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Frontline Rejects Oil Cargoes Amid Rout in Tanker Rates

Frontline Ltd., the oil-tanker operator led by shipping billionaire John Fredriksen, said it’s rejecting some cargoes after a rout in rates for the vessels.

Frontline is offering tankers for charters “selectively” and the market is in a “state of panic” as excess ship supply drives down charter costs, Jens Martin Jensen, chief executive officer of the Hamilton, Bermuda-based company’s management unit, said by phone today. Frontline 2012 Ltd., a newer Fredriksen company, is adopting the same approach, he said.