John Fredriksen’s Frontline and Trafigura subsidiary Trafigura Maritime Logistics (TML) have agreed to extend an option for Frontline to acquire two Chinese-built suezmax tankers, from September 12 to September 18.
The options are part of a deal reached between the two companies last month which will see Frontline acquire up to 14 suezmaxes. Frontline has agreed to acquire 10 new Korean-built suezmax tankers, and has a further two options each for two additional Chinese-built suezmaxes.
The initial 10-vessel deal is being paid in a mix of cash plus shares and will see Trafigura will own a stake of around 8.48% of Frontline.
