Wow! Our Norwegians-based -n-Cyprus can still surprise. FRO announced a sale of two VLCCs -2017 builds, which are amongst their older VLCCs. $270M for the pair, or $135M each. That’s more than they paid for their VLCC newbuilds.
I will note that FRO own 5 VLCCs built in 2017, and each of them has a common characteristic. Each of the 5 VLCCs do not have a scrubber, so it means those vessels are utilizing the more expensive, low sulfur fuel. Reading a little deeper into the Press release, it sounds like FRO is laying the groundwork for an enhancement to the Q3 div
This was definitely good business. The VLCCs sold in Jan 2026 were about a year older and sold for over $104M each. This VLCC pair probably had decent earnings during 2026. At least from the scarce reports I have seen, rates have cooled off a little. Sure, rates could get better in Q4 2026. Or not. In the interim, FRO received a very nice offer for a pair of vessels that have more expensive fuel requirements.
Pure speculation on my part - seems reasonable to wonder if JF has any transactions on the newbuild side? With Sinokor around, I suspect FRO will have additional challenges in the 2nd hand VLCC market. For that matter, probably also the case in the resale market