Frontline is continuing a string of redeliveries of chartered tankers by adding a third medium-range products carrier to the list.
A Securities and Exchange Commission (SEC) filing shows that the clearout of chartered tonnage will leave the John Fredriksen-backed tanker owner with just one ship in its fleet chartered from companies other than affiliate Ship Finance International.
The 50,900-dwt Miss Marina (built 2011), an MR chemical and products tanker, will be handed back to Italy's Perseveranza di Navigazione in the second quarter of this year.
January redeliveries
In January, Frontline redelivered the same shipowner's 50,700-dwt Miss Benedetta (built 2012).
It also handed the 51,000-dwt Gold Point (built 2011) to Italian owner Pietro Barbaro at the end of a one-year charter.
The redeliveries cement Frontline's complete exit from the MR products tanker sector after the company sold six owned vessels to Ardmore Shipping in June.
The company is planning to redeliver the 299,000-dwt Front Commodore (built 2000) in the second quarter after handing back two other VLCCs and two suezmaxes in January.
Frontline's last remaining ship chartered from outside the Fredriksen group is the Chandris Group's 321,000-dwt Oceanis (built 2011), which Frontline is scheduled to keep until at least November.
Shared profit and loss
But the deal has a provision that shares both profits and losses from the VLCC
Frontline has 10 tankers chartered from Ship Finance International, another Fredriksen-backed company.
