Frontline joins the rush for VLCC orders

Frontline joins the rush for VLCC orders

John Fredriksen’s Frontline is being linked with an order at Hyundai Heavy Industries (HHI) for two firm VLCCs. The deal comes with two options and each unit is priced at $80m. Deliveries are scheduled for mid-2019.

Orders for VLCCs have piled in this year on the back of low prices not seen since late 2013. VLCC newbuild contracts are close to being triple the number reported for the whole of last year with Greeks leading the way.

Local Korean rival to HHI, Samsung Heavy Industries is expected to announce shortly that it has accepted an order from Evangelos Marinakis’ Capital Maritime & Trading Corp for four firm plus four options of 320,000 dwt VLCCs. The ships are priced at $81.3m and will also deliver in 2019.

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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