Frontline, Trafigura Extend Suezmaxes Option
Frontline, the world's largest oil tanker shipping company, and Trafigura Maritime Logistics (TML) have agreed to extend an option for Frontline to acquire two Chinese-built suezmax tankers.
The first option to acquire two Suezmax tankers expires on 12 September 2019. Frontline and TML have agreed to extend the expiry date for the first option to 18 September 2019.
TML is a wholly-owned subsidiary of Trafigura Pte Ltd, the multinational commodity trading company.
The options are 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.
As part of the Acquisition, Frontline has options to acquire an additional four Suezmax tankers built in 2019 through the acquisition of a second TML special purpose vehicle.