o
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REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g)
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|
OF
THE SECURITIES EXCHANGE ACT OF 1934
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x
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF
THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended | December 31, 2009 |
o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF
THE SECURITIES EXCHANGE ACT OF 1934
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o
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SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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|
|
|
Date of event requiring this
shell company report _______________________________
For the transition period from
_________________ to
_________________
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Commission
file number
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001-16601
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|
Frontline
Ltd.
|
(Exact
name of Registrant as specified in its charter)
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|
|
(Translation
of Registrant's name into English)
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|
Bermuda
|
(Jurisdiction
of incorporation or organization)
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Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
|
(Address
of principal executive offices)
|
Georgina
Sousa, Telephone: (1) 441 295 6935, Facsimile: (1) 441 295
3494,
Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
|
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact
Person)
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Title
of each class
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|
Name
of each exchange on which registered
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Ordinary
Shares, $2.50 Par Value
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New
York Stock Exchange
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|
|
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None
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(Title
of Class)
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|
Ordinary
Shares, $2.50 Par Value
|
(Title
of Class)
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Large
accelerated filer x
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Accelerated
filer o
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Non-accelerated
filer o
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U.S.
GAAP x
|
International
Financial Reporting Standards as issued by the
International
Accounting Standards Board o
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Other
o
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|
PAGE
|
PART
I
|
|
|
Item
1.
|
Identity
of Directors, Senior Management and Advisers
|
6
|
Item
2.
|
Offer
Statistics and Expected Timetable
|
6
|
Item
3.
|
Key
Information
|
6
|
Item
4.
|
Information
on the Company
|
25
|
Item
4A.
|
Unresolved
Staff Comments
|
44
|
Item
5.
|
Operating
and Financial Review and Prospects
|
44
|
Item
6.
|
Directors,
Senior Management and Employees
|
69
|
Item
7.
|
Major
Shareholders and Related Party Transactions
|
72
|
Item
8.
|
Financial
Information
|
74
|
Item
9.
|
The
Offer and Listing
|
75
|
Item
10.
|
Additional
Information
|
76
|
Item
11.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
87
|
Item
12.
|
Description
of Securities other than Equity Securities
|
87
|
|
|
|
PART
II
|
|
|
Item
13.
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Defaults,
Dividend Arrearages and Delinquencies
|
88
|
Item
14.
|
Material
Modifications to the Rights of Security Holders and Use of
Proceeds
|
88
|
Item
15.
|
Controls
and Procedures
|
88
|
Item
16.
|
Reserved
|
89
|
Item
16A.
|
Audit
Committee Financial Expert
|
89
|
Item
16B.
|
Code
of Ethics
|
89
|
Item
16C.
|
Principal
Accountant Fees and Services
|
89
|
Item
16D.
|
Exemptions
from the Listing Standards for Audit Committees
|
90
|
Item
16E.
|
Purchases
of Equity Securities by the Issuer and Affiliated
Purchasers
|
90
|
Item
16F.
|
Change
in Registrant's Certifying Accountant
|
90
|
Item
16G.
|
Corporate
Governance
|
90
|
|
|
|
PART
III
|
|
|
Item
17.
|
Financial
Statements
|
92
|
Item
18.
|
Financial
Statements
|
92
|
Item
19.
|
Exhibits
|
93
|
ITEM
1.
|
IDENTITY
OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS
|
ITEM
2.
|
OFFER
STATISTICS AND EXPECTED TIMETABLE
|
ITEM
3.
|
KEY
INFORMATION
|
|
|
Fiscal
year ended December 31,
|
|
|||||||||||||||||
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|||||
(in
thousands of $, except ordinary shares, per share data and
ratios)
|
|
|||||||||||||||||||
Statement of Operations Data
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
operating revenues
|
|
|
1,133,286
|
|
|
|
2,104,018
|
|
|
|
1,299,927
|
|
|
|
1,558,369
|
|
|
|
1,495,975
|
|
Total
operating expenses
|
|
|
896,237
|
|
|
|
1,395,831
|
|
|
|
898,904
|
|
|
|
850,623
|
|
|
|
713,919
|
|
Net
operating income
|
|
|
240,110
|
|
|
|
850,480
|
|
|
|
519,191
|
|
|
|
803,401
|
|
|
|
858,137
|
|
Net
income from continuing operations before income taxes and
noncontrolling interest
|
|
|
105,833
|
|
|
|
701,264
|
|
|
|
503,991
|
|
|
|
661,330
|
|
|
|
761,078
|
|
Net
income from continuing operations
|
|
|
105,472
|
|
|
|
700,954
|
|
|
|
587,138
|
|
|
|
661,168
|
|
|
|
762,202
|
|
Discontinued
operations (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
5,442
|
|
|
|
13,514
|
|
|
|
14,096
|
|
Net
income attributable to Frontline Ltd.
