Frontline makes further scrubber investments

Nov 03 2018

Frontline has ordered exhaust gas cleaning systems (EGCS) for a further 12 vessels from Feen Marine Scrubbers (FMSI).

This follows the company's original commitment to order six EGCS with additional fixed price options from FMSI and its acquisition of a 20% ownership interest in FMSI in June, 2018.

In total, Frontline has thus far committed to install 20 EGCS, including two EGCS being installed on the newbuilding VLCCs ‘Front Discovery’ and ‘Front Defender’.

In addition, Frontline announced that it has extended the terms of its senior unsecured revolving credit facility of up to $275 mill with an affiliate of Hemen Holding by 12 months to November, 2020.

Robert Hvide Macleod, Frontline Management CEO, said: "Backed by the ongoing commitment and support from Frontline's largest shareholder, we have taken significant steps to modernise our fleet, decreasing the average age of our owned vessels to 4.7 years. 

“Following the committed installations, over 40% of our owned fleet will be equipped with scrubbers. Notably, the majority of these installations will be performed prior to 2020, when new sulfur emissions compliance requirements go into effect.  Further installations will be considered, and we are uniquely positioned to access scrubber capacity from Feen Marine. We believe our actions will position the Company to generate significant earnings for our shareholders."


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