Friday, January 7, 2011

Frontline announces VLCC sale for USD91.2m, enters time charter

3 January 2011 - Oslo-listed tanker operator Frontline Ltd (OSL: FRO | PowerRating) announced today an agreement to sell a very large crude carrier (VLCC) for USD91.2m and then charter back the ship for two years at a daily rate of USD35,000.

The 2006-built vessel Front Shanghai will be delivered to its new owner, whose name was not disclosed, in the second half of January. The time charter will start at the same time.

(EUR1 = USD1.3)

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For full details on Frontline Ltd Adr (FRO) FRO. Frontline Ltd Adr (FRO) has Short Term PowerRatings at TradingMarkets. Details on Frontline Ltd Adr (FRO) Short Term PowerRatings is available at This Link.

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