November 7, 2016 / 1:08 PM / a year ago

BRIEF-Frontline terminates Front Century contract, will pay $4 mln

Nov 7 (Reuters) - Frontline Ltd

* Termination of charter-in contract of Front Century

* Frontline has agreed a compensation payment to Ship Finance of approximately $4 million for termination of current charter

* Following this termination, number of vessels on charter from Ship Finance will be reduced to 12 vessels, including 10 vlccs and two suezmax tankers

* We expect vessel to cease operating as a conventional tanker and charter with Ship Finance will terminate in q1 of 2017

* ”Fleet renewal is an important part of Frontline’s long-term strategy, due to the fact that older vessels are becoming increasingly difficult to trade“ said Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS.” Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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