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Press release from Frontline Ltd. 28.06.2006

Frontline has as reported in the Company's First quarter report ordered four VLCC new buildings at Jignan Shipyard in China for delivery 2009 and onwards.

Two of these originally newbuilding contracts have in the second quarter been sold to third party including an element of profit. Frontline has subsequently to this sale entered into further two newbuilding contracts including an option for an additional two new buildings.

Frontline will after this have the following VLCC new building program

Ship Yard Delivery
VLCC newbuilding Nantong Cosco Khi Ship Engineering 2006
VLCC newbuilding Nantong Cosco Khi Ship Engineering 2006
VLCC newbuilding Jiangnan Shipyard, PRC 2009
VLCC newbuilding Jiangnan Shipyard, PRC 2009
VLCC newbuilding Jiangnan Shipyard, PRC 2010
VLCC newbuilding Jiangnan Shipyard, PRC 2010
Option for 2 VLCC newbuildings Jiangnan Shipyard, PRC 2010/2011


Frontline has also increased their exposure to the VLCC market trough chartering in two double hull VLCCS from Knightsbridge Tankers Ltd. for a five year period. These charters commence in 2007.

The rational behind these decisions is a firm belief that the underlying supply /demand balance for VLCCs will remain tight for the period to come. This tight balance will be driven by the phase out of single hull tonnage as well as increased transportation volume and longer average transportation distances.


Rushie
 
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