Frontline Ltd. (NYSE: FRO (http://www.nyse.com/about/listed/lcddata.html?ticker=FRO)) was founded as Frontline AB in 1985, and listed on the Stockholm Stock Exchange. In 1997 the company moved from Sweden to Bermuda, and listed its stock on the Oslo Stock Exchange in Norway. After a merger in 1998, the company has also been listed on the London Stock Exchange and on NASDAQ.
Today
As of 2004, Frontline is the world's largest tanker company. The company's fleet consists of 66 tankers, totaling 16.4 million dead weight tons. The company's largest shareholder is Hemen Holding Ltd., a company indirectly controlled by the chairman of Frontline, billionaireJohn Fredriksen, Norway's highest net worth person.
Frontline will buy out the outstanding lease commitments for these five Suezmax vessels for $183.7 million and will in addition receive $62.4 million from Ship Finance as a compensation for the termination of the charters.
Frontline will as a major shareholder in Sealift use its influence to seek further consolidation in the heavy lift market.
Frontline's core strategy will however remain to be a pure crude oil transportation company.
Frontline Technology Limited (FTL) applied for the patent to protect its huge investment of time and resources in inventing the first wireless electronic registration system.
Frontline has therefore now applied to the court to amend the Patent, in the light of the Court's findings.
Frontline hopes that it will be possible to conclude the amendment proceedings at an early date.
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