|
|
|
102,701
|
|
|
|
698,770
|
|
|
|
570,418
|
|
|
|
516,000
|
|
|
|
606,839
|
|
Earnings
from continuing operations per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
basic
|
|
$
|
1.32
|
|
|
$
|
9.15
|
|
|
$
|
7.55
|
|
|
$
|
6.72
|
|
|
$
|
7.92
|
|
-
diluted
|
|
$
|
1.32
|
|
|
$
|
9.14
|
|
|
$
|
7.55
|
|
|
$
|
6.72
|
|
|
$
|
7.92
|
|
Net
income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
basic
|
|
$
|
1.32
|
|
|
$
|
9.15
|
|
|
$
|
7.62
|
|
|
$
|
6.90
|
|
|
$
|
8.11
|
|
-
diluted
|
|
$
|
1.32
|
|
|
$
|
9.14
|
|
|
$
|
7.62
|
|
|
$
|
6.90
|
|
|
$
|
8.11
|
|
Cash
dividends declared per share
|
|
$
|
0.90
|
|
|
$
|
8.25
|
|
|
$
|
8.30
|
|
|
$
|
7.00
|
|
|
$
|
10.10
|
|
|
|
Fiscal
year ended December 31,
|
|
|||||||||||||||||
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|||||
(in
thousands of $, except ordinary shares and ratios)
|
|
|||||||||||||||||||
Balance Sheet Data (at end of
year) (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
82,575
|
|
|
|
190,819
|
|
|
|
168,432
|
|
|
|
197,181
|
|
|
|
92,782
|
|
Newbuildings
|
|
|
413,968
|
|
|
|
454,227
|
|
|
|
160,298
|
|
|
|
166,851
|
|
|
|
15,927
|
|
Vessels
and equipment, net
|
|
|
678,694
|
|
|
|
438,161
|
|
|
|
208,516
|
|
|
|
2,446,278
|
|
|
|
2,584,847
|
|
Vessels
and equipment under capital lease, net
|
|
|
1,740,666
|
|
|
|
2,100,717
|
|
|
|
2,324,789
|
|
|
|
626,374
|
|
|
|
672,608
|
|
Investments
in unconsolidated subsidiaries and associated companies
|
|
|
3,923
|
|
|
|
4,467
|
|
|
|
5,633
|
|
|
|
17,825
|
|
|
|
15,783
|
|
Total
assets
|
|
|
3,715,218
|
|
|
|
4,027,728
|
|
|
|
3,762,091
|
|
|
|
4,589,937
|
|
|
|
4,454,817
|
|
Short-term
debt and current portion of long-term debt
|
|
|
123,884
|
|
|
|
293,471
|
|
|
|
96,811
|
|
|
|
281,409
|
|
|
|
228,135
|
|
Current
portion of obligations under capital lease
|
|
|
285,753
|
|
|
|
243,293
|
|
|
|
179,604
|
|
|
|
28,857
|
|
|
|
25,142
|
|
Long-term
debt
|
|
|
760,698
|
|
|
|
614,676
|
|
|
|
376,723
|
|
|
|
2,181,885
|
|
|
|
2,101,061
|
|
Obligations
under capital leases
|
|
|
1,579,708
|
|
|
|
1,969,919
|
|
|
|
2,318,794
|
|
|
|
723,073
|
|
|
|
706,279
|
|
Share
capital
|
|
|
194,646
|
|
|
|
194,646
|
|
|
|
187,063
|
|
|
|
187,063
|
|
|
|
187,063
|
|
Total
stockholders' equity
|
|
|
741,340
|
|
|
|
702,217
|
|
|
|
445,969
|
|
|
|
668,560
|
|
|
|
715,166
|
|
Ordinary
shares outstanding
|
|
|
77,858,502
|
|
|
|
77,858,502
|
|
|
|
74,825,169
|
|
|
|
74,825,169
|
|
|
|
74,825,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding
|
|
|
77,858,502
|
|
|
|
76,352,673
|
|
|
|
74,825,169
|
|
|
|
74,825,169
|
|
|
|
74,825,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
to assets ratio (percentage) (3)
|
|
|
20.0
|
%
|
|
|
17.4
|
%
|
|
|
11.8
|
%
|
|
|
14.6
|
%
|
|
|
16.1
|
%
|
Debt
to equity ratio (4)
|
|
|
3.7
|
|
|
|
4.4
|
|
|
|
6.7
|
|
|
|
4.8
|
|
|
|
4.3
|
|
Price
earnings ratio (5)
|
|
|
20.7
|
|
|
|
3.2
|
|
|
|
6.3
|
|
|
|
4.6
|
|
|
|
4.7
|
|
Time
charter equivalent revenue (6)
|
|
|
896,843
|
|
|
|
1,493,912
|
|
|
|
938,960
|
|
|
|
1,154,029
|
|
|
|
1,155,135
|
|
|
1.
