Frontline Cancels Tanker Orders

According to a May 28 Associated Press report, Frontline Ltd., which owns and operates one of the world’s largest fleet of crude oil tankers, said Thursday it canceled contracts to construct six new tankers, representing a third of the company’s tanker building program and a contractual cost of $556 million.

The company said it canceled contracts to build four Suezmaxes and two Very Large Crude Carriers (VLCC). Shares of Bermuda-based company climbed $1.06, or 4.7 percent, to $23.88 in morning trading. After the cancellations, the company’s total new-tanker building program amounts to about $1.1 billion, including seven VLCCs and four Suezmax tankers.

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