John Fredriksen-led Frontline is offloading its last two OBO fleet and bowing out of the dry-cargo market.
NYSE-listed owner Ship Finance International is selling the Front Viewer (built 1992) now and Front Guider (built 1991) is scheduled to be shed early next year.
“The sale of older vessels and termination of charters to Frontline is a part of the company's strategy to renew and diversify the fleet and the net cash proceeds after repayment of debt is expected to be reinvested in new assets,” Ship Finance said.
As Frontline's OBO fleet, once totalled eight vessels, has been all cleared out, its fleet chartered from Ship Finance stands at 23 vessels - 17 VLCCs and six suezmaxes.
Published : December 12, 2012
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