EuropeFinance and InsuranceTankers
Fredriksen pumps $275m into Frontline
John Fredriksen has stumped up $275m of his own cash as a loan for Frontline for its newbuilding program in China.
Fredriksen’s family firm Hemen Holding is providing the loan, which will go towards eight ships being built in the People’s Republic. China Exim Bank has also committed $328.4m in loans for the series of product tankers.
Inger Klemp, Frontline’s cfo, commented: “Based on cash on hand, committed and assumed debt financing we are confident that the current newbuilding program will be fully funded, as well as leaving flexibility for further growth.”