{"id":33913,"date":"2023-05-31T20:23:02","date_gmt":"2023-05-31T17:23:02","guid":{"rendered":"https:\/\/www.al-sindbad.net\/frontline-offloads-suezmax-for-44-5m\/33913\/"},"modified":"2023-05-31T20:23:02","modified_gmt":"2023-05-31T17:23:02","slug":"frontline-offloads-suezmax-for-44-5m","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/frontline-offloads-suezmax-for-44-5m\/33913\/","title":{"rendered":"Frontline offloads suezmax for $44.5m"},"content":{"rendered":"<p><\/p>\n<div class=\"entry-content entry clearfix\">\n<div class=\"mailmunch-forms-before-post\" style=\"display: none !important;\"><\/div>\n<p>John Frederiksen\u2019s Frontline has sold its 2010-built suezmax tanker,<br \/>\n\t\t\t<span style=\"color:#00adeb;\" class=\"mt_tooltip\" data-mturl=\"\/en\/ais\/details\/ships\/shipid:689754\/mmsi:538009041\/vessel:689754\" data-info=\"FRONT NJORD [MH]\" data-photourl=\"https:\/\/www.al-sindbad.net\/file\/2023\/05\/Frontline-offloads-suezmax-for-445m.aspx.jpeg\" data-assetname=\"9408205\" data-assettype=\"IMO number\">Front Njord<\/span> to an unnamed buyer for $44.5m.<\/p>\n<p>The 156,000 dwt vessel, online pricing platform VesselsValue lists as worth $40.7m, is expected to change hands in the second quarter of 2023.\u00a0<\/p>\n<p>Cyprus-based Frontline, which logged its highest first-quarter profit since 2008 of $199.6m, said the deal should generate net cash proceeds of about $28.2m after repayment of existing debt, with a $9.4m gain on sale to be recorded in the second quarter of this year.<\/p>\n<div class=\"mailmunch-forms-in-post-middle\" style=\"display: none !important;\"><\/div>\n<p>The New York- and Oslo-listed company recently secured $129.4m \u201cat attractive terms\u201d to refinance an existing loan maturing in August with a total balloon payment of $80.1m. The expected net cash proceeds from the refinancing and from the sale of <em>Front Njord<\/em> should be used to partially repay Frontline\u2019s $275m senior unsecured revolving credit.<\/p>\n<p>In January, Frontline also sold the 2009-built suezmax <em>Front Balder<\/em> for $39.5m. As of the end of March, it had a fleet of 69 ships, of which 26 suezmaxes.<\/p>\n<div class=\"mailmunch-forms-after-post\" style=\"display: none !important;\"><\/div>\n<div class=\"stream-item stream-item-below-post-content\">\n<div class=\"stream-item-size\" style=\"\">\n\t    <!-- \/91333190\/SPLASH247_*_Splash247_Article_*_Strip_Slot_*_2 --><\/p>\n<div id=\"div-gpt-ad-1_95_0_1_2\">\n<script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });\n<\/script>\n<\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"post-bottom-meta post-bottom-tags post-tags-modern\">\n<div class=\"post-bottom-meta-title\"><span class=\"tie-icon-tags\" aria-hidden=\"true\"><\/span> Tags<\/div>\n<p><span class=\"tagcloud\"><a href=\"https:\/\/splash247.com\/tag\/cyprus\/\" rel=\"tag\">Cyprus<\/a> <a href=\"https:\/\/splash247.com\/tag\/fredriksen-group\/\" rel=\"tag\">Fredriksen Group<\/a> <a href=\"https:\/\/splash247.com\/tag\/norway\/\" rel=\"tag\">Norway<\/a><\/span><\/div>\n<\/p><\/div>\n<p>splash247<\/p>\n","protected":false},"excerpt":{"rendered":"<p>John Frederiksen\u2019s Frontline has sold its 2010-built suezmax tanker, Front Njord to an unnamed buyer for $44.5m. The 156,000 dwt vessel, online pricing platform VesselsValue lists as worth $40.7m, is expected to change hands in the second quarter of 2023.\u00a0 Cyprus-based Frontline, which logged its highest first-quarter profit since 2008 of $199.6m, said the deal &hellip;<\/p>\n","protected":false},"author":1,"featured_media":33914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":["post-33913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tanker-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/33913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=33913"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/33913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/33914"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=33913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=33913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=33913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}