Cancellation of four VLCC newbuildings at STX Offshore and Shipbuilding has swelled Frontline’s war chest beyond $300m, analysts believe.
Frontline revealed the axe had fallen on the $364.3m quartet on Friday in a move which return over $40m in installments.
Fearnley Securities explains the cash portion of the order would have run to $136.3m, which will now be available for other investments.
This