|
The
Company distributed the majority of its remaining shareholding in Ship
Finance International Limited ("Ship Finance") in March 2007 and no longer
consolidates Ship Finance as of March 31, 2007. A summary of the major
changes to the financial statements is as
follows;
|
|
a.
|
Vessels
leased from Ship Finance, which were previously reported as wholly owned
are reported as vessels held under capital
lease.
|
|
b.
|
Capital
lease obligations with Ship Finance, which were previously eliminated on
consolidation are reported as liabilities with the related interest
recorded in the income statement.
|
|
c.
|
Debt
incurred by Ship Finance, which was previously reported as debt of the
Company is no longer reported.
|
|
d.
|
Derivative
instruments held by Ship Finance are no longer
reported.
|
|
e.
|
Noncontrolling
interest expense relating to Ship Finance is no longer
reported.
|
|
f.
|
Profit
share expense relating to amounts due to Ship Finance is shown in the
income statement.
|
|
g.
|
Results
from Ship Finance's container ships, jack-up rigs and Panamax vessels are
no longer reported in the Company's consolidated
results.
|
|
2.
|
The
Company disposed of the container vessel and rig operations of Ship
Finance in the first quarter of 2007 as a result of the spin off of Ship
Finance. These operations have been recorded as discontinued operations in
2007 and 2006. The results from container vessels have also been recorded
in discontinued operations in 2005. These operations have been recorded as
discontinued operations for all applicable years presented, which are
2007, 2006 and 2005. During the year ended December 31, 2005 the Company
disposed of a portion of its dry-bulk operations, which have been recorded
as discontinued operations in the year ended December 31,
2005.
|
|
3.
|
Equity
to assets ratio is calculated as total stockholders' equity divided by
total assets.
|
|
4.
|
Debt
to equity ratio is calculated as total interest bearing current and
long-term liabilities, including obligations under capital leases, divided
by stockholders' equity.
|
|
5.
|
Price
earnings ratio is calculated by dividing the closing year end share price
by basic earnings per share.
|
|
6.
|
A
reconciliation of time charter equivalent revenues to total operating
revenues as reflected in the consolidated statements of operations is as
follows:
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|||||
(in
thousands of $)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
operating revenues
|
|
|
1,133,286
|
|
|
|
2,104,018
|
|
|
|
1,299,927
|
|
|
|
1,558,369
|
|
|
|
1,495,975
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
(17,068
|
)
|
|
|
(17,918
|
)
|
|
|
(8,516
|
)
|
|
|
(5,294
|
)
|
|
|
(3,877
|
)
|
Voyage
expense
|
|
|
(219,375
|
)
|
|
|
(592,188
|
)
|
|
|
(352,451
|
)
|
|
|
(399,046
|
)
|
|
|
(336,963
|
)
|
Time
charter equivalent revenue
|
|
|
896,843
|
|
|
|
1,493,912
|
|
|
|
938,960
|
|
|
|
1,154,029
|
|
|
|
1,155,135
|
|
|
·
|
demand
for oil and oil products;
|
|
·
|
global
and regional economic and political
conditions;
|
|
·
|
changes
in oil production and refining
capacity;
|
|
·
|
environmental
and other regulatory developments;
|
|
·
|
the
distance oil and oil products are to be moved by sea;
and
|
|
·
|
changes
in seaborne and other transportation
patterns.
