John Fredriksen’s Frontline has confirmed it is the seller of six MR product tankers bought last week by Ardmore Shipping.
The vessels were reported sold last Thursday for a combined price of $172.5m, and will be delivered to the buyer during September and October this year.
“We are pleased to have completed this transaction, which leaves Frontline with a focused crude oil tanker fleet comprised of VLCCs, suezmax tankers and LR2 tanker,” Robert Hvide Macleod, CEO of Frontline Management, said in a filing today.
“Our primary exposure and growth focus is towards the crude tanker market, and our LR2 tankers can be deployed in both the crude oil and refined product trades, leaving us with attractive optionality.”
Frontline’s fleet now includes just three MR product tankers, which are all chartered-in on short-term contracts.
The acquisition will expand Ireland-based Ardmore’s fleet to 28 vessels, or by approximately 32% on a tonnage basis.