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>

<< Feb 2018 >>
MTWTFSS
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 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >