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Discussion Starter · #1 ·
From the Frontline website -

Press release from Frontline Ltd. 26.09.2006


Frontline Ltd. ("Frontline" or the "Company") has agreed to sell its VLCC Front Beijing, which was delivered in 2006, for gross sale proceeds of $141.5 million. Delivery to the buyers is expected to take place in November 2006.

This transaction will give a positive result of approximately USD 59 million, and will generate approximately USD 58 million in additional liquidity. The additional liquidity will partly be used to fund pre delivery installments in Frontline's newbuilding program, and will in addition strengthen the Company's dividend capacity going forward. The sale of this recently delivered vessel represent no material change in the overall strategy, but should be seen as an opportunistic transaction where the effect on the overall fleet is compensated by the eleven (two of the Suezmaxes will be offered as an investment to Frontline's affiliated company, Ship Finance International Limited) vessel newbuilding program Frontline recently has committed to.


Check out their website for a Fleet list....rather impressive...!

Rushie
 

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The vessel was originally built for Chinese based Sea Fortune Tankers who sold the berth to Frontline together with a sister vessel during 2004 for US$ 79.25 million apiece. Even more exciting was the name of the buyers.... TMT of Taiwan, who have emerged as a huge player in the market following some spectacular success on "Paper Trading"

There is a suggestion that TMT also bought the sister, but nothing officially declared so far.
 

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Ah, TMT. Famed for their bizarre ship names. Tankers are usually given names "A. Elephant", "B. Elephant", "C. Elephant", etc. Bulkers tend to have "Duckling" in the name (though "Ugly Duckling" was scrapped some while ago). Finally, their Ro-ros - believe it or not - are prefixed with the name "Ducky".

God knows what the management there must be thinking of. Something to do with Far Eastern culture no doubt which we westerners do not fully understand.
 

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Update from Frontline

Press release from Frontline Ltd. 29.09.2006

As previously reported in June 2006, Frontline Ltd. ("Frontline" or the "Company") has been granted an option for further two VLCC newbuilding contracts at Jiangnan Shipyard in China for delivery 2010/2011. The Company has now exercised these options and simultaneously sold the newbuilding contracts to a third party including an element of profit.

In addition, Frontline has through its affiliated company Ship Finance International Limited, sold its VLCC Front Tobago for gross sale proceeds of $45 million. Delivery to buyers will take place in January 2007. Upon delivery of the vessel to the buyers, the long term charter party between Frontline and Ship Finance International Limited will be terminated, and the latter will make a compensation payment for the early termination of the charter party.


Rushie
 
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