Frontline Sells Two Newbuildings

Swedish bulk shipping group Frontline has been negotiating the sale of two of three Suezmax tanker newbuildings currently under construction in Spain. The third vessel, built at the Puerto Real yard of Astilleros Espanolles (AESA), has been chartered to Petromin for ten years at a rate reported to be in excess of $25,000 per day. Commenting on the transaction, Frontline’s Kaelle Svennson told Marine Money, “We have been negotiating the sale of the Suezmax tankers mainly to streamline our fleet and concentrate on our OBO carriers. The tankers are also being built with single hulls, and do not have as good prospects as double hull vessels. It is reported that the ships are set to change hands for around $50m, compared with the current newbuilding price of $55-60m. Frontline, however, was unable to comment on the price.

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