by Terje Solsvik (Reuters) - Crude oil tanker firm Frontline declared its first dividend in more than two years on Wednesday and said it plans to increase the payout in the fourth quarter as shipping rates continue to rise. The third-quarter dividend of $0.10 per share, its first since early 2017, follows a period of debt repayment and investment in vessels, as well as in … [Read more...]
Trafigura’s Big Bet on Shipping Pays Off With Frontline Deal
By Andy Hoffman (Bloomberg) -- Commodities trader Trafigura Group Pte Ltd.’s big bet on shipping paid off as it agreed on a tanker sale that will give it much-needed cash and a stake in one of the world’s largest oil-freight firms. Frontline Ltd., the Oslo-based oil tanker company backed by billionaire John Fredriksen, will buy 10 newly built Suezmax tankers from Trafigura. … [Read more...]
Trafigura Takes Stake in Frontline
By Victoria Klesty and Terje Solsvik OSLO, Aug 23 (Reuters) - Frontline has agreed to buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million which will make the Geneva-based trading firm the group's second biggest shareholder. Under the terms of the deal Trafigura will take an 8.5% stake in Frontline valued at $128 million, and will … [Read more...]
Low Sulphur Fuel Giant Planned for Launch
OSLO, Aug 13 (Reuters) - Commodities trader Trafigura is joining forces with shipping firms Frontline and Golden Ocean to supply marine fuel ahead of a shake up in regulation which could disrupt delivery and cause prices to spike. The three companies said on Tuesday the joint venture is expected to start operating in the third quarter, subject to agreement on final … [Read more...]
Frontline Drops DHT Pursuit and Steers Away from Deals
By Ole Petter Skonnord OSLO, June 26 (Reuters) - Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 … [Read more...]