|
|
·
|
the
number of newbuilding deliveries;
|
|
·
|
the
scrapping rate of older vessels;
|
·
|
port
or canal congestion;
|
|
·
|
vessel
casualties;
|
|
·
|
price
of steel;
|
|
·
|
potential
conversion of vessels to alternative use;
|
|
·
|
the
number of vessels that are out of service;
and
|
|
·
|
changes
in environmental and other regulations that may effectively cause
reductions in the carrying capacity of vessels or early obsolescence of
tonnage.
|
|
·
|
increased
crude oil production from other
areas;
|
|
·
|
increased
refining capacity in the Arabian Gulf or West
Africa;
|
|
·
|
increased
use of existing and future crude oil pipelines in the Arabian Gulf or West
Africa;
|
|
·
|
a
decision by Arabian Gulf or West African oil-producing nations to increase
their crude oil prices or to further decrease or limit their crude oil
production;
|
|
·
|
armed
conflict in the Arabian Gulf and West Africa and political or other
factors; and
|
|
·
|
the
development and the relative costs of nuclear power, natural gas, coal and
other alternative sources of
energy.
|
|
·
|
supply
and demand for energy resources, commodities, semi-finished and finished
consumer and industrial products;
|
|
·
|
changes
in the exploration or production of energy resources, commodities,
semi-finished and finished consumer and industrial
products;
|
|
·
|
the
location of regional and global exploration, production and manufacturing
facilities;
|
|
·
|
the
location of consuming regions for energy resources, commodities,
semi-finished and finished consumer and industrial
products;
|
|
·
|
the
globalization of production and
manufacturing;
|
|
·
|
global
and regional economic and political conditions, including armed conflicts
and terrorist activities; embargoes and
strikes;
|
|
·
|
developments
in international trade;
|
|
·
|
changes
in seaborne and other transportation patterns, including the distance
cargo is transported by sea;
|
|
·
|
environmental
and other regulatory developments;
|
|
·
|
currency
exchange rates; and
|
|
·
|
weather.
|
|
·
|
number
of newbuilding deliveries;
|
|
·
|
scrapping of
older vessels;
|
|
·
|
vessel
casualties; and
|
|
·
|
number of vessels
that are out of
service.
|
· a
marine disaster;
|
· piracy;
|
· terrorism;
|
· environmental
accidents;
|
· cargo
and property losses or damage; and
|
· business
interruptions caused by mechanical failure, human error, war, terrorism,
piracy, political action in various countries, labor strikes, or adverse
weather conditions.
|
|
·
|
general
economic and market conditions affecting the
shipping industry;
|
|
·
|
competition
from other shipping companies;
|
|
·
|
types
and sizes of vessels;
|
|
·
|
other
modes of transportation;
|
|
·
|
cost
of newbuildings;
|
|
·
|
shipyard
capacity;
|
|
·
|
governmental
or other regulations;
|
|
·
|
age
of vessels;
|
|
·
|
prevailing
level of charter rates; and
|
|
·
|
technological
advances.
|
ITEM
4.
|
INFORMATION
ON THE COMPANY
|
|
·
|
In
January 2007, Ship Finance sold its single hull Suezmax tanker Front
Transporter to an unrelated third party for a gross sales price of $38.0
million. We received a compensation payment of $14.8 million from Ship
Finance, which was eliminated on consolidation, on termination of the
charter. The vessel was delivered to her new owner in March
2007.
|
|
·
|
In
March 2007, the single hull VLCC Front Vanadis was sold and delivered to
an unrelated third party in May 2007. Upon delivery, our long-term
charterparty contract with Ship Finance was terminated early, and
Frontline received a compensation payment in the amount of $13.2
million.
|
|
·
|
In
August 2007, we sold the single hull Suezmax tanker Front Horizon to a
subsidiary of Farahead Holdings Limited, a company subject to significant
influence or indirect control of our Chairman, John Fredriksen for net
proceeds of $28.0 million resulting in a net gain of $6.2
million.
|
|
·
|
In
December 2007, we agreed with Ship Finance to terminate the long term
charter parties between the companies for the double sided, single bottom
Suezmax vessels Front Birch and Front Maple. Ship Finance simultaneously
sold the vessels. Delivery of the Front Birch and Front Maple took place
in December 2007 and January 2008, respectively. We received compensation
payments of approximately $32.8 million for the early termination of the
current charter parties, which was recognized at the time of delivery to
the new owners.
|
|
·
|
Additionally,
in March 2008, we agreed with Ship Finance to terminate the long term
charter party between the companies for the single hull VLCC Front Sabang.
