Oil tanker operator Frontline Ltd. said it has bought five double hull Suezmax tankers, built from 1992 to 1996, from Greek shipper Top Ships Inc. for $240 million.
Frontline also said it has agreed to take five double hull Suezmax tankers on time charter from Eiger Shipping SA, a subsidiary of Russia's largest oil company, Lukoil OAO. Financial terms of the charter were not disclosed.
Frontline expects delivery of all 10 vessels in June, July and August.
The chartered vessels were built from 1999 to 2006.
The two deals bring Frontline's double hull Suezmax fleet to 19 vessels. It also has eight Suezmax tankers under construction, slated to be delivered in 2009 and 2010.
Suezmax tankers are the largest oil tankers that can fit through the Suez Canal.
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