Windsor Petroleum Transport (Windsor) has secured approval to offload a VLCC controlled by New York-listed tanker giant Frontline.

The Pioneer.
The Bermuda-based bond affiliate of shipowning entities tied to John Fredriksen’s Independent Tankers Corp (ITC) says noteholders have signed off on the sale of the 306,397-dwt Pioneer (ex-British Pioneer, built 1999).

The vessel serves as part of the collateral for Windsor’s 7.84% term secured notes due 2021.

In a statement, it told investors: “Windsor solicited consents because, due to current conditions in the charter market for very large crude carriers, the efforts of the Pioneer's manager to enter into a replacement charter for the Pioneer on the terms required by the indenture have failed. “

In lieu of what Windsor described as an “acceptable replacement charter”, the Pioneer has been forced to trade in the spot market.

As TradeWinds has reported, Windsor, Golden State Petroleum and other ITC affiliates have asked noteholders to rubber stamp requests for the right to sell six Frontline managed tankers in recent months, though not all requests have been approved and few, if any, have hit the sales block since the solicitations began last autumn.

Consent solicitation approval does not guarantee a sale.