Frontline announces termination of charter-in contracts of VLCC duo
Compensation payment to SFL for charters termination will total some $4.5 million
Frontline Ltd. on Apr 1 announced that Frontline Shipping Limited (“FSL”) has agreed with SFL Corporation Ltd. (“SFL”) to terminate the long term charters for the 2004-built very large crude carriers (“VLCCs”) Front Force and Front Energy upon the sale and delivery of the vessels by SFL to an unrelated third party.
Frontline has agreed to a total compensation payment to SFL of approximately $4.5 million for the termination of the current charters. The charters with SFL are expected to terminate in the second quarter of 2022.
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