Frontline Ltd; the world's biggest operator of the largest crude tankers, completed a restructuring as it sold vessels, pared commitments for new ships and eliminated its bank debt to tackle a shipping market slump.
The company sold five very-large crude carriers new-building contracts, six modern VLCCs including one-time charter agreement and four modern Suezmax tankers to Frontline 2012 Ltd at "fair market value" of $1.12 billion, the Bermuda-based company said yesterday in a statement.
Frontline Ltd; the world's biggest operator of the largest crude tankers, completed a restructuring as it sold vessels, pared commitments for new ships and eliminated its bank debt to tackle a shipping market slump.
The company sold five very-large crude carriers new-building contracts, six modern VLCCs including one-time charter agreement and four modern Suezmax tankers to Frontline 2012 Ltd at "fair market value" of $1.12 billion, the Bermuda-based company said yesterday in a statement.
Frontline 2012 assumed $666 million in bank debt attached to the vessels and new-building contracts and $325.5 million in new-building commitments.
Frontline last month said it would split the company to withstand the worst shipping rates since 1999 and that the 2012 company would take control of the newest vessels and outstanding shipyard orders.
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