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History 2005 and older

In December 2005, the Company purchased the VLCC Front Tobago from its two joint venture partners.
In August 2005, Frontline sold the Suezmax tanker Front Hunter to a third party. The deal resulted in the cancellation of the long term charter agreement between Ship Finance and Frontline.
In August 2005, Golden Ocean Group Limited exercised its option to acquire the second of two newbuilding Panamax bulk carriers from Frontline.
In June 2005 Frontline commenced further two long term charter agreements with Ship Finance. The two 2004 built vessels were sold to Ship Finance by parties affiliated with Hemen Holding Ltd.
In May 2005, Ship Finance International Limited (Ship Finance) announced the sale of three Suezmax tankers (Front Lillo, Front Emperor and Front Spirit) for a total consideration of USD 92.0 million. At the same time the time charter arrangements between Ship Finance and Frontline were cancelled. Concurrently, Frontline sold three similar vessels (Front Traveller, Front Transporter and Front Target) to Ship Finance for an aggregate price of USD 92.0 million. Frontline chartered back these vessels on similar terms to the contracts that were cancelled on the three vessels sold by Ship Finance.
In March 2005, the Company sold the Suezmax tanker Front Fighter to an unrelated third party. The time charter and management arrangements between the Company and Ship Finance were concurrently cancelled. The Company also announced the sale of the dry bulk carrier, Cos Hero.
In the first quarter of 2005, Frontline declared options to buy three VLCCs that were on charter from German KGs. These vessels were subsequently sold to Ship Finance and Frontline has chartered each of the ships back for most of their remaining lives. At the same time Frontline announced that the charter of the Suezmax Front Fighter from Ship Finance had been cancelled in connection with the sale of this vessel.
In December 2004, Frontline de-merged the wholly owned subsidiary Golden Ocean Group Limited (Golden Ocean) who controlled the two Capesize dry bulk vessels Channel Alliance (172,000 dwt built 1996) and Channel Navigator (172,000 dwt built 1997). These two vessels are fixed on charters until September 2006 and October 2005, respectively. Golden Ocean was listed on Oslo Stock Exchange on December 8, 2004.
In December 2004, Frontline sold the VLCC Golden Fountain, this was a Joint Venture with Euronav.
In June 2004, Frontline purchased two VLCC newbuilding contracts, the vessels are to be delivered in 2006. Frontline have also purchased four Suezmaxes this year, two in September and two in October.
In the first quarter of 2004, Ship Finance used the proceeds of the $580 million of 8.5% Senior Unsecured Notes due 2013, together with a refinancing of existing debt, to fund the acquisition from Frontline of a fleet of 47 crude oil tankers (including one purchase option for a VLCC) and each of the ships were chartered back for most of their remaining lives. In connection with this transaction, 6 Joint Ventures between Frontline, OSG and Euronav were dissolved. The result of this was that Frontline were left with two wholly owned VLLCs. Frontline also entered into fixed rate management and administrative services agreements with Ship Finance to provide for the operation and maintenance of these vessels and administrative support services. The charters and the management agreements were each given economic effect as of January 1, 2004. Ship Finance's shares were listed on the New York Stock Exchange on June 17, 2004 under ticker symbol "SFL". 25% of the shares in Ship Finance were given in dividend to the Frontline shareholders in June, and another 10% in September.
In June 2003, Frontline sold two Suezmax tankers, and at the same time two other Suezmaxes were sold to German K/G's and chartered back. Frontline exercised a call option on, and then cancelled, 3,070,000 Frontline Shares held by the Bank of Nova Scotia through a Total Return Share Swap Transaction. In August 2003 Frontline sold two VLCCs to German K/G's which were subsequently chartered back. The 8 OBO carriers were fixed in the dry market for periods of 30 days to six months. In December 2003 Frontline sold one VLCC. Ship Finance International Limited, a wholly owned subsidiary, issued $580 million of 8.5% Senior Unsecured Notes due 2013.
In 2002, Frontline took delivery of five wholly-owned double-hulled VLCC newbuildings, and two new double-hulled VLCCs in which we had a 33.33 per cent interest. Frontline also acquired five dry bulk carriers that previously were chartered in under capital leases. These five dry bulk carriers were subsequently sold in 2002. Frontline also sold their 50 per cent interest in two joint ventures that each owned a dry bulk carrier. In addition, in 2002 Frontline sold and leased back one of the 2002 built VLCCs that Frontline took delivery of earlier in the year.
In July 2001, Frontline gave notice of termination of the ADR program to the Bank of New York as Depositary. The ADR program was terminated on October 5, 2001 and the ADSs were delisted from the Nasdaq National Market on August 3, 2001. Frontline's Ordinary Shares began trading on the NYSE on August 6, 2001.With this listing, Frontline became one of the few companies to list its shares directly on three international securities exchanges.
In 2001, Frontline took delivery of two new Suezmax tankers and ordered three new VLCCs for delivery in 2002. Further Frontline has acquired 2 VLCCs from Osprey, 3 VLCC newbuildings from Mosvold and 5 VLCCs from Bergesen, the latter through a joint venture between Frontline, OSG and Euronav. Frontline also sold 2 VLCCs and 1 Suesmax.
In early 2000, Frontline started to acquire Golden Ocean's USD 291 million Senior Notes due in August 2001. Golden Ocean is a shipping group which holds interest in 13 VLCCs and 10 bulk carriers. Golden Ocean filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, on January 14, 2000. As one of Golden Ocean's largest creditors, Frontline announced its proposed Plan of Reorganization, which eventually got court approval. On October 16, 2000, Frontline completed the acquisition of Golden Ocean.
During 1999 and 2000, Frontline acquired 8 tankers of which 4 are VLCC and 4 are Suezmax.
In September 1997, Frontline submitted an offer to acquire all outstanding shares in the Swedish listed tanker company ICB. The transaction resulted in a complex ownership situation which was resolved in September 1999, when it was agreed that Frontline could acquire control in ICB and that four of ICB's VLCC tankers should be sold to a company formed by former shareholders of ICB. Frontline's fleet increased by two VLCCs and six Suezmax tankers. By consolidating ICB, Frontline was able to repay the debt incurred in the acquisition and to strengthen its balance sheet. ICB fully integrated into Frontline in early 2000 and the operation in Stockholm closed down.
In September 1997, Frontline initiated a merger with LOF. This process was completed in May 1998. In the merger, which left LOF as the surviving company, Frontline's shareholders exchanged Frontline shares for LOF shares and LOF was subsequently renamed Frontline. As a result of this transaction, Frontline became listed on the London Stock Exchange and, through an ADR-scheme, on NASDAQ in addition to its listing on the Oslo Stock Exchange. Through the merger, Frontline's fleet was increased by three Suezmax tankers and three Panamax tankers, the latter immediately being divested.
During 1996 and 1997, Frontline acquired 7 tankers and options to take over 10 newbuilding contracts from companies related to Hemen. All of the newbuilding options have been exercised.