d896008_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of: June 2008
Commission
File Number: 001-16601
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Frontline
Ltd.
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(Translation
of registrant’s name into English)
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Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Frontline Ltd. (the “Company”)
dated June 24, 2008, announcing the Company’s acquisition of five vessels and
chartering-in of five vessels.
Exhibit
1
FRO
– Acquisition of vessels and time charter contracts
Frontline
Ltd. (the "Company" or "Frontline") (NYSE:FRO) is pleased to announce the
acquisition of five double hull Suezmax tankers en bloc from Top Ships Inc. at a
purchase price of $240 million. The vessels are built in the period 1992
to1996, and will be delivered in the period June 2008 to August
2008.
Frontline
is also pleased to announce the agreement to take five double hull Suezmax
tankers on time charter from Eigir Shipping for the balance period of existing
charters, all with delivery June/August 2008 and redelivery November 2009/April
2010. The vessels are built in the period 1999 to 2006.
The
acquisitions and chartering-in of the vessels will contribute to further
consolidation in the suezmax market. This also confirms Frontline’s regained
position as the world’s largest operator and owner of double hull Suezmax
tonnage in addition to its position as the world’s largest independent operator
and owner of double hull VLCC tonnage.
Frontline’s
commitment to acquire the five double hull Suezmax tankers and to charter-in
further five, confirms the Board’s firm belief in the future prospects in the
tanker market.
Chairman
John Fredriksen says in a comment:
“We have
for several months looked for ways to increase Frontline’s exposure to the
strong tanker market. Suezmax rates and values have lagged the VLCC development
during the last months, and provide thereby better value. The two
deals will increase Frontline’s exposure in the double hull Suezmax market from
nine to 19 units, in addition to its eight Suezmax newbuildings to be delivered
in 2009/2010. The deals should be seen as an opportunistic investment approach
where the first fixtures in the current strong market will take down the
financial risks, while upside for shareholders remains
significant.”
June 24,
2008
The Board
of Directors
Frontline
Ltd.
Hamilton,
Bermuda
Questions
should be directed to:
Jens
Martin Jensen: Acting Chief Executive officer, Frontline Management
AS
+47 23 11 40 99
Inger M.
Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
Calpetro
(Bahams III)
Forward
Looking Statements
This
press release contains forward looking statements. These statements are based
upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Frontline cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.
Important
factors that, in the Company's view, could cause actual results to differ
materially from those discussed in this press release include the strength of
world economies and currencies, general market conditions including fluctuations
in charter hire rates and vessel values, changes in demand in the tanker market
as a result of changes in OPEC's petroleum production levels and world wide oil
consumption and storage, changes in the Company's operating expenses including
bunker prices, drydocking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in the
reports filed by the Company with the United States Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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FRONTLINE
LTD.
(registrant)
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By:
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/s/ Inger M.
Klemp
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Inger
M. Klemp
Principal
Financial Officer
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Dated:
June 25, 2008