Frontline extends options on Trafigura suezmaxes

September 21 2019 Print This Article

Reference is made to the notice of 23 August 2019, whereby Frontline Ltd. announced an agreement with Trafigura Maritime Logistics, a wholly-owned  subsidiary  of  Trafigura  Pte  Ltd and certain related entities, to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers and to the notice of September 12 2019, whereby Frontline and TML agreed to extend the expiry date for the first option to 18 September 2019.

Frontline has elected not to exercise the first option to acquire two additional Suezmax tankers. The second option to acquire two Suezmax tankers has as a result terminated.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented: “We added significant scale through our acquisition of 10 Suezmax tankers from Trafigura, and we are satisfied with our exposure to this asset class. We are pleased to see that the tanker market is tightening and earnings increasing in all our segments. Our market view remains positive and supports further fleet growth, but our main focus will be on VLCCs, where we will seek to add exposure.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.