Report: Bumi Armada Buyer of SFL’s VLCC Oldie?

  • Business & Finance

Malaysian Bumi Armada has been linked to the purchase of the very large crude carrier (VLCC) Front Ariake. 

The 298,530 dwt ship has been bought for USD 20.7 million, Intermodal Shipbrokers revealed in its recent report.

As World Maritime News reported earlier this month, the Bahamas-flagged vessel was previously owned by Bermuda-based Ship Finance International Limited (SFL).

Built at Hitachi Zosen shipyard in Japan in 2001, Front Ariake currently has a market value of USD 18.05 million, according to data provided by VesselsValue.

The VLCC is expected to be delivered to its new owner later this month.

As explained by SFL, the sale of the ship is part of the company’s fleet renewal and diversification strategy. Following the completion of the transaction, the company has four VLCCs remaining on charter to a subsidiary of Frontline.


Update: Bumi Armada released a statement on October 16 refuting the reports. You can read the statement here.

*This article has been updated since its initial publishing.

World Maritime News Staff

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