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 Thursday.
Frontline has also expanded its board with the election of two new directors. Ørjan Svanevik and Dr. Maria Papakokkinou have joined as directors of the company.
In the 2024 annual general meeting, the shareholders of the company decided to re-elect James O’Shaughnessy, Ola Lorentzon, Cato Stonex and Steen Jakobsen as directors of the company.
The audited consolidated financial statements for the company for the year ended 31 December 2023 were also presented to the meeting.
Regarding the company’s latest news about sales and purchases, Frontline sealed a $512.1m deal to refinance 10 suezmax tankers in a sale-and-leaseback transaction.
The company said that in October it entered into a sale-and-leaseback agreement with CMB Financial Leasing Co., Ltd in an amount of up to $512.1m to refinance an existing sale-and-leaseback agreement for 10 suezmax tankers.
The lease financing has a tenor of 10 years, Frontline said, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for Frontline throughout the term of the agreement.
The refinancing is expected to generate net cash proceeds of around $101.0m in the fourth quarter of 2024, Frontline reported in its unaudited results for the three and first nine months of 2024.