Ship Finance simultaneously sold the vessel. We received a compensation
payment of approximately $25 million for the early termination of the
current charterparty, which was recognized in the second quarter of 2008
at the time of delivery to the new
owners.
|
|
·
|
In
June 2008, we acquired en bloc five secondhand double hull Suezmax tankers
built between 1992 and 1996 from Top Ships Inc. for an aggregate purchase
price of $240 million. We took delivery of these vessels between June 2008
and September 2008 and took over existing time charters on three of the
vessels. We allocated $247.3 million and a negative value of $7.3 million
to the vessels and time charters,
respectively.
|
·
|
In
July 2009, we agreed with Ship Finance to terminate the long term
charterparty for the single hull VLCC Front Duchess and received a
compensation payment of approximately $2.4 million in October
2009.
|
·
|
In
March 2010, we agreed with Ship Finance to terminate the long term charter
party for the single hull VLCC Golden River. The termination of the
charter is expected to take place in April 2010 and Ship Finance will make
a compensation payment to us of approximately $2.9 million for the early
termination of the charter
party.
|
·
|
In
March 2010, we agreed to sell the single hull Suezmax Front Voyager with
expected delivery to the buyer in April
2010.
|
|
·
|
emphasizing
operational safety and quality maintenance for all of our
vessels;
|
|
·
|
complying
with all current and proposed environmental
regulations;
|
|
·
|
outsourcing
technical operations and crewing;
|
|
·
|
continuing
to achieve competitive operational
costs;
|
|
·
|
operating
a modern and homogeneous fleet of
tankers;
|
|
·
|
achieving
high utilization of our vessels;
|
|
·
|
achieving
competitive financing arrangements;
|
|
·
|
achieving
a satisfactory mix of term charters, contracts of affreightment and spot
voyages; and
|
|
·
|
developing
and maintaining relationships with major oil companies and industrial
charterers.
|
Category
of Oil Tankers
|
|
Date
or Year for Phase Out
|
Category
1 oil tankers of 20,000 dwt and above carrying crude oil, fuel oil, heavy
diesel oil or lubricating oil as cargo, and of 30,000 dwt and above
carrying other oils, which do not comply with the requirements for
protectively located segregated ballast tanks
|
|
April
5, 2005 for ships delivered on April 5, 1982 or earlier; or
2005
for ships delivered after April 5, 1982
|
Category
2 - oil tankers of 20,000 dwt and above carrying crude oil, fuel oil,
heavy diesel oil or lubricating oil as cargo, and of 30,000 dwt and above
carrying other oils, which do comply with the protectively located
segregated ballast tank requirements
and
Category
3 - oil tankers of 5,000 dwt and above but less than the tonnage specified
for Category 1 and 2 tankers.
|
|
April
5, 2005 for ships delivered on April 5, 1977 or earlier
2005
for ships delivered after April 5, 1977 but before
January
1, 1978
2006
for ships delivered in 1978 and 1979
2007
for ships delivered in 1980 and 1981
2008
for ships delivered in 1982
2009
for ships delivered in 1983
2010
for ships delivered in 1984 or
later
|
Vessel
Name
|
Vessel
type
|
Vessel
Category
|
Year
Built
|
IMO
phase out
|
Flag
state
Exemption
|
||||||
Front
Voyager(1)
|
Suezmax
|
SH
|
1992
|
2010
|
2015
|
||||||
Edinburgh(2)
|
|
VLCC
|
|
DS
|
|
1993
|
|
2018
|
|
n/a
|
|
Front
Ace(2)
|
|
VLCC
|
|
SH
|
|
1993
|
|
2010
|
|
2015
|
|
Front
Duke(2)
|
|
VLCC
|
|
SH
|
|
1992
|
|
2010
|
|
2015
|
|
Ticen
Sun(2)
|
|
VLCC
|
|
SH
|
|
1991
|
|
2010
|
|
2015
|
|
Ticen
Ocean(2)
|
|
VLCC
|
|
SH
|
|
1991
|
|
2010
|
|
2015
|
|
Golden
River (2)(3)
|
|
VLCC
|
|
SH
|
|
1991
|
|
2010
|
|
2015
|
|
(1)
|
A
Memorandum of Agreement, dated March 15, 2010, has been signed
regarding the sale of this vessel. Delivery to the buyers is
expected in the first half of April
2010.
|
(2)
|
Vessel
chartered in from Ship Finance and not consolidated after March 31,
2007.
|
(3)
|
Agreement
reached in March 2010 regarding termination of the lease. Termination
expected to be April 2010.
