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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 | |
---|---|---|---|---|---|---|---|---|
0.44 | 1.77% | 25.31 | 25.39 | 24.76 | 24.79 | 2,424,760 | 21:33:40 |
|
|
FRONTLINE LTD.
(registrant)
|
|
|
|
|
|
Dated: September 14, 2017
|
|
By:
|
/s/ Inger M. Klemp
|
|
|
|
Name: Inger M. Klemp
|
|
|
|
Title: Principal Financial Officer
|
|
|
|
|
|
|
|
• |
Reports a net loss attributable to the Company of $19.4 million, or $0.11 per share, for the second quarter of 2017, primarily due to $7.8 million in dry docking expenses and a $12.2 million loss on the termination of two charters.
|
• |
Reports a net loss attributable to the Company adjusted for certain non-cash items of $14.2 million, or $0.08 per share, for the second quarter of 2017.
|
• |
Reports net income attributable to the Company of $7.6 million, or $0.04 per share, and net income attributable to the Company adjusted for certain non-cash items of $13.6 million, or $0.08 per share, for the six months ended June 30, 2017.
|
• |
Signed two senior secured term loan facilities of up to $110.5 million provided by ING Bank and $110.5 million provided by Credit Suisse, to partially finance four recent resales and newbuilding contracts.
|
• |
Terminated three long term charters: for the 1998-built Suezmax tanker Front Brabant and the 2000-built VLCC Front Scilla in the second quarter and the 1997-built Suezmax Front Ardenne in the third quarter ahead of the vessels' scheduled drydockings.
|
• |
Took delivery of three Suezmax and two LR2/Aframax newbuildings.
|
($ per day)
|
Spot and time charter
|
Spot and time charter estimates
|
% covered
|
Estimated average BE rates
|
||||||||||||||||||||
|
Q2 2017
|
Q1 2017
|
2016
|
Q3 2017
|
2017
|
|||||||||||||||||||
VLCC
|
23 800
|
34 400
|
43 200
|
16 800
|
62
|
%
|
21 600
|
|||||||||||||||||
SMAX
|
16 400
|
23 400
|
26 400
|
18 500
|
63
|
%
|
17 500
|
|||||||||||||||||
LR2
|
18 100
|
22 400
|
23 800
|
18 600
|
77
|
%
|
15 700
|
(i) |
38 vessels owned by the Company (eight VLCCs, 15 Suezmax tankers, 15 LR2 tankers);
|
(ii) |
10 vessels that are under capital leases (9 VLCCs and one Suezmax tanker);
|
(iii) |
one VLCC that is recorded as an investment in finance lease;
|
(iv) |
two VLCCs where the cost/revenue is split 50/50 with a unrelated third party;
|
(v) |
one MR product tanker that is chartered-in on a short term time charter with a remaining duration of less than six months; and
|
(vi) |
five vessels that are under the Company's commercial management (two Suezmax tankers and three Aframax oil tankers)
|
(i) |
one Suezmax built in 2010 at a rate of $33,500 per day, expiry Q4 2017;
|
(ii) |
five LR2 tankers at an average rate of $27,600, expiry Q1 2018; and
|
(iii) |
one Suezmax tanker built in 2010 with a base rate of $30,000 per day for the first year and $27,000 per day for the second year with a profit share arrangement, expiry Q1 2018. The agreement is index-linked.
