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Frontline sells out of MR sector

Frontline sells out of MR sector
John Fredriksen’s Frontline has exited owning in the MR product tanker sector with the sale of six vessels.

Frontline has sold six MR tankers for $172.5m to an undisclosed buyer. The vessels will be delivered by Frontline in September and October this year.

"We are pleased to have completed this transaction, which leaves Frontline with a focused crude oil tanker fleet comprised of VLCCs, suezmax tankers and LR2 tankers,” said Rober Hvide Macleod ceo of Frontline Management.

“Our primary exposure and growth focus is towards the crude tanker market, and our LR2 tankers can be deployed in both the crude oil and refined product trades, leaving us with attractive optionality."

Frontline has three MR tankers chartered in short term contracts.