Fredriksen pumps $275m into Frontline

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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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