COSCO delivers tanker to Europe
COSCO Zhoushan, a subsidiary of COSCO Shipyard Group, has delivered a 111,000DWT oil tanker to a European buyer, Frontline.
The LR2 ‘Front Jaguar’ vessel measures 252 metres in length, 44 metres in breadth and 21.3 metres in depth.
Frontline recently sold off its six medium range tankers for US$172.5 million in order to focus on the crude oil market. “We are pleased to have completed this transaction, which leaves Frontline with a focused crude oil tanker fleet comprised of VLCCs, Suezmax tankers and LR2 tankers,” Robert Hvide Macleod, chief executive officer of Frontline Management said at the time.
“Our primary exposure and growth focus is towards the crude tanker market, and our LR2 tankers can be deployed in both the crude oil and refined product trades, leaving us with attractive optionality.”