Frontline Ltd. (the “Company”) is pleased to announce that the Company has entered into an agreement to time charter out two VLCCs; Front Eminence for a period of five years commencing 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 further two years at a premium.
As a result, our fixed charter coverage is estimated to be 34 percent in 2010 and 26 percent in 2011. The entering into these time charter agreements is supported by the wish to increase the fixed charter coverage for the period 2011-2013 to 2010 levels.
September 6, 2010
The Board of Directors
Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76