Frontline has revealed that the director of the company Marios Demetriades has resigned. The experienced financial services professional served as the minister of transport, communications and works for the Republic of Cyprus from 2014 to 2018 and held various positions in the accounting, investment and banking sectors.
The experienced politician and financial professional has resigned after nearly two years.
No reason was given for his departure. The company in a short statement only said: “Frontline plc announces that Mr. Marios Demetriades has resigned as director of the company. The board would like to thank Mr. Demetriades for his considerable contribution to the company during his directorship.”
Marios Demetriades has been a director of the company since October 2022. He is an experienced financial services professional with significant experience as a non-executive director in various listed and private companies in the banking, infrastructure and shipping industries.
Demetriades is a qualified chartered accountant and chartered financial analyst holder and a member of the CFA Institute, the Institute of Chartered Accountants in England and Wales and the Institute of Certified Public Accountants of Cyprus (ICPAC).
Meanwhile, Frontline except the resignation of Mr. Demetriades has also revealed plans to dispose its oldest suezmax tanker, built in 2010, for a net sale price of $48.5m.
The tanker owner said in the company’s second quarter 2024 results that it has agreed in June to sell the vessel, which is expected to be delivered to the new owner during the fourth quarter of 2024.
After repayment of existing debt on the vessel, the transaction is expected to generate net cash proceeds of approximately $36.5m, and the company expects to record a gain of around $18m in the fourth quarter of 2024.
Frontline’s fleet consists of 82 vessels owned by the company (41 VLCCs, 23 suezmax tankers, 18 LR2/aframax tankers), with an aggregate capacity of approximately 17.9 million dwt.
As of June 30, 2024, 99% of the company’s fleet were eco-vessels and 56% were scrubber-fitted vessels with a total average age of 6.2 years.
