front duke vlcc supertanker frontline

Fredriksen Reduces Ownership in Frontline

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February 3, 2014

The VLCC “Front Duke”, file image (c) Frontline Tankers

reuters logoOSLO, Feb 3 (Reuters) – Oil tanker operator Frontline sold 8.8 million new shares in January as part of an equity distribution agreement with Morgan Stanley that allows the firm to sell new shares for up to $100 million in an at-the-market offering, it said on Monday.

After the sale, Frontline had 95.3 million shares on issue.

Shipping tycoon John Fredriksen’s shareholding in the company has been reduced to 27.6 percent as part of the deal, the firm said. (Reporting by Balazs Koranyi, editing by Terje Solsvik)

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