|
(in millions of $)
|
Q2 2017
|
Q1 2017
|
Six months ended June 30, 2017
|
Six months ended June 30, 2016
|
||||||||||||
Net (loss) income attributable to the Company
|
(19.4
|
)
|
27.0
|
7.6
|
93.2
|
|||||||||||
Add back:
|
||||||||||||||||
Loss on termination of vessel lease, net of cash paid
|
2.1
|
—
|
2.1
|
—
|
||||||||||||
Vessel impairment loss
|
—
|
21.2
|
21.2
|
25.5
|
||||||||||||
Impairment loss on shares
|
—
|
—
|
—
|
6.9
|
||||||||||||
Loss on derivatives
|
3.1
|
0.2
|
3.3
|
12.3
|
||||||||||||
Less:
|
||||||||||||||||
Gain on termination of lease
|
—
|
(20.6
|
)
|
(20.6
|
)
|
—
|
||||||||||
Net (loss) income attributable to the Company adjusted for certain non-cash items
|
(14.2
|
)
|
27.9
|
13.6
|
137.9
|
|||||||||||
(
in thousands)
|
||||||||||||||||
Weighted average number of ordinary shares
|
169,809
|
169,809
|
169,809
|
156,387
|
||||||||||||
(
in $)
|
||||||||||||||||
Basic earnings per share adjusted for certain non-cash charges
|
(0.08
|
)
|
0.16
|
0.08
|
0.88
|
Norway
|
+47 2350 0486
|
|
Norway toll free
|
800 56053
|
|
UK
|
+44(0)20 3427 1908
|
|
UK Toll Free
|
0800 279 5004
|
|
USA
|
+1212 444 0896
|
|
USA Toll Free
|
1877 280 2342
|
|
Conference ID
|
1147594
|
UK
|
+44 (0) 207 984 7568
|
|
UK Toll Free
|
0 808 101 1153
|
|
Norway Dial-In
|
+47 23 50 00 77
|
|
Norway toll free
|
800 196 72
|
|
USA Toll Free
|
888-203-1112
|
|
USA
|
+1 719-457-0820
|
|
Replay Access Number
|
1147594
|
2016
Apr-Jun
|
2017
Apr-Jun
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands of $)
|
2017
Jan-Jun
|
2016
Jan-Jun
|
2016
Jan-Dec
|
||||||||||||||
191,756
|
150,148
|
Total operating revenues
|
327,275
|
418,859
|
754,306
|
||||||||||||||
|
|||||||||||||||||||
—
|
(12,238
|
)
|
Other operating (loss) gain
|
8,327
|
—
|
(2,683
|
)
|
||||||||||||
31,989
|
60,155
|
Voyage expenses and commission
|
115,339
|
67,514
|
161,641
|
||||||||||||||
732
|
(8,687
|
)
|
Contingent rental (income) expense
|
(12,456
|
)
|
(2,654
|
)
|
(18,621
|
)
|
||||||||||
32,487
|
37,552
|
Ship operating expenses
|
68,176
|
61,945
|
119,515
|
||||||||||||||
20,500
|
4,838
|
Charter hire expenses
|
14,611
|
34,552
|
67,846
|
||||||||||||||
25,480
|
—
|
Impairment loss on vessels and vessels under capital lease
|
21,247
|
25,480
|
61,692
|
||||||||||||||
—
|
—
|
Provision for uncollectible receivable
|
—
|
—
|
4,000
|
||||||||||||||
8,114
|
10,599
|
Administrative expenses
|
19,167
|
18,887
|
37,026
|
||||||||||||||
35,414
|
34,859
|
Depreciation
|
70,139
|
73,321
|
141,043
|
||||||||||||||
154,716
|
139,316
|
Total operating expenses
|
296,223
|
279,045
|
574,142
|
||||||||||||||
37,040
|
(1,406
|
)
|
Net operating (loss) income
|
39,379
|
139,814
|
177,481
|
|||||||||||||
96
|
142
|
Interest income
|
268
|
183
|
367
|
||||||||||||||
(13,829
|
)
|
(15,976
|
)
|
Interest expense
|
(31,000
|
)
|
(27,773
|
)
|
(56,687
|
)
|
|||||||||
(4,563
|
)
|
—
|
Impairment loss on shares
|
—
|
(6,914
|
)
|
(7,233
|
)
|
|||||||||||
—
|
475
|
Gain on sale of shares
