to save about $3.3 million a year in costs and increase competitiveness.

Company President Kjell Jonson told The Royal Gazette the company will continue to remain in Stockholm, and few if any staff will be based in Bermuda.

Frontline's main shareholder, Hemen Holding BV, has established Frontline Ltd.

in Bermuda. Hemen Holding controls about 63 percent of Frontline. The company has applied for a listing on the Oslo Stock Exchange and intends to de-list from the Stockholm Stock Exchange. The company plans on listing in New York later this year.

"The main aim of the proposal is to increase the company's competitiveness, and strengthen its profile and opportunities to raise capital in the international capital market,'' the company stated in a press release.

Frontline estimates the Bermuda move will cost the company about $3.3 million.

The company made a pre-tax profit of $519,000 in the first quarter ended March 31, recovering from six quarters of losses. The company operates a fleet of ships, including dry cargo vessels, tankers and ore, bulk and oil ships, and combination vessels. Frontline is also active in shipbuilding.