Frontline raising $100m for fleet growth

John Fredriksen’s Frontline is raising $100m with a new share offering directed at institutional investors, which it says will be used for funding growth opportunities through vessel acquisitions.

Frontline has mandated Arctic Securities and Arctic Securities to assist in the offering, guaranteed by Fredriksen’s Hemen Holdings which holds a 52% stake in the tanker owner.

A total of 13,422,819 new shares will be issued at a price of $7.45 each.

Frontline’s last vessel acquisition was in June, a deal for four VLCCs from Metrostar Management under construction at Hyundai Heavy Industries. The company paid $338m for the quartet and then in October went on to cancel four VLCCs it had on order at STX Offshore & Shipbuilding at a combined price of $364.3m.


Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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