejects Frontline Bid

DHT Holdings, Inc. (NYSE: DHT) today announced that its Board of Directors has unanimously rejected Frontline Ltd.'s (NYSE/OSE: FRO) unsolicited, non-binding, highly conditional proposal to acquire all of the outstanding shares of common stock in DHT for a per-share consideration of 0.725 Frontline shares. After a comprehensive review, conducted in consultation with its financial and legal advisors, the DHT Board concluded that the Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders. "We believe that Frontline's proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle," said Erik Lind, Chairman of DHT.

29 Jan 2017

Frontline Proposes DHT Takeover

DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT, which represents an implied price of $5.09 per DHT share, based on the closing price of Frontline shares of common stock on January 27, 2017. In the proposal letter delivered to DHT's Board of Directors on January 27, 2017, Frontline also disclosed that it has acquired more than 15 million shares of DHT, or approximately 16% of DHT's outstanding common stock. Consistent with its fiduciary duties, DHT's Board will evaluate the proposal from Frontline and respond accordingly in due course.

07 Nov 2016

SFL Sells 18-year-old VLCC

Front Century (Photo: SFL)

Ship Finance International Limited (SFL) has agreed to sell the 1998 built VLCC Front Century to an unrelated third party, and has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner in the first quarter of 2017, and the net sales price will be approximately $24 million, including a compensation from Frontline for the early termination of the charter.

03 Jun 2016

Frontline JV Creates Suezmax Vessel Fleet

Frontline Ltd. has announced 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. Suezmax Chartering will operate from the existing offices of Frontline, Diamond S and Euronav. Note: Suezmax is a crude tanker vessel carrying around 130,000 tonnes of crude. Reporting By Ole Petter Skonnord

03 Jun 2016

Frontline, Diamond S. Shipping & Euronav Form Suezmax Chartering

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.

02 Jun 2016

New Joint Venture for the Suezmax Market

Photo: Euronav

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…

15 May 2016

Front Vanguard Contract Terminated

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party. We expect the vessel to cease operating as a conventional tanker and the charter with Ship Finance is expected to terminate in the second quarter of 2016. Frontline has agreed a compensation payment to Ship Finance of approximately $0.4 million for the termination of the current charter. Following this termination, the number of vessels on charter from Ship Finance will be reduced to 13 vessels, including 11 VLCCs and two Suezmax tankers.

13 May 2016

Ship Finance Sells VLCC for $24 Mln

Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party. Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner by the end of June, and the net sales price is approximately $24 million, including a compensation of $0.4 million from Frontline for the early termination of the charter. Ship Finance said the divestment of older vessels is part of its strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets.

26 Jan 2016

Insurance Snags May Impede Iran Oil Exports

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe. But many foreign firms remain wary of violating other sanctions that were imposed by the United States and have not been lifted. Measures still in place from Washington prohibit most business between U.S. persons, U.S. companies and Iran as well as no dollar trades.

08 Jun 2015

SFL, Frontline Complete Long-term Charter Agreement

On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance. The shares represent approximately 28 percent of the total number of issued and outstanding shares of Frontline. The Frontline shares are listed in New York and Oslo, and Frontline has agreed to register the new shares for resale with the US Securities and Exchange Commission and the Norwegian Financial Supervisory Authority, respectively. The new shares will then be freely tradable for Ship Finance, and may be sold or distributed to the Company's shareholders at a later stage.

05 Aug 2015

SFL Sells 1995-built Suezmax Tanker

Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13.8 million, after compensation of approximately $2.2 million to Frontline for the termination of the current charter. The vessel is currently debt free.

13 Nov 2015

SFL Sells 1998-built Suezmax Tanker

Mindanao (Photo: SFL)

Ship Finance International Limited (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd. The 159,211 dwt vessel is expected to be delivered to its new owner in December 2015. According to SFL, the sale is in line with its plans to divest older vessels in a strategy to renew and diversify its fleet.

01 Dec 2015

Frontline 2012, Frontline Merger Completed

Frontline 2012 Ltd. has completed its previously announced merger with Frontline Ltd. , with Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline. The merger was consummated after close of trading on the Oslo Stock Exchange and close of the NOTC on November 30, 2015. Trading in the new shares of Frontline issued as merger consideration to former Frontline 2012 shareholders (the "Merger Shares") will commence on the Oslo Stock Exchange on December 1, 2015. Trading in the Merger Shares will begin before delivery of the Merger Shares to eligible Frontline 2012 shareholders' VPS accounts and therefore no account-to-account transactions and no transactions with settlement prior to December 3…