Presentation

Frontline traces its origins back to Frontline AB, which was founded in 1985 and listed on the Stockholm Stock Exchange in 1989. In 1996, Hemen Holding Limited, a company controlled by trusts established by Mr. John Fredriksen, became majority shareholder in Frontline AB. Hemen is still the largest shareholder in today’s Frontline Ltd., which is dual-listed in Oslo and New York.

Frontline’s current fleet consists of 70 vessels, of which 21 are VLCCs, 27 suezmaxes, and 22 LR2s. The company’s modern fleet has an average age of 4.5 years, and a total capacity of ~12.3 million dwt.

Being active in the first half of 2021, Frontline entered into agreements for acquiring eight ECO-type VLCCs. Two VLCCs are expected for delivery in Q4’21, five in 2022, and the last one is to be delivered in Q1’23. The total purchasing price for the eight vessels is USD 746m. The acquisitions will improve the fleet’s annual efficiency ratio (AER) further, which already is below the industry average in all of Frontline’s segments.