RPT-Frontline to terminate two charters with Ship Finance

Tue Dec 11, 2012 10:18am EST

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OSLO Dec 11 (Reuters) - Frontline Ltd, the world's largest independent oil tanker operator, was to receive a net $11 million after terminating charters on two ore-bulk-oil carriers, the company said on Tuesday.

The company said it will receive a compensation payment of $34.5 million due to an early termination of charter contracts on the two vessels, while it will have to pay $23.5 million to Ship Finance International, the owner of the ships.

Frontline was renting the ships from Ship Finance to charter them out to other clients.