New User:

-or-
Username:
Password:
Forgot your password?

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
Sign up for a free trial to see the rest of the stories you've been missing.
October 20, 2014
07:46 EDTFROFrontline appoints Robert Hvide Macleod as CEO
The board of Frontline announces that Robert Hvide Macleod has been engaged as the new CEO for Frontline Management AS. Macleod is currently the managing director and owner of Highlander Tankers AS and will join Frontline on November 3. The current CEO of Frontline, Jens Martin Jensen has accepted a position where he will be in charge of the Sale & Purchase, Newbuilding and other maritime related projects of the Group.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use