Bermuda-based Frontline has agreed to sell Front Archer , one of its Suezmax tankers.

Frontline expects a profit of around $20 million from the deal and to release about $32 million in liquidity. A Suezmax is the largest size tanker that can go through the Suez Canal) built in 2000. Frontline took delivery of the tanker in February 2000 and since then it has traded in the spot market. It was designed and built with employment as a shuttle tanker in mind and is equipped with controllable pitch propeller and thruster tunnel.

The vessel will be delivered to the buyer (not named) in July/August this year and will be used in shuttle operations. Frontline never fully utilised the technical capacity of Front Archer in trading. It has been an important consideration for the board that the ship is being sold for shuttle trade and therefore will not compete with existing Frontline vessels in the spot market.

Meanwhile, the company's warrant programme established in connection with its merger with London Overseas Freighters expired on Friday.

On Friday Frontline bought back 17,455,965 outstanding warrants for an average price of 5.10 Norwegian Kroner.

The company said on April 19 that it would seek to eliminate the warrant programme through buying back the existing warrants at a price no higher than the price reflected in the underlying share price.

Final results from any subscription under the warrant programme resulting in an increased number of outstanding shares will be known later this week.

4,371,498 warrants are outstanding before the final subscription round has been counted.

BUSINESS BUC