John Fredriksen’s Frontline has confirmed the disposal of its oldest suezmax tanker.
The New York- and Oslo-listed owner said the 2011-built, scrubber-fitted Front Brage has been sold for $36.4m, with delivery due in the third quarter of 2025. After debt repayment, Frontline expects net cash proceeds of $23.7m and a $6m gain from the sale.
The buyer of the 156,500 dwt ship was not disclosed, although shipbrokers have linked the deal to UAE-based Global Marine Services.
The Front Brage is the last of Frontline’s suezmaxes built before 2014. The company has been trimming older units, having sold the Front Thor, a sister vessel, to the UAE’s Grace Energy Shipping last year for about $48m, alongside two other Jiangsu Rongsheng-built ships for a combined $92m.
As of the end of June, Frontline’s fleet numbered 81 vessels with an average age of 7.1 years, including 22 suezmaxes.
Elsewhere in the segment, CMB.TECH, led by the Saverys family, has confirmed the sale of its 2010-built suezmax Sofia for $40.1m. The deal has been tied to India’s Great Eastern Shipping, which recently acknowledged a 2010-built suezmax purchase without naming the ship.
