Frontline has revealed plans to dispose one of its oldest suezmaxes in a deal that is expected to be concluded in the second quarter this year.
The tanker owner, a company which shipping tycoon John Fredriksen stepped down from the role as chairman and president in May 2021, said it sold the 157,000-dwt suezmax tanker Front Loki.
The company sealed a deal in March 2024 to sell one of its oldest suezmax tankers, built in 2010, for a net sale price of $46.9m.
The tanker owner didn’t disclose the name of the buyer but said that the vessel is expected to be delivered to the new owner during the second quarter of 2024.
As it is furthermore revealed by company, after repayment of existing debt on the vessel, the transaction is expected to generate net cash proceeds of approximately $34.0m.
The company now expects to record a gain in the second quarter of 2024 of around $14.0m.
Meanwhile, the company in April 2024 entered into a variable rate time charter to a third party for a three-year period for the suezmax tanker 157,000-dwt Front Samara, built in 2019.
