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...]