John Fredriksen’s tanker giant Frontline has confirmed the sale of two of its oldest suezmax tankers as the fleet renewal push rolls on.

The New York and Oslo-listed company agreed in April to sell the tankers, built in 2014 and 2015, to an unrelated third party for a total sales price of $140m.

After commissions and repayment of existing debt on the vessels, the transactions are expected to generate net cash proceeds of approximately $106m, Frontline said, with the company expecting to record a gain of around $55m in the second quarter of the year.

Upon completion of the VLCC fleet renewal and the sale of the two suezmax tankers, Frontline’s fleet will comprise of 79 vessels, including 42 VLCCs, 19 suezmax tankers and 18 LR2/aframax tankers, with an aggregate capacity of approximately 17.6 million dwt.

The company remains active in the sale-and-purchase arena, after finalising the sale in January of eight of its oldest first-generation ECO VLCCs, built between 2015 and 2016, to an unrelated third party for a total sales price of $831.5m, all of which were delivered to the new owner in the first quarter of 2026.

In January, Frontline also announced the acquisition of nine latest-generation, scrubber-fitted ECO VLCC newbuildings from affiliates of Hemen, for an aggregate purchase price of $1,224m. Of these nine vessels, six were constructed or are under construction at the Hengli shipyard and three are under construction at the Dalian shipyard in China.

The company has also secured attractive employment for two of its VLCC newbuildings. Most recently, the company entered into a one-year time charter-out agreement for one VLCC newbuilding delivered on April 30, 2026, at a rate of $110,000 per day, which commenced in early May 2026.

In May 2026, the company also entered into a one-year time charter-out agreement for one VLCC newbuilding delivered on May 20, 2026, at a rate of $110,000 per day, which commenced in late May 2026.