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Frontline deal underlines strong demand for VLCCs.
(From Lloyds List)
Byline: Pair to be sold to Fredriksen's Ship Finance International and taken back on long-term charter , writes David Osler
WITH freight rates for very large crude carriers expected to firm in the coming weeks, demand for secondhand examples of this vessel type continues to exceed available tonnage.
John Fredriksen's Frontline has exercised purchase options on two VLCCs it was chartering, the 1998-built 310,000 dwt sisters Front Champion and Front Century.
It is a complex deal. But, in short, Frontline will pay pre-sent owner Dr Peters $141.9m for the two.
It will then sell them on to the Fredriksen vessel owning …
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