John Fredriksen’s Frontline has confirmed the cancellation of a quartet of VLCC newbuildings at STX Offshore & Shipbuilding.
Oslo-listed Frontline had handed over $45.5m of the $364.3m contract cost, of which all bar $500,000 will now be returned to the shipowner.
In a statement today, Frontline suggested the cash will be redirected towards further growth.
“The company believes the market will continue to present attractive opportunities, and we will assess on-the-water and resale assets, which are at historically low prices,” it said.
“Frontline's
