Frontline 2012 plans newbuildings, raises $310mln
Frontline 2012 Ltd. (Frontline 2012) says it has raised $310 million and plans to use part of the money to finance newbuilding contracts, Ship & Bunker reports.
The company said it will use some of the funding for four Capesize newbuildings and four very large gas carrier (VLGC) newbuildings, which are already under contract.
The available funding also "leaves capacity for significant further contracts which are currently at an advanced negotiating stage or can be exercised through existing option agreements," the company said.
The private placement involved 59 million new ordinary shares and was "significantly oversubscribed."
Frontline 2012, a Bermuda-based company formed as part of a reorganization by tanker operator Frontline Ltd., said last month that it may cancel orders for five very large crude carriers (VLCCs) and focus on more modern, fuel-efficient vessels.
