The John Fredriksen-backed tanker giant has fixed two newly delivered VLCCs for one year each at $120,000 per day. The ships joined the fleet in June and July.

Frontline has also tied up two 2016-built VLCCs from August. One has been fixed for two years at an average $90,000 per day, while the other has landed three-year employment at an average $75,000 per day. Charterers were not disclosed.

On a simple day-rate basis, the minimum periods across the four fixtures represent roughly $235m of gross contracted hire.   The latest deals extend a major shift towards period cover at Frontline this year. Splash reported in January that the company had fixed seven VLCCs for one year at an average $76,900 per day, with South Korea’s Sinokor linked to the ships. At the time, chief executive Lars Barstad described the levels as rates not seen for decades.      The new fixtures have been struck into an even stronger market. Frontline’s VLCCs earned an average $152,700 per day in the spot market during the second quarter, while 86% of available third-quarter VLCC days have so far been covered at $156,900 per day. Barstad said the company had increased its focus on securing revenue visibility at historically high levels.   The charter update came alongside Frontline’s strongest quarterly numbers on record, with second-quarter profit reaching $659.2m. The company has also moved to monetise high asset values, agreeing in July to sell two 2017-built VLCCs for $270m.