Frontline Says No to Tankers Options from Trafigura
The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers…
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an
Frontline Expects Greater Oil Tanker Demand
Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2.8 million, while analysts in a Reuters poll on average had expected a loss of $13.3 million.Tanker rates are still low, however, and 78 percent of Frontline's very large crude carriers (VLCCs) are covered at a daily $11,600 for the second quarter compared with $14…
Frontline CEO: Scrapping to Lift 2018 Tanker Rates
Oil tanker firm Frontline expects shipping firms to scrap more old vessels in the time ahead, which may lead to a recovery in rates for the remaining global fleet in the second half of 2018, its chief executive told Reuters on Monday. Spot rates for very large crude carriers (VLCCs), with a capacity of to transport 260,000 tonnes of oil, have recently dropped to a loss-making $13,000-14,000 per day, far below Frontline's cash break even rate of $21,600. Spot rates for the smaller Suezmax vessels are also below Frontline's cash break even level…
Frontline, Diamond S. Shipping & Euronav Form Suezmax Chartering
Frontline Ltd. ("Frontline"), today announces the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, traded operated on the spot market. Frontline will contribute 22 vessels to the joint venture, including 14 vessels on the water and 8 newbuildings as they are delivered. A larger fleet will…
Constrains on Iran Oil Shipping Insurance Still Remain
The chief executive of Frontline, one of the world's largest independent tanker firms, said it is likely to take another two or three months until insurance for cargoes carrying oil from Iran is secured, according to a report in Tasnim. "We have not lifted anything yet, there are still terms of insurance and payments. There are still some outstanding (issues). (But) we expect that to be in place within two to three months," said Robert Hvide Macleod. "That could change, but two to three months (is) our estimate," he added, Reuters reported on Tuesday.
Frontline appoints Macleod as new CEO
Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday. Jensen, who was elected to the Frontline board last month, will stay on as the firm's chief for the sale and purchase, newbuilding and other maritime related projects, frontline said. "Combined with his (Macleod's) outstanding network throughout the tanker industry, we believe this will ensure that the Company remains the driving force in the industry," Fredriksen said in a statement.