Frontline Restructures VLCC Orders

21 September 2010 (Last Updated September 21st, 2010 18:30)

Frontline has restructured its VLCC newbuild order book at Zhoushan Jinhaiwan Shipyard in China. In 2008 the shipping firm ordered six VLCCs, of which two were cancelled and another two changed into options for 2009. Under the restructured contract, Frontline ordered an additional

Frontline has restructured its VLCC newbuild order book at Zhoushan Jinhaiwan Shipyard in China.

In 2008 the shipping firm ordered six VLCCs, of which two were cancelled and another two changed into options for 2009.

Under the restructured contract, Frontline ordered an additional VLCC with a revised price of $525m.

The company will take delivery of five 320,000dwt vessels between January 2012 and February 2013.

As of 17 September, Frontline’s newbuild programme comprised two Suezmax tankers and five VLCCs with a contractual cost of $650m, which includes two Suezmax newbuild options.