Frontline has agreed to buy 10 Suezmax oil tankers from Trafigura [TRAFGF.UL] in...
) has agreed to buy 10 Suezmax oil tankers from Trafigura [TRAFGF.UL] in a cash and share deal worth up to $675 million which will make the Geneva-based trading firm the group’s second biggest shareholder.
The agreement will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its future dividends, the Oslo-listed tanker operator said. “The price is reasonable, and they are with scrubbers so ... I think it’s cheap,” Frontline Chief Executive Robert Hvide Macleod told Reuters. “The market is about to firm considerably so I think the timing is good.”
At a price of about $66.5 million to $67.4 million per vessel based on Thursday’s Frontline closing price, the deal is in line with current market values, according to an Arctic Securities research note. The cash boost will also help the trading firm reduce its debt profile as the end of its financial year on Sept. 30 approaches.
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