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Frontline announced termination of charter-in contracts of two VLCCs
Frontline Ltd. announced that Frontline Shipping Limited has agreed with SFL Corporation Ltd. to terminate the long term charters for the 2004-built very large crude carriers Front Force and Front Energy upon the sale and delivery of the vessels by SFL to an unrelated third party.
Frontline has agreed to a total compensation payment to SFL of approximately $4.5 million for the termination of the current charters.
The charters with SFL are expected to terminate in the second quarter of 2022.