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Frontline Ltd.

Frontline Ltd.

Industry: 
Shipping
Symbol: 
NYSE:FRO
Country: 
UK
Contact Information: 

VP Tor Olav Trøim: tor.o.troeim@frontmgt.no

Sources: 

"Sanctions on Iran are getting tighter after Overseas Shipholding Group Inc., Frontline Ltd. and owners controlling more than 100 supertankers said they would stop loading cargoes from the Organization of Petroleum Exporting Countrie's second-largest producer...Nova Tankers A/S and Frontline, with a combined 93 vessels, sais Feb 9. and 11 they wouldn't ship Iranian crude...Frontline companies including Hamilton, Bermuda-based Frontline Ltd. and Frontline 2012 won't ship Iranian crude, Jens Martin Jensen, chief executive officer of Frontline Management AS, said by email and phone on Feb. 11 and 12. Frontline operates 43 VLCCs, according to its website." (Bloomberg, Iran Sanctions Tighten as OSG and Frontline Halt Crude Cargo," 2/13/2012)

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"Jens Martin Jensen, chief executive of Frontline, the world's largest independent tanker operator, said it did not have any dealings with Iran at the moment. 'We are not even allowed to pay agents in Iran, so that is something we definitely don't do,' he told Reuters." (Reuters, "Sanction's blowback crippling Iran's shipping trade," 12/1/2011)

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“An oil tanker named Front Page, charted by Royal Dutch Shell PLC, left (Fujairah, U.A.E.) on March 17 and reported it was going to another U.A.E. port, then on to Saudi Arabia, ship-tracking data show.  But the tracking information reveals that the Front Page also made an unreported stop- to the coast of Iran.  There is loaded Iranian oil, according to records obtained by oil traders and shipping sources” (Wall Street Journal, “Oil Trade with Iran Thrives, Discreetly,” 5/20/2010).

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Frontline Ltd charters the "Front Page" tanker to Shell.  The company lists the “Front Page” on its website as a VLCC that sails under the Liberian flag.  Additionally, Frontline also lists the Naticina, Northia, Ocana, Oliva, Otina and Ondina as ships managed by Shell.  The company also charters a number of ships to BP, another company mentioned in the WSJ article known to buy Iranian oil.  According to Frontline, BP is the manager of the British Pioneer, British Pride, British Progress and British Purpose tankers (Frontline Company Website).

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