|
1,246
|
—
|
—
|
||||||||||||||
(155
|
)
|
193
|
Foreign currency exchange gain (loss)
|
270
|
183
|
9
|
|||||||||||||
(4,210
|
)
|
(3,107
|
)
|
(Loss) gain on derivatives
|
(3,285
|
)
|
(12,260
|
)
|
3,718
|
||||||||||
137
|
511
|
Other non-operating items
|
1,065
|
311
|
204
|
||||||||||||||
14,516
|
(19,168
|
)
|
Net (loss) income before income taxes and non-controlling interest
|
7,943
|
93,544
|
117,859
|
|||||||||||||
(54
|
)
|
(63
|
)
|
Income tax expense
|
(93
|
)
|
(104
|
)
|
(345
|
)
|
|||||||||
14,462
|
(19,231
|
)
|
Net income (loss)
|
7,850
|
93,440
|
117,514
|
|||||||||||||
(150
|
)
|
(148
|
)
|
Net (income) loss attributable to non-controlling interest
|
(209
|
)
|
(222
|
)
|
(504
|
)
|
|||||||||
14,312
|
(19,379
|
)
|
Net income (loss) attributable to the Company
|
7,641
|
93,218
|
117,010
|
|||||||||||||
0.09
|
(0.11
|
)
|
Basic earnings (loss) per share attributable to the Company ($)
|
0.04
|
0.60
|
0.75
|
2016
Apr-June
|
2017
Apr-June
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of $)
|
2017
Jan-Jun
|
2016
Jan-Jun
|
2016
Jan-Dec
|
||||||||||||||
|
|||||||||||||||||||
14,462
|
(19,231
|
)
|
Net (loss) income
|
7,850
|
93,440
|
117,514
|
|||||||||||||
2,767
|
(4,292
|
)
|
Unrealized (loss) gain from marketable securities
|
1,718
|
(280
|
)
|
(5,425
|
)
|
|||||||||||
—
|
—
|
Unrealized loss from marketable securities reclassified to statement of operations
|
—
|
—
|
7,233
|
||||||||||||||
(238
|
)
|
39
|
Foreign exchange loss
|
98
|
(369
|
)
|
(686
|
)
|
|||||||||||
2,529
|
(4,253
|
)
|
Other comprehensive income (loss)
|
1,816
|
(649
|
)
|
1,122
|
||||||||||||
16,991
|
(23,484
|
)
|
Comprehensive (loss) income
|
9,666
|
92,791
|
118,636
|
|||||||||||||
|
|||||||||||||||||||
150
|
148
|
Comprehensive income attributable to non-controlling interest
|
209
|
222
|
504
|
||||||||||||||
16,851
|
(23,632
|
)
|
Comprehensive (loss) income attributable to the Company
|
9,457
|
92,569
|
118,132
|
|||||||||||||
17,001
|
(23,484
|
)
|
Comprehensive (loss) income
|
9,666
|
92,791
|
118,636
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of $)
|
June 30
2017
|
June 30
2016
|
Dec 31
2016
|
|||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
128,411
|
129,617
|
202,402
|
|||||||||
Restricted cash
|
1,026
|
5,505
|
677
|
|||||||||
Marketable securities
|
35,753
|
6,659
|
8,428
|
|||||||||
Other current assets
|
163,393
|
159,465
|
172,119
|
|||||||||
Total current assets
|
328,583
|
301,246
|
383,626
|
|||||||||
|
||||||||||||
Non-current assets
|
||||||||||||
Newbuildings
|
162,221
|
326,200
|
308,324
|
|||||||||
Vessels and equipment, net
|
2,042,112
|
1,249,027
|
1,477,395
|
|||||||||
Vessels under capital lease, net
|
435,346
|
639,655
|
536,433
|
|||||||||
Investment in finance lease
|
25,910
|
35,887
|
30,908
|
|||||||||
Goodwill
|
225,273
|
225,273
|
225,273
|
|||||||||
Vessels held for sale
|
—
|
170,775
|
—
|
|||||||||
Other long-term assets
|
1,627
|
—
|
4,358
|
|||||||||
Total non-current assets
