Frontline Ltd. sells two VLCCs
Frontline Ltd. (NASDAQ ticker FRONY) has sold the two VLCCs, Front Tartar and Front Tarim, both built 1993 to undisclosed buyers for an en-bloc price of USD 104 million. The two VLCCs were acquired in June 2000 at the price of USD 45 each and have since delivery traded successfully in the Tankers International Pool. The VLCCs will, by delivery to the new owners, have contributed, in addition to the gain on the sale, about USD 22 million to Frontline’s net income in the years 2000 and 2001.
The disposal of the vessels is part of Frontline’s continuous fleet renewal, which includes five newbuildings to be delivered to the company in 2001 and 2002. The sale will improve Frontline’s cash position with more than USD 40 million.
March 20, 2001
Hamilton, Bermuda