Bermuda: Frontline Enters Into Agreement to Sell Suezmax Tanker Front Beta

Frontline Ltd. has entered into an agreement to sell its 1992-built double hull Suezmax tanker Front Beta.

Delivery to the buyer is expected to take place in late December 2011 and the vessel will cease to operate in the tanker market.

The sale will result in a net cash outflow of approximately $0.2 million, after repayment of bank debt, and the Company expects to record a loss of approximately $0.1 million.

[mappress]

World Maritime News Staff, December 13, 2011