Frontline Ltd.
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| Publicly traded limited company | |
| Traded as | : , : FRO |
| Industry | Oil tanker shipping |
| Founded | 1985 |
| Headquarters | Hamilton, Bermuda |
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Key people
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John Fredriksen (Chairman and CEO) |
| Revenue | US$1.165 billion (2010) |
| US$307.9 million (2010) | |
| Profit | US$161.4 million (2010) |
| Total assets | US$3.798 billion (end 2010) |
| Total equity | US$759.0 million (end 2010) |
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Number of employees
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70 (end 2010) |
| Website | frontline |
Frontline Ltd. is the world's largest oil tanker shipping company, based in Hamilton, Bermuda and controlled by John Fredriksen. Its primary business is transporting crude oil. As of 2008 the company had one of the world's largest tanker fleets consisting of VLCC, Suezmax and Suezmax OBO carriers (82 tankers in total with 18 more on order).
Frontline has its origin in Frontline AB, which was founded in 1985, and which was listed on the from 1989 to 1997. Hemen Holding (a company indirectly controlled by the largest shareholder and chairman of Frontline, John Fredriksen) became the largest shareholder of Frontline in 1996. In May 1997, a decision was made at the general meeting in Frontline AB to change its domicile from Sweden to Bermuda and to list its shares on the . The change of domicile was executed through a share for share exchange offer from the then newly formed Frontline in Bermuda.
Under Fredriksen the company absorbed several other companies: London and Overseas Freighters (1997), ICB (1999), and Golden Ocean (2000). These takeovers made Frontline the world's largest tanker company, a position it has retained to the present day.
As of 31 December 2010, Frontline's tanker and OBO fleet consisted of 73 vessels. The fleet consists of 44 VLCCs, which are either owned or chartered in, 21 Suezmax tankers which are either owned or chartered in and eight Suezmax OBOs which are chartered in. Frontline also had five VLCC newbuildings and two Suezmax newbuildings on order and three VLCCs under their commercial management. The company's largest shareholder is Hemen Holding Ltd., a company indirectly controlled by the chairman of Frontline, billionaire John Fredriksen, Norway's highest net worth person.
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