Frontline Ltd. - Sale and time charter back of VLCC

Hamilton, Bermuda, January 3, 2011

Frontline Ltd. ("Frontline") has agreed to sell its 2006-built VLCC Front Shanghai. The net sale proceeds are $91.24 million.

Frontline has in connection with the sale agreed to charter back the ship from the new owner. The duration of the time charter is about two years at a rate of $35,000 per day.

Delivery to the new owners and commencement of the time charter is expected to take place concurrently in the second half of January.

Frontline Ltd.