Frontline concluded December 18, 1998 the sale of the VLCC Front Century to a German KG. The vessel is taken back on a 8+2+1+1 year charter arrangement, including an option for Frontline to buy back the vessel before termination of the charter.
Frontline took December 18, also delivery of the newbuilding VLCC Front Champion from the Hyundai yard. Frontline has signed a contract with a German K/G to sell the vessel to the K/G. The deal will be based on the same parameters and will be structurally identical to the Front Century transaction. Delivery of Front Champion to the German K/G will take place prior to year end.
December 18, 1998
The Board of Directors