John Fredriksen’s Frontline is close to securing financing for its newbuilding programme as it announced a fall in second quarter profit.
The Oslo-listed tanker player has revealed it could soon clinch $868m in new loans.
Some of the cash is already committed. It has agreed another $324.6m facility with China Exim Bank this month, with expiry in 2033.
The loan is insured by SinoSure and will part-finance eight newbuildings: four suezmax tankers and four LR2s.
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