Frontline, the tanker giant owned by Norwegian shipping magnate John Fredriksen, continues its fleet renewal program by selling its oldest Suezmax tankers, aiming to optimize its tanker fleet structure.
Frontline announced that it reached a sales agreement in April 2026 to sell two Suezmax tankers, built in 2014 and 2015 respectively, to an unrelated third party for a total price of $140 million. After deducting commissions and debt repayment, the transaction is expected to generate approximately $106 million in net cash proceeds and bring Frontline approximately $55 million in revenue in the second quarter of 2026.
Based on 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 in Frontline’s strategy of “monetizing aging assets while adding large, energy-efficient vessels to its fleet.” The company has been extremely active in the secondhand market this year.
In January, Frontline announced the sale of eight first-generation environmentally friendly VLCCs for $831.5 million. These vessels, built between 2015 and 2016, are all scheduled for delivery to their new owners in the first quarter of 2026, generating $477.2 million in net cash proceeds and $210.9 million in revenue for the company.
Meanwhile, Frontline announced the acquisition of nine next-generation, environmentally friendly 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 $737 million in April and May through senior secured revolving loans and term loans.
These newly built VLCCs, equipped with scrubbers, represent a total transaction value of $1.224 billion. All are being built in Chinese shipyards, with Hengli Heavy Industries and Dalian Shipbuilding Industry Corporation (DSIC) building six and three vessels respectively. Seven vessels are scheduled for delivery between the third quarter and the end of 2026, while the eighth and ninth are planned for delivery in the first and second quarters of 2027, respectively.
In addition to optimizing its fleet structure, Frontline has finalized attractive one-year charter contracts for two recently added VLCCs to its fleet, at 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.