Search results for: Frontline

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  • 9 December 2016
    Business & Finance

    Tanker owner and operator Frontline has completed its share offering raising gross proceeds of USD 100 million to fund growth opportunities through vessel acquisitions. The funds, raised through the issuance of over 13.4 million of new shares, will also be used for general corporate purposes. The new shares were priced at USD 7.45 per share, […]

  • 29 November 2016
    Business & Finance

    Tanker owner and operator Frontline has secured a commitment for a senior secured term loan facility of up to USD 321.6 million in November to partially finance eight of its newbuildings. The company said that the loan, which will be provided by China Exim Bank and insured by China Export and Credit Insurance Corporation, matures in […]

  • 7 November 2016
    Business & Finance

    Tanker owner and operator Frontline has reached an agreement with Bermuda-based ship owner Ship Finance International Limited to terminate the long-term charter for the 1998-built Very Large Crude Carrier (VLCC) Front Century. Frontline has agreed a compensation payment to Ship Finance of around USD 4 million for the termination of the current charter. “We expect the […]

  • 14 October 2016
    Business & Finance

    Tanker owner and operator Frontline has entered into an agreement to terminate contracts for four Very Large Crude Carrier (VLCC) newbuildings previously ordered from South Korea’s shipbuilder STX Offshore & Shipbuilding. The contracted price of these vessels, which were due for delivery in 2017, was USD 364.3 million, of which the company has made instalment payments of USD 45.5 million. […]

  • 31 August 2016
    Business & Finance

    Tanker owner and operator Frontline has secured bank financing of up to USD 548 million and is in the final stages of obtaining approval for further bank financing of up to USD 325 million to part finance twenty newbuilding contracts, the company said in its quarterly financial report. “This new financing will partially finance 20 of […]

  • 22 June 2016
    Business & Finance

    Chinese COSCO (Zhoushan) Shipyard, a subsidiary of COSCO Shipyard Group, has delivered a 111,000 dwt oil tanker to John Fredriksen-controlled oil tanker shipping company Frontline Ltd. Featuring a length of 252 meters and a width of 44 meters, the new Marshall Islands-flagged vessel was named Front Jaguar. The LR2 tanker joins the company’s fleet a week after Frontline decided to exit […]

  • 13 June 2016
    Business & Finance

    John Fredriksen-controlled oil tanker shipping company Frontline Ltd. has decided to exit the medium range tanker segment as it confirmed the sale of its six medium range tankers. The vessels were sold for a price of USD 172.5 million to New York-listed Ardmore Shipping Corporation (Ardmore). Scheduled to be delivered to their new owner during September and October 2016, the […]

  • 10 June 2016
    Business & Finance

    John Fredriksen’s oil tanker giant Frontline Ltd. revealed today that it has acquired two VLCC newbuildings under construction at Hyundai Heavy Industries at a purchase price of USD 84 million each. The vessels are due for delivery in September and November 2016. The company has also secured options for two additional sister vessels with delivery in January […]

  • 3 June 2016
    Business & Finance

    Frontline has bought four Very Large Crude Carrier (VLCC) newbuilds from Greek Metrostar Management Corporation, according to the latest data provided by VesselsValue.  The resale deal covers 308,000 DWT quartet under construction at South Korean shipbuilder Hyundai Heavy Industries. As disclosed, Frontline is paying USD 84.75 million for each ship. The ships in question, said […]

  • 2 June 2016
    Business & Finance

    Tanker owner Euronav NV has established a joint venture with Diamond S Management LLC and Frontline Ltd focusing on chartering of Suezmax vessels. The join venture will be named Suezmax Chartering and will have a large fleet of 43 Suezmaxes, including newbuildings, operated on the spot market. “A larger fleet will provide more flexibility and […]

  • 31 May 2016
    Business & Finance

    Tanker owner and operator Frontline has secured a commitment for a senior secured term loan facility worth up to USD 328.4 million with China Exim Bank that will be used to finance eight newbuildings. Specifically, the facility will be secured by four Suezmax tankers and four LR2 tankers, it matures in 2029 and has an amortization profile of 18 years. […]

  • 2 March 2016
    Business & Finance

    John Fredriksen-controlled oil tanker shipping company Frontline Ltd. said that there are still some remaining issues related to insurance and payments for cargoes sent from Iran, which could be resolved in two or three months. “We have not lifted anything yet,” Robert Hvide Macleod, Director and CEO of Frontline Management AS, said during a conference call, adding that “two to three months […]