|
|
·
|
crude
oils having a density at 15єC higher than 900
kg/m3;
|
|
·
|
fuel
oils having either a density at 15єC higher than 900 kg/m3 or a kinematic
viscosity at 50ºC higher than 180
mm2/s; or
|
|
·
|
bitumen,
tar and their emulsions.
|
Vessel
|
Built
|
Approximate
Dwt.
|
Construction
|
Flag
|
Type
of Employment
|
|
|
|
|
|
|
Tonnage
Owned Directly
|
|
|
|
|
|
|
|
|
|
|
|
VLCCs
|
|
|
|
|
|
Antares
Voyager
|
1998
|
310,000
|
Double-hull
|
BA
|
Bareboat
charter
|
Phoenix
Voyager
|
1999
|
308,500
|
Double-hull
|
BA
|
Bareboat
charter
|
British
Pioneer
|
1999
|
307,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Front
Shanghai
|
2006
|
298,500
|
Double-hull
|
HK
|
Spot
market
|
Front
Kathrine
|
2009
|
297,974
|
Double-hull
|
MI
|
Spot
market
|
Front
Queen
|
2009
|
297,000
|
Double-hull
|
MI
|
Time
charter
|
Hull
2419 (Newbuilding)
|
2010
|
297,000
|
Double-hull
|
n/a
|
n/a
|
Hull
2420 (Newbuilding)
|
2010
|
297,000
|
Double-hull
|
n/a
|
n/a
|
Hull
J0025 (Newbuilding)
|
2011
|
320,000
|
Double-hull
|
n/a
|
n/a
|
Hull
J0026 (Newbuilding)
|
2011
|
320,000
|
Double-hull
|
n/a
|
n/a
|
Hull
J0027 (Newbuilding)
|
2012
|
320,000
|
Double-hull
|
n/a
|
n/a
|
Hull
J0028 (Newbuilding)
|
2012
|
320,000
|
Double-hull
|
n/a
|
n/a
|
|
|
|
|
|
|
Suezmax
Tankers
|
|
|
|
|
|
Front
Voyager (1)
|
1992
|
155,000
|
Single-hull
|
BA
|
Spot
market
|
Front
Fighter
|
1994
|
147,048
|
Double-hull
|
MI
|
Spot
market
|
Front
Hunter
|
1996
|
146,286
|
Double-hull
|
MI
|
Spot
market
|
Front
Alfa
|
1993
|
150,038
|
Double-hull
|
MI
|
Time
charter
|
Front
Beta
|
1992
|
135,915
|
Double-hull
|
MI
|
Time
charter
|
Front
Delta
|
1993
|
136,055
|
Double-hull
|
MI
|
Time
charter
|
Cygnus
Voyager
|
1993
|
157,000
|
Double-hull
|
BA
|
Bareboat
charter
|
Altair
Voyager
|
1993
|
136,000
|
Double-hull
|
BA
|
Bareboat
charter
|
Sirius
Voyager
|
1994
|
156,000
|
Double-hull
|
BA
|
Bareboat
charter
|
Hull
1017 (Newbuilding) (2)
|
2009
|
156,000
|
Double-hull
|
n/a
|
n/a
|
Hull
1018 (Newbuilding)
|
2009
|
156,000
|
Double-hull
|
n/a
|
n/a
|
Hull
1019 (Newbuilding) (3)
|
2009
|
156,000
|
Double-hull
|
n/a
|
n/a
|
Hull
1026 (Newbuilding)
|
2010
|
156,000
|
Double-hull
|
n/a
|
n/a
|
Tonnage
Chartered in from Ship Finance
|
|
|
|||
|
|
|
|
|
|
VLCCs
|
|
|
|
|
|
Ticen
Sun
|
1991
|
284,000
|
Single-hull
|
SG
|
Bareboat
charter
|
Ticen
Ocean
|
1991
|
284,000
|
Single-hull
|
SG
|
Bareboat
charter
|
Golden
River (4)
|
1991
|
284,000
|
Single-hull
|
SG
|
Time
charter
|
Front
Duke
|
1992
|
284,000
|
Single-hull
|
SG
|
Time
charter
|
Edinburgh
|
1993
|
302,000
|
Double-side
|
LIB
|
Spot
market
|
Front
Ace
|
1993
|
276,000
|
Single-hull
|
LIB
|
Time
charter
|
Front
Vanguard
|
1998
|
300,000
|
Double-hull
|
MI
|
Spot
market
|
Front
Century
|
1998
|
311,000
|
Double-hull
|
MI
|
Time
charter
|
Front
Champion
|
1998
|
311,000
|
Double-hull
|
BA
|
Time
charter
|
Front
Vista (5)
|
1998
|
300,000
|
Double-hull
|
MI
|
Spot
market
|
Front
Comanche
|
1999
|
300,000
|
Double-hull
|
FRA
|
Time
charter
|
Golden
Victory
|
1999
|
300,000
|
Double-hull
|
MI
|
Time
charter
|
Front
