(Bloomberg) ? Frontline Ltd., the world?s biggest oil- tanker company by capacity, won a contract to provide two supertankers to Titan Petrochemicals Group for at least $35,000 a day for each vessel until they are forced to end service in 2010.

Titan Petrochemicals, a Hong Kong-based garment maker turned oil-transportation provider, will lease the single-hull Front Lady and Front Highness, both able to take on 2 million barrels of crude oil. Single-hull tankers will be banned in 2010 because of the risk of oil spills.

?We have secured high earnings for these two single-hulled tankers until they have to be phased out in 2010,? said Oscar Spieler, chief executive of Frontline?s operations division in Oslo, in a telephone interview. ?We look at all potential deals and should we get a chance to do a similar one, we would probably take it.?

Bermuda-based Frontline will have a net profit of at least $35 million from the contract, compared with the rent it pays its Ship Finance International Ltd. unit to hire the very large crude carriers. Should the spot market yield higher earnings than the minimum rate, Frontline and Titan will share the increased profit.

As a result of the contract, Frontline?s cash-flow break-even for its remaining VLCCs trading in the spot market will be reduced by $850 a day until 2010, it said.

Currently, owners of VLCCs may earn almost $189,000 a day in the spot market, after deducting costs such as fuel and port fees, on a 45-day round trip between the Persian Gulf and Asia. That?s about seven times what Frontline needs to break even on its 35 carriers.

Shares of Frontline rose as much as 9.5 kroner, or 3 percent, to 322 kroner as of 12:01 p.m. in Oslo. The shares have almost tripled the past year, valuing the company at 24 billion kroner ($3.7 billion).