• Home
  • News
  • Trafigura agrees sale of a fleet of Suezmax Tankers to Frontline
  • 2019 August 26 16:35

    Trafigura agrees sale of a fleet of Suezmax Tankers to Frontline

    Trafigura Marine Logistics (“TML”), a wholly-owned subsidiary of Trafigura Pte Ltd (“Trafigura”), has entered into an agreement to sell ten Suezmax tankers built in 2019 to Frontline Ltd., through the sale of a TML special purpose vehicle which holds the vessels. As part of the transaction, options have also been agreed for Frontline to acquire a further four Suezmax tankers built in 2019 through the sale of a second TML special purpose vehicle.

    Transaction consideration to consist of (i) 16,035,856 ordinary shares of Frontline at an agreed price of USD8.00 per share issuable upon signing and (ii) a cash amount ranging from USD538 to USD547 million, payable upon the closing of the transaction.
    Closing of the transaction is targeted as soon as practically possible, with November 15, 2019 being the earliest and March 15, 2020 being the latest expected date.

     To obtain earlier exposure to the vessels, Frontline has agreed to time charter all the ten vessels from Trafigura until closing of the transaction at a daily rate of approximately USD23,000.

     Frontline has also agreed to charter five of the vessels back to Trafigura on three year time charters at a daily base rate of USD28,400 with a 50 percent profit share above the base rate.

     Following the closing of the transaction, Trafigura will own approximately 8.48 percent of the ordinary shares of Frontline.

     Frontline has two separate options to acquire two plus two additional Suezmax tankers that expire on September 12, 2019 and September 24, 2019. The second option will expire if the first option is not validly exercised. The transaction structure for the four optional vessels will be similar to that of the ten firm vessels. The number of ordinary shares to be issued if one or both of the options are exercised will be based on the volume weighted average trading price of Frontline’s ordinary shares on the NYSE over the 20 days prior to the option exercise date. All four option vessels are 2019 Chinese built and fitted with exhaust gas cleaning systems.




2022 July 6

12:01 Concordia Maritime sells the P-MAX vessel Stena Paris
11:39 MV Kholmogory to deliver first batch of cement to Kaliningrad
11:34 Germany prepares Uniper bailout - Handelsblatt
11:12 OPEC secretary-general is dead, Nigerian officials announce - AP
11:03 CMA CGM to implement Bunker Recovery Adjustment Factor to all West African ports
10:51 Krasnoye Sormovo shipyard delivers dry cargo carrier of Project RSD59 Sergey Volkov to GTLK
10:27 ECOWAS lifts sanctions against Mali
10:10 Novorossiysk Court orders Caspian Pipeline Consortium to suspend its activities for 30 days
09:55 TT Club highlights long-term changes to supply chain risk profiles
09:22 Throughput of port Kavkaz in H1’2022 fell by 26% Y-o-Y
09:08 MABUX: Global bunker prices to decline sharply on Jul 06
08:44 Turkey to try to reach outcome on grain corridor with Russia, Ukraine soon - Daily Sabah
08:13 The EU isn’t yet equipped to receive enough LNG to replace Russian gas entirely - Bloomberg

2022 July 5

19:44 Termination of oil and gas supplies to Japan from Russia is possible – Deputy Chairman of the Security Council of the RF
18:23 Norled accepts delivery of second newbuild zero-emission battery-powered Ropax Ferry from Sembcorp Marine
17:56 BAM and Transsib failed to deliver 70 million tonnes of cargo in 2021 - Yury Trutnev
17:31 DNV recognizes Arcadia Shipmanagement’s Aegean Myth as the first verified SEEMP III vessel
17:11 Wartsila supplies battery to Pivot Power as part of cutting-edge Energy Superhub Oxford project
16:53 Lotos Shipyard launches first self-propelled dredger of Project 93.159
16:24 Russia may ramp up its gas supplies to Asian markets to a level close to its exports to EU in a decade - IEA
16:17 Siemens Gamesa secures deal to supply 75 MW for South Korea’s third largest wind farm
15:33 DeloPorts completed full repayment of bond issue for RUB 3.5 billion
15:11 TAQA, Heerema, and AF Offshore Decom completed decommissioning project in Brae Field
15:04 ABP launches 1m sq ft development site at Port of Grimsby
14:52 Edda Wind appoints new COO
14:21 APM Terminals takes the next step on its strategic journey
14:05 Bunker sales at Vladivostok port in H1’2022 fell by 25% YoY
13:46 Throughput of Azov port in H1’2022 fell by 18% YoY
13:28 Strike affecting Equinor-operated fields on the Norwegian continental shelf
13:19 Ulstein's trawler design for Bluewild is one of three nominees for innovation award
12:41 New quayside unveiled at Port of Nigg
12:17 DEME announcement of the Member State of origin
11:51 Vladimir Potanin: we are ready to discuss merger of Nornickel and Rusal
11:29 MPCC placed orders for two carbon-neutral 1,300 TEU newbuildings
10:56 RZD Logistics launches new railway container service on eastern branch of North-South ITC
10:18 HHLA and Eurogate make joint declaration on cooperation talks
09:57 Russian Maritime Register of Shipping supports Ship Repair, Modernization and Components Conference
09:35 Russia’s internal container traffic in H1’2022 rose by 5.1% YoY
09:14 MABUX: Upward changes to continue on Global bunker on Jul 05

2022 July 4

18:22 Vestas pioneers world’s first hydrogen-powered offshore service vessel
17:59 Plans on modernization of BAM and Transsib are outdated - Yury Trutnev
17:53 MARIN to have new defense department with Pepijn de Jong as manager
17:28 World's largest civilian hospital ship in port in Senegal
16:47 Programme on development of diesel engines manufacture to cover domestic demand in full - Mikhail Mishustin
16:29 ClassNK releases latest “PrimeShip-PSC Intelligence” mobile application
15:56 Sovcomflot shareholders decide not to allocate payment of dividends
15:34 TGS named successful bidder in the auction process for ION assets
15:34 Vestas secures 266 MW order in the USA
15:18 Saudi Global Ports awards contract for future-ready quay cranes to Shanghai ZPMC
15:00 Berth in Ugolniye Kopi is 50% complete — Chukotka Governor
14:39 Fire at Mongstad extinguished - Equinor
14:21 ClassNK releases comprehensively revised structural rules
14:10 ASCO's ferry Professor Gul returns to operation after overhaul
13:47 Petrofac and Hitachi Energy to collaborate in growing offshore wind market
13:34 Fishery Shipowners Association President Aleksey Osintsev to speak at Ship Repair, Modernization and Components Conference
13:17 Boskalis expands presence in the US with opening of new offshore renewables office in Providence, Rhode island
12:55 Amur Shipyard lays down corvette Bystry of Project 20385
12:33 BPA's statistics review shows three-month port traffic was up 7.3% to 111.8 million tonnes
12:19 Brisbane offers world-class facilities as it joins global cruise revival
12:03 Eidesvik Offshore ASA appoints new CFO