Frontline: Extension of expiry date of first option for two Trafigura Suezmax tankers
Hamilton, Bermuda - February 05, 2020
Frontline Ltd. (“Frontline” or the “Company”) today announced that Frontline Shipping Limited (“FSL”) has agreed with SFL Corporation Ltd. (“SFL”) to terminate the long term charter for the 2002-built very large crude carrier (“VLCC”) Front Hakata upon the sale and delivery of the vessel by SFL to an unrelated third party.
Frontline will receive a compensation payment of approximately $3.2 million from SFL for the termination of the current charter. The charter with SFL is expected to terminate in the first quarter of 2020.
Following this termination, Frontline will have two VLCCs on charter from SFL.
Frontline Ltd. press release