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Stock Market & Financial Investment News

News Breaks
July 24, 2014
07:14 EDTSFL, FROFrontline 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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January 21, 2015
11:21 EDTFROFrontline volatility elevated on wide price movement
Frontline February call option implied volatility is at 130, March is at 158, August is at 133; compared to its 26-week average of 95 according to Track Data, suggesting large near term price movement.
January 12, 2015
16:00 EDTFROOptions Update; January 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.57 to 33.54. Option volume leaders: AAPL TSLA TWTR AMZN AA SIRI RIG FRO C according to Track Data.

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