Frontline Snaps Up VLCC Quartet from Metrostar

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

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Posted on June 3, 2016

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