Frontline Ltd. Sells Suezmax Tanker
Bermuda’s Frontline Ltd. announced today [Nov.15] it has entered into an agreement to sell its 1993-built double hull Suezmax tanker “Front Delta”.
Delivery to the buyer is expected to take place in late November 2011 and the vessel will cease to operate in the tanker market.
The sale will result in a net cash outflow of approximately $1.5 million, after repayment of bank debt, and the company expects to record a loss of approximately $18.5 million.
Frontline Ltd. is a major, Bermuda-based, tanker company. As a result of the acquisitions of vessels and companies since 1996, Frontline Ltd. has established itself as the world leader in the international seaborne transportation of crude oil, with one of the world’s largest fleets of VLCC and Suezmax tankers, and Suezmax OBO carriers.
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