Lars H. Barstad-led tanker giant Frontline has announced the sale of two VLCCs for an aggregate sale price of $270m.
In a stock exchange filing, the company said it had agreed to sell two 2017-built VLCCs, with expected delivery to their new owner during the third quarter of 2026.
Frontline stressed that the sale is subject to certain closing conditions, in line with industry standards.
Lars Barstad-led Frontline, whose shares are listed in New York and Oslo, expects the transaction to generate net cash proceeds of approximately $179m, after repayment of existing debt on the vessels.
The company also expects to record a gain in the third quarter of 2026 of around $110m, depending on the date of delivery of each vessel to the new owner.
In a statement, the tanker owner didn’t disclose the names of the duo VLCCs.
Lars H. Barstad, chief executive officer of Frontline Management AS, said: “In these extraordinary markets, and in line with Frontline’s core strategy of returning cash to our shareholders, the board of directors of the company has, subject to completion of the sale, determined to return the cash proceeds, a total of approximately $179 million, to its shareholders through a payment of a one-time special dividend of $0.80 per share.”
