Frontline Exits Medium Range Tanker Segment

Image Courtesy: Frontline

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 vessels have an average age of 2.4 years.

Following the completion of this transaction, Frontline said that its crude oil tanker fleet will be comprised of VLCCs, Suezmax tankers and LR2 tankers.

“Our primary exposure and growth focus is towards the crude tanker market, and our LR2 tankers can be deployed in both the crude oil and refined product trades, leaving us with attractive optionality,” Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, said.

Frontline’s fleet, including newbuildings, now consists of 79 vessels with an aggregate capacity of approximately 15.3 million dwt.

Earlier in June, the company decided to buy four 308,000 dwt Very Large Crude Carrier (VLCC) newbuilds from Greek Metrostar Management Corporation, according to data provided by VesselsValue.

The vessels, currently under construction at South Korean shipbuilder Hyundai Heavy Industries, were priced at USD 84.75 million each.

The ships in question, said to be bought on June 2, are Crude Hope, Crude Horn, Crude Med and Crude Progress.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 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

Canada LNG Conference & Exhibition 2017

The 2017 conference will bring a re-invigorated program across three days focusing on technical innovation, domestic market opportunities…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Sea Asia 2017

Sea Asia, the premier maritime and offshore conference and exhibition in Asia is returning for the 6th edition on 25-27 April 2017 at the Marine Bay Sands® Singapore.

read more >