Under the contract, the company would acquire a Trafigura Maritime Logistics special purpose vehicle that holds the vessels at a consideration of 16,035,856 ordinary shares of Frontline at an agreed price of USD 8.00 per share issuable upon signing, and a cash amount ranging from USD 538 to 547 million.
Frontline expects the transaction to close between mid-with November 2019 and mid-March 2020. Until then, the company would time charter all the units at a daily rate of around USD 23,000 in order to obtain earlier exposure.