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Fredriksen eliminates final obstacle for tanker giant

Frontline confirms in a brief statement Wednesday that the carrier has paid the remains of a bond loan that is considered the final obstacle ahead of the potential creation of new listed tanker carrier.

John Fredriksen-controlled tanker carrier Frontline, which is listed in New York, has now cleared the final obstacle ahead of a potential merger with Frontline 2012, listed on the OTC exchange in Oslo.

In a brief statement from Bermuda-based Frontline, the company confirms that it has paid the remaining USD 93.4 million of a convertible bond loan that originally totaled USD 225 million. The loan has been seen as the final obstacle ahead of a merger between the two Fredriksen-controlled companies into a new stock-listed tanker giant at a time when the tanker market is booming at a level not seen in many years.

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