FRO - Termination of charters for three single hull VLCCs
(Thomson Reuters ONE) -
Frontline Ltd. ("Frontline") and Ship Finance International Limited ("Ship
Finance") have agreed to terminate the long term charter parties for the single-
hull VLCCs Titan Orion, Titan Aries and Titan Ocean and Ship Finance has
simultaneously sold the vessels to an unrelated third party.
Each charter party will terminate at the time the vessel is delivered to the new
owner at which time Ship Finance will make a compensation payment to Frontline
for termination of the charter party. Expected compensation amounts and
termination dates are $9.4 million and first quarter of 2012 for Titan Orion,
$6.5 million and fourth quarter of 2012 for Titan Aries and $10.2 million and
third quarter of 2012 for Ticen Ocean.
Frontline will have no single hull vessels in its fleet following these charter
party terminations.
September 13, 2011
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 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#1546065]
Unternehmensinformation / Kurzprofil:
Datum: 13.09.2011 - 12:29 Uhr
Sprache: Deutsch
News-ID 64382
Anzahl Zeichen: 3698
contact information:
Town:
Hamilton
Kategorie:
Business News
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