Frontline finances Trafigura suezmaxes with $544m Chinese leaseback deal

Macleod R_frontline

Frontline has agreed a deal with China’s ICBC Financial Leasing for the sale-and-leaseback of ten suezmaxes it has acquired from Trafigura in a cash plus shares deal, announced in August.

The financing deal with ICBC is worth up to USD 544m, covering the cash portion of the deal with Trafigura .

The lease’s duration is 7 years and includes purchase options throughout the charter and a purchase obligation at the end.

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