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Frontline buys six VLCC newbuilding resales for $566m

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Frontline is buying six VLCC newbuilding resales at Hyundai Heavy Industries (HHI) for $565.8m.

The six scrubber-fitted newbuildings include $25.7m in additions and upgrades to standard specifications and are set to deliver between Q1 2022 and Q1 2023.

The vessels are designed with future low and zero carbon fuels in mind and can run on biofuels and the potential to be retrofitted to use LNG or ammonia.

“This transaction is consistent with our core company goals to increase exposure to the VLCC market without adding to existing vessel supply,” said Lars Barstad, CEO of Frontline.

“The delivery schedule for these vessels is particularly attractive, in a timing window regarded closed for new orders. With this acquisition Frontline is tangibly moving on our journey towards lower carbon emissions.”