Wednesday, July 4, 2012
DS Crown - Frontline taking a bath
The VLCC Front Crown (built in 1999, 157,863 gross tons, 311,168 deadweight tonnes) has been sold and renamed while sitting at anchor in Halifax harbour. Now called DS Crown the ship came off a lucrative charter in late 2011. Without that charter, the ship's value plummeted to less than book value and has now been sold (at another loss one assumes.)
Somehow Frederiksen, who is a supreme speculator, manages to come out with most of his fortune intact - he pledged $500mn of his $13bn to rescue Frontline in December.
Meanwhile the giant ship, with its funnel mark painted out and its name economically changed, awaits orders, and may sail at any time.