John Fredriksen’s Frontline confirmed on Friday the sale of its five oldest VLCCs for a price that turns out to be $58m a copy.
Frontline did not identify the buyer, but TradeWinds reported on Monday that it is likely to be South Korea’s Sinokor Merchant Marine.
In its announcement, Frontline focused on the benefits to the seller, saying it is monetising older assets at a strong price while reducing the age of its fleet.
