Frontline is to repay loans from major shareholder John Fredriksen as it refinances 24 of its tankers.

The Oslo-listed shipowner will also use cash from recent vessel sales to clear funding arranged with the tycoon to part-finance the $2.35bn acquisition of 24 VLCCs from Euronav last year.

Frontline said in its fourth-quarter report that it is in the process of refinancing eight suezmax tankers and 16 LR2s in deals worth around $900m.