We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Frontline Plc | NYSE:FRO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.36 | 1.54% | 23.80 | 23.90 | 23.33 | 23.50 | 1,344,991 | 01:00:00 |
Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results for the three and six months ended June 30, 2016:
Highlights
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:
"In the second quarter the tanker market experienced a downward pressure on rates which has continued into the third quarter. While these are quarters typically characterized by seasonal weakness, the market was also affected by crude oil supply disruptions in the Atlantic basin, high levels of crude inventories, 13 vessels delivering from the newbuilding fleet and easing congestion in ports around the world. All factors considered, the tanker market has been reasonably well balanced, and we are encouraged by our performance in the second quarter. The spot market is currently at a 24 month low, and although we expect the rate environment to improve from current levels, the second half of 2016 will be significantly weaker than the first half of the year. We remain focused on maintaining our competitive breakeven levels and strong balance sheet. Frontline's scale, strong shareholder base and cost-effective operations are significant strengths that position us well in the tanker market."
The average daily time charter equivalents ("TCE") earned by Frontline in the second quarter are shown below:
Average daily time charter equivalents ("TCEs") | |||||||
($ per day) | Spot and time charter | Spot | Spot Guidance | % covered | Estimated average daily BE rates | ||
Q2 2016 | Q1 2016 | Q2 2016 | Q1 2016 | Q3 2016 | 2016 | ||
VLCC | 45 200 | 65 400 | 48 100 | 70 200 | 30 800 | 76 % | 21 200 |
SMAX | 30 300 | 32 000 | 28 600 | 33 400 | 19 000 | 81 % | 17 200 |
LR2 | 24 300 | 24 700 | 22 300 | 24 800 | 22 500 | 79 % | 15 100 |
MR | 16 300 | 19 800 | 16 000 | 20 300 | 15 000 | 88 % | 13 700 |
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
"We are very pleased to have secured bank financing of up to $548 million. We are also in what we expect to be the final stages of obtaining approval for further bank financing of up to $325 million. This new financing will partially finance 20 of our newbuilding contracts at highly attractive terms and we maintain our very low cash breakeven levels. STX recently applied for court receivership, and it is unclear whether the four VLCC newbuildings under contract at this shipyard will be delivered. These vessels have therefore not yet been financed."
The full report can be found in the link below.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
1 Year Frontline Chart |
1 Month Frontline Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions