Frontline, the oil tanker giant owned by Norwegian shipping magnate John Fredriksen, is continuing to advance its fleet renewal plan by selling the oldest Suezmax tankers in its fleet, with the aim of optimizing the structure of its tanker fleet.
Frontline announced that it reached a ship sale agreement in April 2026 to sell two Suezmax tankers, built in 2014 and 2015 respectively, to an unrelated third party for a total consideration of $140 million. After deducting commissions and repaying debt, the transaction is expected to generate a net cash proceeds of approximately $106 million and contribute approximately $55 million in revenue to Frontline in the second quarter of 2026.
According to further information from the shipbroker, the buyer that struck a deal with Frontline is the Greek shipowner Silk Searoad Maritime, which has acquired the “Front Ull” (built in 2014) and the “Front Idun” (built in 2015), both Suezmax tankers.
This asset disposal is the latest move by Frontline to implement its strategy of “monetizing older assets while adding large, energy-efficient vessels to its fleet.” The company has been extremely active in the second-hand ship market this year.
In January, Frontline announced the sale of eight first-generation eco-friendly VLCCs, built between 2015 and 2016, for $831.5 million. All vessels were delivered to their new owners in the first quarter of 2026, generating $477.2 million in net cash proceeds and a gain of $210.9 million for the company.
Meanwhile, Frontline announced the acquisition of nine new-generation, environmentally friendly Very Large Crude Carriers (VLCCs) from an affiliate of its largest shareholder, Hemen Holding (the investment platform of the John Fredriksen family). To support this acquisition, the company secured financing commitments totaling up to $737 million in April and May through the arrangement of senior secured revolving and term loans.
The new VLCCs are equipped with scrubbers. The total transaction value is $1.224 billion, and all vessels are being built at Chinese shipyards, with Hengli Heavy Industries and Dalian Shipbuilding Industry Corporation (DSIC) constructing six and three vessels, respectively. Seven of the vessels are scheduled for delivery between the third quarter and the end of 2026, while the eighth and ninth are scheduled for delivery in the first and second quarters of 2027, respectively.
In addition to optimizing its fleet structure, Frontline has secured attractive one-year charter contracts for two VLCCs recently added to its fleet, with a daily rate of $110,000, effective immediately upon delivery.
As of the end of March 2026, Frontline’s fleet comprised 72 vessels, including 33 VLCCs, 21 Suezmax tankers, and 18 LR2/Aframax tankers. Following the acquisition of nine new VLCCs and the sale of two Suezmax tankers, the company’s fleet will increase to 79 vessels with a total capacity of approximately 17.6 million deadweight tons.