Frontline Snaps up VLCC Quartet from Metrostar

Source:World Maritime News
2016.06.06
1059

Frontline has bought four Very Large Crude Carrier (VLCC) newbuilds from Greek Metrostar Management Corporation, according to the latest data provided by VesselsValue.

The resale deal covers 308,000dwt quartet under construction at South Korean shipyard Hyundai Heavy Industries. As disclosed, Frontline is paying US$84.75m for each ship.

The ships in question, said to be bought on June 2, are Crude Hope, Crude Horn, Crude Med and Crude Progress.

The first two out of the batch are scheduled for delivery in 2016 whereas the remaining two are set for completion in 2017.

Metrostar ordered the ships in 2015, paying US$95m for each ship. Euronav was interested in purchasing the quartet, however the resale deal was never realized.

The information emerges as Frontline teams up with Euronav NV and Diamond S Management LLC to set up a joint venture focusing on chartering of Suezmax vessels.

The join venture will be named Suezmax Chartering and will have a large fleet of 43 Suezmaxes, including newbuildings, operated on the spot market, as disclosed by the companies.

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