Frontline Snaps Up VLCC Quartet from Metrostar

Image Courtesy: Frontline

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 to be bought on June 2nd, are Crude Hope, Crude Horn, Crude Med and Crude Progress.

The first two out of the batch are set for delivery in 2016 whereas the remaining two are scheduled for completion in 2017.

Metrostar ordered the ships in 2015, paying USD 95 million for each ship. Euronav was interested in purchasing the quartet, however the resale deal was never realized.

The information emerges as Frontline teams up with Euronav NV and Diamond S Management LLC to set up a joint venture 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, as disclosed by the companies.

World Maritime News Staff

Share this article

Follow World Maritime News

Posted on June 3, 2016

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >