John Fredriksen has been re-elected as the director of the Frontline plc tanker company after an annual general meeting of the company’s shareholders which took place in Limassol, Cyprus on Monday, December 8.
Frontline has also expanded its board with the election of a new director. Richard C. Prince has been elected as a director of the company.
In the 2025 annual general meeting, the shareholders of the company decided also to re-elect James O’Shaughnessy, Ola Lorentzon, Cato Stonex, Ørjan Svanevik and Dr. Maria Papakokkinou as directors of the company.
The audited consolidated financial statements for the company for the year ended 31 December 2024 were presented to the meeting.
Regarding the company’s latest news about sales and purchases, Frontline sold in the third quarter its oldest suezmax tanker, built in 2011, for a net sales price of $36.4m and delivered the vessel to its new owner in September 2025.
After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7m, and the company recorded a gain of $5.9m in the third quarter of 2025.
As of end-September, Frontline’s fleet consisted of 80 vessels owned by the company (41 VLCCs, 21 suezmax tankers, 18 LR2/aframax tankers), with an aggregate capacity of approximately 17.6 million-dwt.
As of end-September, three of the company’s vessels (one VLCC, one suezmax tanker, one LR2/aframax tanker) were on time charter-out contracts with initial periods in excess of 12 months.
The time charter-out contract for the LR2/aframax tanker is expected to end in the third quarter of 2026, whereas the initial periods for the suezmax tanker and the VLCC time-charters end in the second and third quarter of 2027, respectively.
