Fredriksen expands tanker fleet with more newbuildings

Listed carrier Frontline acquires newbuildings with options for more from Korean Hyundai during a time with historically low prices in relation to the earning potential, says the CEO of the carrier.

Photo: Frontline

The John Fredriksen-controlled tanker carrier Frontline has acquired two VLCC newbuildings under construction at Korea's Hyundai Heavy Industries for a price of USD 84 million each. The two vessels are scheduled for delivery in September and November, Frontline writes in a brief to the stock exchange.

The carrier has options on another two sister vessels with delivery in January and March 2017 priced at USD 85 million each.

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