In a quarterly trading update John Fredriksen’s Frontline has revealed it has managed to knock prices down by nearly $5m for two ships being built at hard-pressed Chinese yard Rongsheng Heavy Industries.

Frontline had two suezmax newbuilding contracts and was committed to making newbuilding installments of $87.9m.

Last month, however, Frontline revealed yesterday it agreed with Rongsheng to swap its two suezmax newbuildings on order with two similar suezmax vessels from the same shipyard at a lower contract price. The first vessel was delivered on May 19 following the payment of the final installment of $41.5m and the second vessel is expected to be delivered in September 2014.