Frontline has locked in one-year time charters for seven of its VLCCs at rates not seen in decades, with South Korea’s Sinokor identified as the likely taker of the tonnage, underlining just how hot the crude tanker market has become. The New York- and Oslo-listed owner said the charters will run for 12 months, starting between late January and April 2026, at an average rate of $76,900 per day per vessel. Frontline chief executive Lars Barstad said the contracts reflect exceptional market conditions, while stressing the company is still keeping most of its fleet exposed to the spot market. We are in unprecedented times, and these are charter-out levels not seen for decades “We are in unprecedented times, and these are charter-out levels not seen for decades,” Barstad said. “Frontline remains largely spot exposed after these contracts become effective, retaining upside in one of the most volatile markets in the world.” The charters come just weeks after John Fredriksen’s tanker group unveiled a sweeping VLCC fleet reshuffle worth more than $2bn. Frontline has agreed to sell eight first-generation VLCCs, built between 2015 and 2016, for a combined $831.5m, with deliveries scheduled during the first quarter of 2026. At the same time, the owner has lined up nine latest-generation, scrubber-fitted VLCC newbuildings from an affiliate of Fredriksen’s private vehicle, Hemen Holding, at a total cost of $1.224bn. Six of the new ships are under construction at Hengli Heavy Industry, with the remaining three at Dalian Shipbuilding. Deliveries are weighted toward 2026, with seven vessels due from the third quarter, followed by one in early 2027 and the final unit in the second quarter of that year. VLCC charter rates have surged to multi-year highs in early 2026, with spot rates surpassing $100,000 per day and one-year time charters secured at Frontline-deal level. The market is experiencing unprecedented demand and volatility, driven by tighter supply, increased long-haul, and active vessel fixings, causing rates to rebound from below $50,000 per day earlier in the year. Market sources have identified the charterer of Frontline’s tankers as South Korea’s Sinokor. Sinokor’s VLCC presence is poised for a significant increase, with its fleet estimated to have 45 ships by December 2025. The company pursued up to 30 VLCC acquisitions, with 24 deals confirmed, and added seven VLCC charter-ins in late 2025 and early 2026, linked to Frontline vessels, potentially raising its total exposure to over 80 ships, according to multiple VLCC broker estimates. If this scale is achieved, the six largest VLCC owners, including China Merchants, COSCO, Fredriksen Group, Bahri, Angelicoussis Group, along with Sinokor, would collectively control just under 300 ships out of a global fleet of approximately 900, concentrating roughly 30% of VLCC capacity among these six shipowners. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsFredriksen Group Norway