FRO - Termination of charter-in contract of Front Vanguard
(Thomson Reuters ONE) -
Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance
International Limited ("Ship Finance") to terminate the long term charter for
the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the
vessel to an unrelated third party. We expect the vessel to cease operating as a
conventional tanker and the charter with Ship Finance is expected to terminate
in the second quarter of 2016.
Frontline has agreed a compensation payment to Ship Finance of approximately
$0.4 million for the termination of the current charter.
Following this termination, the number of vessels on charter from Ship Finance
will be reduced to 13 vessels, including 11 VLCCs and two Suezmax tankers.
May 12, 2016
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Robert Hvide Macleod: CEO, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: CFO, Frontline Management AS
+47 23 11 40 00
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. Words, such as, but not limited to "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may," "should,"
"expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions.
Although Frontline believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and are beyond
the control of Frontline, Frontline cannot assure you that they will achieve or
accomplish these expectations, beliefs or projections. The information set forth
herein speaks only as of the date hereof, and Frontline disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2012736]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2016 - 16:44 Uhr
Sprache: Deutsch
News-ID 471040
Anzahl Zeichen: 3267
contact information:
Town:
Hamilton
Kategorie:
Business News
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