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Frontline 2012 and Knightsbridge deal closes

Frontline 2012 and Knightsbridge deal closes
The second and final stage of the deal between Knightsbridge and Frontline 2012 has been completed.

The transacation sees a dozen Frontline 2012 capesize bulker newbuildings go to Knightsbridge in return for 31m shares in the company. The first stage of the deal closed in September last year, and saw 11 capesizes and two newcastlemax newbuilding contracts change hands for a further 31m shares.

Five vessels joined Knighstbridge last year, 14 are scheduled to in 2015 and the remaining six will deliver in 2016.

Frontline 2012 now owns 77.5m shares in Knightsbridge, 69.7% of the company. Golden Ocean and Knightsbridge are two separately-listed shipowners under John Fredriksen’s group of companies.

The merger of the two companies' dry bulk fleets was announced in April last year, and creates the largest US-listed capesize owner.