Frontline has disposed of the second of its three oldest suezmaxes — all of which are named after Norse gods — in a deal that leaves one as an expected sales candidate.
The New York and Oslo-listed tanker owner, one of the companies in the stable of Norwegian-born shipping tycoon John Fredriksen, said it sold the 156,000-dwt Front Loki (built 2010) for a net sale price of $46.9m.
The deal was disclosed in the footnotes of the Oslo-headquartered company’s annual report to the US Securities and Exchange Commission.
The ship will be delivered to its new owner in the second quarter, which ends at the close of June. Frontline offered no information on the buyer, but a US shipbroker said the deal was purchased by a Norwegian KS — a form of limited partnership used for private equity investments in ships.
The Front Loki, named for the Norse god of mischief who is also a Marvel comic book antihero, was built at China’s Jiangsu Rongsheng Heavy Industries and has a scrubber installed.
Frontline also confirmed that it sold the 156,000-dwt Front Odin (built 2010) for a net sale price of $45m in January.
It is a sister ship to the Front Loki.
The Front Odin is now in the fleet of Greece’s NGM Energy, a Piraeus-based outfit controlled by the Moundreas family, under the new name Gem.
TradeWinds reported in February that the ship changed hands for a gross sale price of $45.5m.
The deals leave just one suezmax named after a member of the mythological Asgardian royal family — and the only one named after an official member of the Avengers — in the fleet of Frontline.
VesselsValue estimates that the 156,000-dwt Front Thor (built 2010) is worth $46.5m.
All three vessels have seen their values increase since Russia launched its invasion of Ukraine — leading to a reshaping of trade lanes that has favoured suezmaxes.
The Front Thor, for example, was worth just $22.4m in early February 2022.
The suezmax sales were expected after Frontline sold its five oldest VLCCs in January in a deal with Sinokor Merchant Marine of South Korea.
