FRO - Sale of Suezmax Tanker
(Thomson Reuters ONE) -
Frontline Ltd. (the "Company") has entered into an agreement to sell its 1993-
built double hull Suezmax tanker Front Alfa. Delivery to the buyer is expected
to take place in late March 2012 and the vessel will cease to operate in the
tanker market. All debt pertaining to the vessel, approximately $13 million, was
prepaid in December 2011 and the company expects to record a loss of $1.5
million in relation to the transaction.
March 5, 2012
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Jens Martin Jensen, Chief Executive Officer, Frontline Management AS,
+47 23 11 40 00
Inger M. Klemp, Chief Financial Officer, Frontline Management AS,
+47 23 11 40 76
Forward Looking Statements
This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Frontline cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the United States
Securities and Exchange Commission.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Frontline Ltd. via Thomson Reuters ONE
[HUG#1591173]
Unternehmensinformation / Kurzprofil:
Datum: 05.03.2012 - 08:41 Uhr
Sprache: Deutsch
News-ID 121384
Anzahl Zeichen: 3276
contact information:
Town:
Hamilton
Kategorie:
Business News
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"FRO - Sale of Suezmax Tanker"
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