Frontline Ltd. (Frontline) today announced that Frontline Shipping Limited (FSL) has agreed with SFL Corporation Ltd. (SFL) to terminate the long term charters for the 2004-built very large crude carriers (VLCCs) Front Force and Front Energy upon the sale and delivery of the vessels by SFL to an unrelated third party.
Frontline has agreed to a total compensation payment to SFL of approximately $4.5 million for the termination of the current charters.
The charters with SFL are expected to terminate in the second quarter of 2022.
Source: Frontline