Frontline Ends Charter Deal for Front Century

Illustration; Image Courtesy: Frontline

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 vessel to cease operating as a conventional tanker and the charter with Ship Finance will terminate in the first quarter of 2017,” Frontline said.

Following the termination, Ship Finance has sold the vessel to China’s Kunlun Shipping for a price of USD 18.7 million, according to data released by VesselsValue.

Featuring 311,200 dwt, the vessel was built at South Korean shipyard Hyundai Heavy Industries.

Frontline’s number of vessels on charter from Ship Finance will now be reduced to 12 vessels, including 10 VLCCs and two Suezmax tankers.

Share this article

Follow World Maritime News

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 >