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OXY - Frontline Lucks Out By U.S. Sanctions On COSCO Shipping
Occidental Petroleum Corporation
Frontline Ltd. (“Frontline”) (NYSE:FRO) is a world leader in the international seaborne transportation of crude oil. On August 23, 2019, the company announced that it had agreed to acquire ten Korean 2019-built Suezmax tankers from Trafigura. To gain earlier exposure to shipping rates, Frontline agreed to time charter all the ten vessels from Trafigura until closing of the acquisition at a daily rate of approximately USD 23,000.
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented: “The structure of the transaction creates an immediate impact to our earnings at a