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Stock Market & Financial Investment News

News Breaks
July 24, 2014
07:14 EDTFRO, SFLFrontline announces termination of charter-in contracts of VLCCs
Frontline (FRO) has agreed with Ship Finance International (SFL) to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce and Ship Finance has simultaneously sold the vessels to unrelated third parties. The charter parties are expected to terminate in Q4. The decision to terminate the long term charter parties was taken in view of the required investment to take the vessels through the 15 year special survey. Frontline has agreed an aggregate compensation payment to Ship Finance of approximately $58.8M for the early termination of the charter parties, of which approximately $10.5M will be paid upon termination and the balance will be recorded as notes payable, with similar amortisation profiles to the current lease obligations, with reduced rates until December 2015 and full rates from 2016. As of June 30, the company has capital lease obligations to Ship Finance of $101.5M and $608.3M for these three vessels and the remaining 12 VLCCs and five Suezmax tankers, respectively.
News For FRO;SFL From The Last 14 Days
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December 16, 2014
10:36 EDTFROFrontline announces debt-for equity exchange
Earlier today, Frontline announced that it has entered into a private agreement to exchange $22,500,000 of the outstanding principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 for an aggregate of 3,984,375 shares at an exchange price of $3.12 per share, and a cash payment of $9,562,500 plus accrued interest. In addition, under the exchange agreement, Frontline has agreed to issue, on December 23, up to an additional 760,377 shares to the holders of the Bonds based on an agreed formula if the 5-day volume-weighted average price, VWAP, of the Company's shares, for the period ending December 22, 2014, is lower than the exchange price, subject to a minimum VWAP price of $2.62 per share. Shares of Frontline are lower by almost 18% to $2.36 in morning trading.
December 15, 2014
10:10 EDTFROHigh option volume stocks:
High option volume stocks: RVBD AGCO FRO CRUS UBNT LH PAY PETM OREX KOS

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