Frontline Sells Share in Gen. Maritime, Orders Ships

Frontline has sold its shares in General Maritime Corporation, and has ordered four new Suezmax tankers for an undisclosed sum, Reuters reported The 3.86m shares were sold at $40 per share to World Wide Shipping, and Frontline will record a gain of about $9.7 million in the third quarter from the sale, it said in a statement.

It said the proceeds from the sale would be allocated to repayment of debt, equity financing of the Rongsheng investments as well as increased dividend capacity. Frontline also said it had declared four newbuilding Suezmaxes orders from Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China. source: Reuters