Frontline Ltd. Sells Suezmax Tanker
Bermuda’s Frontline Ltd. today [Mar.5] entered into an agreement to sell its 1993-built double hull Suezmax tanker “Front Alfa”.
Delivery to the buyer is expected to take place in late March 2012 and the vessel will cease to operate in the tanker market. All debt pertaining to the vessel, approximately $13 million, was prepaid in December, 2011 and the company expects to record a loss of $1.5 million in relation to the transaction.
Bermuda-based Frontline Ltd. is one of the world’s largest oil tanker shipping companies. Controlled by Norwegian-born shipping tycoon John Fredriksen, its primary business is transporting crude oil. The company operates one of the world’s largest tanker fleets consisting of Very large crude oil carriers [VLCC], Suezmax and Ore-bulk-oil [OBO] carriers
