Frontline acquires VLCC "Front Vista"

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Saturday, 06 February 2010 12:39

The Board of Frontline Ltd. announces that it has agreed to acquire the VLCC "Front Vista" from Ship Finance International Limited at a purchase price of USD 58.5 mill.

Frontline has furthermore agreed to sell the Vessel and the Buyer will settle the purchase price through the payment of installments over a 10 year period.

 

The Buyer has secured a 10 year time charter with a State owned oil company at a gross rate of USD 43,500 per day during the entire charter period.

The transaction reflects the Company's goal of securing long term coverage for parts of its fleet.

Source: Frontline Ltd.