Frontline Plc Announces Strategic Fleet Renewal Initiative, Sells Eight VLCCs for $831.5mln and Acquires Nine New Scrubber-Fitted ECO VLCC Contracts for $1,224.0mln.

Frontline has entered into an agreement to sell eight of its oldest VLCCs for $831.5 million and acquire nine latest generation scrubber-fitted ECO VLCC newbuilding contracts for $1,224.0 million. The transactions are expected to generate net cash proceeds of approximately $486.0 million and record a gain of $217.4 million to $226.7 million. The new fleet composition will comprise of 81 vessels, including 42 VLCCs, 21 Suezmax tankers, and 18 LR2/Aframax tankers.