According to MANA, New York-listed Frontline, led by shipping billionaire John Fredriksen, said the contracted price of the vessels was $364.3m, of which the company had made instalment payments of $45.5m.
Following the contract terminations, Frontline (news, data) has been released of all obligations relating to the contracts, and has received all instalment payments made to STX, less a $500,000 cancellation fee per vessel.
Frontline said it believed the market will continue to present attractive opportunities, and the company will assess on-the-water and resale assets, which are at historically low prices.
Following the terminations, Frontline's fleet consists of 73 vessels, including newbuildings. The fleet includes 25 VLCCs.
The terminations come hot on the heels of VLCC-owning rival Euronav announcing on Friday that it has reached an agreement to postpone the delivery of a pair of ex-yard resale VLCCs it bought earlier in the year.
South Korea's shipbuilding industry is enduring tough times as orders dry up