Bermuda-based Frontline Ltd.'s board of directors has announced that it has entered into an agreement to time charter out two very-large crude carriers (VLCCs).

Front Eminence will be chartered for a period of five years starting in November 2010 at a gross rate of $43,000 per day and Golden Victory for a period of three years commencing September 2010 at a gross rate of $40,000 per day.

The latter has an option for the charterer to extend for a further two years at a premium.

As a result, the company's fixed charter coverage is estimated to be 34 percent in 2010 and 26 percent in 2011. Entering into these agreements is supported by the wish to increase the fixed charter coverage for the period 2011 to 2013, to 2010 levels.