Nordic Business Report-August 15, 2006-Frontline Ltd sells its holding in General Maritime Corporation
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The Norwegian tanker shipping company Frontline Ltd said on Tuesday (15 August) that it had sold its entire holding of 3,860,000 shares in General Maritime Corporation to World Wide Shipping for USD40 per share.
Frontline will record a gain of some USD9.7m in the third quarter as a result of the sale.
Frontline had also recorded dividend income on the same investment of some USD13.3m.
In addition Frontline announced that it intends to firmly declare four further newbuilding Suezmax orders from Jiangsu Rongsheng Heavy Industries Group Co Ltd in China.
The vessels will be delivered in 2009.
One US dollar (USD) is worth approximately 0.54 British pounds (GBP).
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