  • 29 February 2016
    Business & Finance

    John Fredriksen-controlled oil tanker shipping company Frontline Ltd. has reported an increased net income of USD 124.3 million in 2015, compared to USD 86.2 million reached in 2014. Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, said that Frontline’s fourth quarter of 2015 was strong with net income attributable to the company reaching USD 58.6 million. […]

  • 17 December 2015
    Business & Finance

     John Fredriksen-controlled oil tanker shipping company Frontline Ltd. today announced that its subsidiaries have signed a new USD 500.1 million senior secured term loan facility that will be used for refinancing existing loans. The facility has been secured with a number of banks, those being DNB Bank ASA, Nordea Bank Norge ASA, ABN AMRO Bank NV, […]

  • 30 November 2015
    Business & Finance

    The merger transactions between Frontline and Frontline 2012 have been approved today at the special general meeting of the shareholders of the respective companies. The merger will see Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline, creating the second biggest tanker shipping company. The closing of the merger is expected to take […]

  • 24 November 2015
    Business & Finance

    Norway-based dry bulk shipping company Golden Ocean Group Limited has agreed to sell two of its newbuilding contracts at Chinese shipyard New Times Shipbuilding Co. Ltd to Frontline Ltd. Under the initial contract the two 157,500 dwt ships were supposed to be Capesize bulkers, but Golden Ocean decided in November to convert the two Capesizes to Suezmax newbuilding […]

  • 24 November 2015
    Business & Finance

    Tanker owner and operator Frontline 2012 Ltd. has reported its strongest quarter ever with achieved net income from continuing operations of USD 61.9 million for the third quarter of 2015 and net income of USD 196.8 million for the nine months ended September 30, 2015 amid robust tanker market. “The strength of the tanker market […]

  • 29 September 2015
    Business & Finance

    John Fredriksen’s oil tanker shipping company Frontline Ltd. has requested the UK Listing Authority to delist the company from London Stock Exchange with effect from the opening of the market on November 2, 2015. Frontline has asked the UKLA to cancel the listing of all of its ordinary shares of USD 1 each listed on the […]

  • 29 September 2015
    Business & Finance

    John Fredriksen’s oil tanker shipping company Frontline Ltd. has requested the UK Listing Authority to delist the company from London Stock Exchange with effect from the opening of the market on November 2, 2015. Frontline has asked the UKLA to cancel the listing of all of its ordinary shares of USD 1 each listed on the […]

  • 27 August 2015
    Business & Finance

    The strength of the tanker market which has enjoyed pretty high rates may be threatened by the inflow of the new tonnage scheduled for delivery in the following two years. “Given the positive outlook of the tanker market we expect very little scrapping and the orderbook is a concern. As the delivery schedule shows a significant number of ships […]

  • 27 August 2015
    Business & Finance

    The strength of the tanker market which has enjoyed pretty high rates may be threatened by the inflow of the new tonnage scheduled for delivery in the following two years. “Given the positive outlook of the tanker market we expect very little scrapping and the orderbook is a concern. As the delivery schedule shows a significant number of ships […]

  • 29 May 2015
    Business & Finance

    Frontline Ltd. has entered into a heads of agreement to reduce long term charters with Ship Finance International Limited in exchange for 27.7 stake in the company. A subsidiary of Frontline has 17 vessels on charter from Ship Finance with an average remaining charter period of 7.7 years. The new agreement will take effect from July […]

  • 17 March 2015
    Business & Finance

    Dry bulk specialist Knightsbridge Shipping has, through the second and final shares for vessels transaction, completed the acquisition of 12 Capesize newbuildings from John Fredriksen’s Frontline 2012. The transfer is part of a previously agreed deal to combine Frontline 2012’s remaining fleet of 25 vessels with Knightsbridge. Knightsbridge has transferred additional 31 million shares to Frontline 2012 in […]

  • 24 July 2014
    Business & Finance

    Frontline Ltd. has agreed with Ship Finance International Limited to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce. Ship Finance has simultaneously sold the vessels to unrelated third parties.   The charter parties are expected to terminate in the fourth quarter of 2014. The decision […]

  • 11 September 2013
    Business & Finance

    Frontline 2012 Ltd. announced that the Company has taken delivery of the first of six fuel efficient MR tanker newbuildings ordered from STX Offshore & Shipbuilding Co. Ltd. in Korea, named Front Arrow. Front Arrow is the first vessel delivered out of 60 currently on order by Frontline 2012 with the last units being delivered […]