Norway's Frontline is financing its acquisition of 10 suezmaxes from Trafigura with a sale and leaseback deal in China.
The John Fredriksen-controlled tanker owner said it has secured a commitment from ICBC Leasing for up to $544m, which is subject to final documentation.
The lease financing has a tenor of seven years, carries an interest rate of Libor plus a margin of 230 basis points.
