Deals are being struck left, right and centre at this year’s Posidonia, and unsurprisingly one of the biggest names of all has come to the buying party. Brokers confirm John Fredriksen’s Frontline has swooped for four Metrostar Management resale VLCCs (Crude Hope, Crude Horn, Crude Med and Crude Progress), paying $85m each for the quartet. The Hyundai Heavy Industries vessels deliver this year and next.
Metrostar is taking a hit on the sales, having paid $95m each for them when ordered last year.
Fredriksen has been very active building up his VLCC fleet in the first half of the year, both with secondhand and newbuild purchases.