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FRO - Termination Of Charter-in Contracts Of VLCCs

HAMILTON, Bermuda, Nov. 7, 2013 (GLOBE NEWSWIRE) --
Frontline  Ltd.  ("Frontline"  or  the  "Company")  has agreed with Ship Finance
International  Limited  ("Ship  Finance")  to  terminate  the  long term charter
parties  for the 1998 and 1999 built VLCCs Front Champion and Golden Victory and
Ship Finance has simultaneously sold the vessels to unrelated third parties. The
charter parties are expected to terminate in November 2013.

The decision to terminate the long term charter parties was taken in view of the
required  investment to take the vessels  through the 15 year special survey and
current  market rates. While the VLCC spot  market has recently shown some signs
of  recovery, there  is still  a fundamental  oversupply in  the market  and the
retirement of older vessels should assist in balancing the market going forward.

Frontline  has  agreed  an  aggregate  compensation  payment  to Ship Finance of
approximately  $90 million for the early  termination of the charter parties, of
which  approximately $11 million  will be paid  upon termination and the balance
will  be recorded  as notes  payable, with  similar amortisation profiles to the
current  lease obligations,  with reduced  rates until  2015 and full rates from
2016. Front Champion and Golden Victory have the highest charter rates among the
vessels  Frontline  has  chartered  in  from  Ship  Finance  and  the  level  of
compensation is a reflection of this.

These transactions will reduce the Company's obligations under capital leases by
approximately  $105 million and  the remaining obligations  under capital leases
following  these terminations will be approximately  $735 million related to 15
VLCCs and five Suezmax tankers.

November 7, 2013
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda

Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00

Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00

Forward Looking Statements

This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Frontline cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.

Important  factors that,  in the  Company's view,  could cause actual results to
differ  materially  from  those  discussed  in  this  press  release include the
strength  of world economies and currencies, general market conditions including
fluctuations  in charter hire rates and vessel  values, changes in demand in the
tanker  market as a result of changes  in OPEC's petroleum production levels and
world  wide  oil  consumption  and  storage,  changes in the Company's operating
expenses  including bunker prices,  dry-docking and insurance  costs, changes in
governmental  rules and regulations or  actions taken by regulatory authorities,
potential  liability  from  pending  or  future litigation, general domestic and
international  political conditions, potential disruption of shipping routes due
to  accidents or  political events,  and other  important factors described from
time  to  time  in  the  reports  filed  by  the  Company with the United States
Securities and Exchange Commission.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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