Frontline announces VLCC sale for USD91.2m, enters time charter

http://www.tradingmarkets.com/news/stock-alert/fro_frontline-announces-vlcc-sale-for-usd91-2m-enters-time-charter-1398110.html

3 January 2011 - Oslo-listed tanker operator Frontline Ltd (OSL: FRO | PowerRating) announced today an agreement to sell a very large crude carrier (VLCC) for USD91.2m and then charter back the ship for two years at a daily rate of USD35,000.

The 2006-built vessel Front Shanghai will be delivered to its new owner, whose name was not disclosed, in the second half of January. The time charter will start at the same time.

(EUR1 = USD1.3)

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