Frontline Urges Scrapping of Tankers Aged Over 15 Amid Glut
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Frontline Ltd., the oil-tanker company led by billionaire John Fredriksen, urged shipowners to scrap crude carriers that are more than 15 years old to help reduce an excess of the vessels.
Unless the market improves, Frontline is unlikely to make the investment required to keep two tankers in service before a special survey of the vessels scheduled to take place this year, the company said in a statement today. Frontline also reported its fifth straight quarterly net loss. The stock declined 4 percent in Oslo trading.