Frontline Exercises Purchase Option with Dr. Peters, Makes a Buck or Two

Frontline reported this week that they have exercised their purchase options on two vessels from Dr. Peters, the German KG house where Frontline is chartering ten ships, as shown in the table below. Front Champion and Front Century were acquired by Dr. Peters for $160 million in 1999 and placed on a ten-year charter to Frontline. Frontline has now acquired the vessels at $142 million and sold the vessels to Ship Finance International for $196 million, needless to say making a healthy profit. The market value of the ships was reported to be over $200 million

This is only an excerpt of Frontline Exercises Purchase Option with Dr. Peters, Makes a Buck or Two

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.