Circassia
|
1999
|
306,000
|
Double-hull
|
MI
|
Spot
market
|
Front
Opalia
|
1999
|
302,000
|
Double-hull
|
MI
|
Spot
market
|
Ocana
|
1999
|
300,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Front
Scilla
|
2000
|
303,000
|
Double-hull
|
MI
|
Spot
market
|
Oliva
|
2001
|
299,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Front
Serenade
|
2002
|
299,000
|
Double-hull
|
LIB
|
Time
charter
|
Otina
|
2002
|
298,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Ondina
|
2002
|
299,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Front
Falcon
|
2002
|
309,000
|
Double-hull
|
BA
|
Spot
market
|
Front
Page
|
2002
|
299,000
|
Double-hull
|
LIB
|
Time
charter
|
Front
Energy
|
2004
|
305,000
|
Double-hull
|
CYP
|
Time
charter
|
Front
Force
|
2004
|
305,000
|
Double-hull
|
CYP
|
Spot
market
|
|
|
|
|
|
|
Suezmax
OBO Carriers
|
|
|
|
|
|
Front
Breaker
|
1991
|
169,000
|
Double-hull
|
MI
|
Time
charter
|
Front
Climber
|
1991
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
Front
Driver
|
1991
|
169,000
|
Double-hull
|
MI
|
Time
charter
|
Front
Guider
|
1991
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
Front
Leader
|
1991
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
Front
Rider
|
1992
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
Front
Striver
|
1992
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
Front
Viewer
|
1992
|
169,000
|
Double-hull
|
SG
|
Time
charter
|
|
|
|
|
|
|
Suezmax
Tankers
|
|
|
|
|
|
Front
Pride
|
1993
|
150,000
|
Double-hull
|
NIS
|
Spot
market
|
Front
Glory
|
1995
|
150,000
|
Double-hull
|
NIS
|
Spot
market
|
Front
Splendour
|
1995
|
150,000
|
Double-hull
|
NIS
|
Spot
market
|
Front
Ardenne
|
1997
|
150,000
|
Double-hull
|
NIS
|
Spot
market
|
Front
Brabant
|
1998
|
150,000
|
Double-hull
|
NIS
|
Time
charter
|
Mindanao
|
1998
|
150,000
|
Double-hull
|
SG
|
Spot
market
|
Tonnage
Chartered in from Third Parties
|
|
VLCCs
|
|
|
|
|
|
Front
Chief
|
1999
|
311,000
|
Double-hull
|
BA
|
Spot
market
|
Front
Commander
|
1999
|
311,000
|
Double-hull
|
BA
|
Spot
market
|
Front
Crown
|
1999
|
311,000
|
Double-hull
|
BA
|
Spot
market
|
British
Pride
|
2000
|
307,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
British
Progress (6)
|
2000
|
307,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
British
Purpose
|
2000
|
307,000
|
Double-hull
|
IoM
|
Bareboat
charter
|
Front
Tina
|
2000
|
299,000
|
Double-hull
|
LIB
|
Spot
market
|
Front
Commodore
|
2000
|
299,000
|
Double-hull
|
LIB
|
Time
charter
|
Front
Eagle
|
2002
|
309,000
|
Double-hull
|
BA
|
Spot
market
|
Hampstead
|
1996
|
298,000
|
Double-hull
|
IoM
|
Time
charter
|
Kensington
|
1995
|
298,000
|
Double-hull
|
IoM
|
Time
charter
|
Suezmax
Tankers
|
|
|
|
|
|
Front
Warrior
|
1998
|
153,000
|
Double-hull
|
BA
|
Spot
market
|
Front
Melody
|
2001
|
150,000
|
Double-hull
|
LIB
|
Spot
market
|
Front
Symphony
|
2001
|
150,000
|
Double-hull
|
LIB
|
Time
charter
|
Nordic
Apollo (7)
|
2003
|
149,997
|
Double-hull
|
MI
|
Spot
market
|
Nordic
Discovery
(7)
|
1998
|
149,999
|
Double-hull
|
NIS
|
Spot
market
|
Nordic
