Frontline cancels contracts for three VLCC's

John Fredriksen-controlled tanker carrier Frontline has to pay USD 58.8 million to cancel contracts with another Fredriksen company.

John Fredriksen-controlled tanker carrier Frontline has reached an agreement with similarly Fredriksen-controlled Ship Finance International to cancel long-term contracts for three 1999-built VLCC's. The decision is made in an effort to avoid putting the ships through a costly 15-year service check, and Ship Finance has instead sold the three ships to an unnamed third party, says Frontline in a statement on Thursday.

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