John Fredriksen-led Frontline had $87.9m to pay on the 157,000-dwt tankers which were officially due for delivery this summer.
With the previous payments on these ships transferred to the substitute vessels, Frontline has saved $4.9m in a move which has been applauded by analysts.
Bjorn Kristian Roed of Danske Bank says the suezmax swap is encouraging as Frontline has long faced difficulties with a convertible bond payment due next year.
Roed