Fighter
(7)
|
1998
|
149,999
|
Double-hull
|
NIS
|
Spot
market
|
Nordic
Hawk (7)
|
1997
|
151,475
|
Double-hull
|
BA
|
Spot
market
|
Nordic
Hunter
(7)
|
1997
|
151,400
|
Double-hull
|
BA
|
Spot
market
|
Nordic
Saturn (7)
|
1998
|
157,332
|
Double-hull
|
MI
|
Spot
market
|
Nordic
Sprite
(7)
|
1999
|
147,188
|
Double-hull
|
NIS
|
Spot
market
|
Nordic
Mistral
(7)
|
2002
|
164,236
|
Double-hull
|
MI |
Spot
market
|
Genmar
Harriet G
|
2006
|
149,999
|
Double-hull
|
MI
|
Spot
market
|
|
|
|
|
|
|
VLCCs
|
|
|
|
|
|
Mayfair
|
1995
|
298,405
|
Double-hull
|
MI
|
Time
charter
|
Camden
|
1995
|
298,306
|
Double-hull
|
MI
|
Time
charter
|
Songa
Chelsea
|
1995
|
298,432
|
Double-hull
|
MI
|
Spot
market
|
Songa
Julie
|
2000
|
299,089
|
Double-hull
|
MI
|
Spot
market
|
Universal
Queen
|
2005
|
309,373
|
Double-hull
|
PAN
|
Spot
market
|
(1)
|
A
Memorandum of Agreement, dated March 15, 2010, has been signed regarding
the sale of this vessel. Delivery to the buyers is expected in the first
half of April 2010.
|
(2)
|
Newbuilding
(named Northia) was delivered in January
2010.
|
(3)
|
Newbuilding
(named Naticina) was delivered in March
2010.
|
(4)
|
Agreement
reached in March 2010 regarding termination of the lease. Termination
expected to be April 2010.
|
(5)
|
Vessel
was purchased from Ship Finance in February 2010 and simultaneously
sold.
|
(6)
|
Vessel
was sold to a majority owned subsidiary in January
2010.
|
(7)
|
Vessel
is chartered in on a floating time
charter.
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|||
VLCCs
|
|
|
|
|
|
|
|
|
|
|||
At
start of period
|
|
|
40
|
|
|
|
42
|
|
|
|
41
|
|
Acquisitions
|
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
Dispositions
|
|
|
(1
|
) |
|
|
(2
|
)
|
|
|
(1
|
)
|
At
end of period
|
|
|
41
|
|
|
|
40
|
|
|
|
42
|
|
Suezmax
|
|
|
|
|
|
|
|
|
|
|||
At
start of period
|
|
|
29
|
|
|
|
16
|
|
|
|
23
|
|
Acquisitions
|
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
Dispositions
|
|
|
—
|
|
|
(3
|
)
|
|
|
(7
|
)
|
|
Chartered
In
|
|
|
(2
|
)
|
|
|
11
|
|
|
|
—
|
|
At
end of period
|
|
|
27
|
|
|
|
29
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suezmax
OBOs
|
|
|
|
|
|
|
|
|
|
|
|
|
At
start and end of period
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aframax
|
|
|
|
|
|
|
|
|
|
|
|
|
At
start of period
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
Acquisitions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Dispositions
|
|
|
—
|
|
|
|
—
|
|
|
(1
|
)
|
|
At
end of period
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
fleet
|
|
|
|
|
|
|
|
|
|
|
|
|
At
start of period
|
|
|
77
|
|
|
|
66
|
|
|
|
73
|
|
Acquisitions
|
|
|
2
|
|
|
|
5
|
|
|
|
2
|
|
Dispositions
|
|
|
(1
|
)
|
|
|
(5
|
)
|
|
|
(9
|
)
|
Chartered
In
|
|
|
(2
|
)
|
|
|
11
|
|
|
|
—
|
|
At
end of period
|
|
|
76
|
|
|
|
77
|
|
|
|
66
|
|
|
|
As
of December 31,
|
|
|||||||||||||||||||||
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|||||||||||||||
|
|
Number
of vessels
|
|
|
Percentage
of fleet
|
|
|
Number
of vessels
|
|
|
Percentage
of fleet
|
|
|
Number
of vessels
|