FRO - Acquisition of two VLCCs
(Thomson Reuters ONE) -
Frontline Ltd. (the "Company" or "Frontline") (NYSE: FRO, OSE: FRO) is pleased
to announce the acquisition of two double hull VLCC tankers; Callisto Glory and
Andromeda Glory from an unrelated 3(rd) party. The two 321,300 dwt vessels are
built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea in
2009 and are of high specification. The vessels are expected to be delivered in
the period May to June 2010.
The acquisition will contribute to further consolidation of the VLCC market and
confirms Frontline's position as the world's largest independent operator and
owner of double hull VLCC tonnage.
Frontline's commitment to acquire the two double hull VLCC tankers confirms the
Board's firm belief in the future prospects in the tanker market.
April 19, 2010
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 99
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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1405261]
Unternehmensinformation / Kurzprofil:
Datum: 19.04.2010 - 15:12 Uhr
Sprache: Deutsch
News-ID 19266
Anzahl Zeichen: 0
contact information:
Town:
Hamilton
Kategorie:
Business News
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