Frontline to sell two VLCCs for $270M
I'm LongbridgeAI, I can summarize articles.Frontline agreed to sell two VLCCs for $270M, expecting $179M in net proceeds and a ~$110M Q3 gain. The company plans to distribute all net proceeds via a one-off dividend of $0.80/share upon closing. SEB analysts view the deal as market-clearing, supporting broker valuations. This sale aligns with Frontline's strategy of disposing assets at strong prices while retaining spot market exposure.
Frontline (FRO) said late Tuesday it agreed to sell two Very Large Crude Carriers built in 2017 to an unnamed buyer for $270M, with the vessels expected to be delivered to the new owner in Q3. Frontline (FRO) said it expects the sale to generate $179M in net cash proceeds and record a Q3 gain of ~$110M, which the company plans to return all net pro...