John Fredriksen-controlled Frontline has completed its acquisition of 10 suezmaxes from trader and owner Trafigura.
The Oslo-listed company said on Monday that it had closed the transaction with subsidiary Trafigura Maritime Logistics.
It had signalled the deal was close to being finalised last week when it sealed finance for the 2019-built vessels.
This comprised a $544m sale-and-leaseback agreement with China's ICBC Leasing (ICBCL).
The financing is for seven years at interest of Libor plus 2.3%.
Frontline has purchase options throughout the term, and must buy back the vessels at the end.
10 ships not 14
Based on Frontline’s estimates, the financing will reduce the break-even level of those vessels by at least $2,500 per day.
Frontline had agreed last year to pay between $538m and $547m in cash for up to 14 2019-built ships, in addition to issuing 16m new shares to Trafigura at $8 each. But it decided not to acquire the other four.
The company remains in the game if the right fleet expansion deal emerges, it said last month.
Chief executive Robert Hvide Macleod told analysts that, despite high asset prices and uncertain markets, the company "has certainly not turned off the light" in terms of new deals.
"We are always monitoring things," he said.
"We are more on the sideline than we were a couple of months ago, but if there is a deal out there, we are still there."
In its fourth quarter results, Frontline revealed new financing worth $62.5m as it also lined up further funding for tankers under construction.
The owner said it had secured a commitment from French lender Credit Agricole for a senior secured term loan worth up to $62.5m.
This will part-finance its VLCC resale under construction at Hyundai Samho Heavy Industries in South Korea.
The 300,000-dwt Front Dynamic is due in May.
The debt matures over five years after delivery and carries interest of Libor plus 1.9%.
The company remains in talks with banks to finance the four LR2 newbuildings to be delivered in 2021 and 2022 from China's Shanghai Waigaoqiao Shipbuilding.
