Frontline to buy two VLCCs
Frontline Ltd, a Bermudian-based oil tanker shipping company, has entered into an agreement to acquire two scrubber-fitted, latest generation ECO-type very large crude carriers.
The VLCCs, built in 2019 at Hyundai Heavy Industries shipyard in South Korea, will cost a total of $180 million. The vessels are scheduled to be delivered in the final quarter of this year.
Frontline it intends to meet the financing of this acquisition with existing borrowing facilities and establish long term financing closer to delivery of the vessels.
Lars Barstad, interim CEO of Frontline Management AS, said: “Frontline continues to execute on our strategy to position the company towards what we believe will be a firm recovery as oil demand, and subsequently oil supply returns to pre pandemic levels.
“We have over the last periods seen the benefits of running a modern fuel-efficient fleet. These VLCCs are well-maintained high-quality additions, delivered at what we believe is a favourable timing.”
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