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Frontline bags Chinese funding for Trafigura ships

John Fredriksen's holding company supplied the finances when Frontline acquired 10 vessels from Trafigura in August. Now the shipping company has landed a Chinese deal that covers the purchase amount.

John Frederiksen controls the tanker carrier Frontline. | Photo: Ints Kalnins/Reuters/Ritzau Scanpix

Frontline has entered a deal with a Chinese leasing company to finance its acquisition of ten Trafigura vessels.

The deal is a so-called sale-and-leaseback agreement, in which the shipping company sells its vessels to Chinese leasing company ICBC Financial Leasing in order to immediately lease the ships back.

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