|
2,892,489
|
2,646,817
|
2,582,691
|
|||||||||
Total assets
|
3,221,072
|
2,948,063
|
2,966,317
|
|||||||||
|
||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Short term debt
|
89,770
|
65,966
|
67,365
|
|||||||||
Current portion of obligations under capital lease
|
44,406
|
90,336
|
56,505
|
|||||||||
Other current liabilities
|
63,270
|
76,529
|
58,879
|
|||||||||
Total current liabilities
|
197,446
|
232,831
|
182,749
|
|||||||||
|
||||||||||||
Non-current liabilities
|
||||||||||||
Long term debt
|
1,275,034
|
896,406
|
914,592
|
|||||||||
Obligations under capital lease
|
285,926
|
394,492
|
366,095
|
|||||||||
Other long-term liabilities
|
3,213
|
2,961
|
3,112
|
|||||||||
Total non-current liabilities
|
1,564,173
|
1,293,859
|
1,283,799
|
|||||||||
|
||||||||||||
Commitments and contingencies
|
||||||||||||
Equity
|
||||||||||||
Frontline Ltd. equity
|
1,459,462
|
1,421,487
|
1,499,601
|
|||||||||
Non-controlling interest
|
(9
|
)
|
(114
|
)
|
168
|
|||||||
Total equity
|
1,459,453
|
1,421,373
|
1,499,769
|
|||||||||
Total liabilities and equity
|
3,221,072
|
2,948,063
|
2,966,317
|
2016
Apr-Jun
|
2017
Apr-Jun
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of $)
|
2017
Jan-Jun
|
2016
Jan-Jun
|
2016
Jan-Dec
|
||||||||||||||
OPERATING ACTIVITIES
|
|||||||||||||||||||
14,462
|
(19,231
|
)
|
Net income (loss)
|
7,850
|
93,440
|
117,514
|
|||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|||||||||||||||||||
35,818
|
35,336
|
Depreciation and amortization of deferred charges
|
71,024
|
73,878
|
143,070
|
||||||||||||||
—
|
12,238
|
Other operating loss (gain)
|
(8,327
|
)
|
—
|
2,683
|
|||||||||||||
(2,237
|
)
|
—
|
Amortization of time charter contract value
|
—
|
(6,061
|
)
|
(6,799
|
)
|
|||||||||||
732
|
(8,687
|
)
|
Contingent rental (income) expense
|
(12,456
|
)
|
(2,654
|
)
|
(18,621
|
)
|
||||||||||
25,480
|
—
|
Impairment loss on vessels and vessels under capital lease
|
21,247
|
25,480
|
61,692
|
||||||||||||||
—
|
—
|
Provision for uncollectible receivables
|
—
|
—
|
4,000
|
||||||||||||||
4,563
|
—
|
Impairment loss on shares
|
—
|
6,914
|
7,233
|
||||||||||||||
—
|
(475
|
)
|
(Gain) on sale of shares
|
(1,246
|
)
|
—
|
—
|
||||||||||||
2,737
|
2,870
|
(Gain) loss on derivatives
|
2,731
|
9,222
|
(8,017
|
)
|
|||||||||||||
(990
|
)
|
751
|
Other, net
|
1,521
|
(2,294
|
)
|
(1,232
|
)
|
|||||||||||
1,781
|
6,850
|
Change in operating assets and liabilities
|
27,092
|
5,889
|
(15,508
|
)
|
|||||||||||||
82,346
|
29,652
|
Net cash provided by operating activities
|
109,436
|
203,814
|
286,015
|
||||||||||||||
|
|||||||||||||||||||
INVESTING ACTIVITIES
|
|||||||||||||||||||
—
|
—
|
Refund of newbuilding installments and interest
|
—
|
—
|
43,497
|
||||||||||||||
(176,599
|
)
|
(207,276
|
)
|
Additions to newbuildings, vessels and equipment
|
(454,031
|
)
|
(337,952
|
)
|
(622,460
|
)
|
|||||||||
(4,811
|
)
|
(419
|
)
|
Change in restricted cash
|
(348
|
)
|
(5,137
|
)
|
(309
|
)
|
|||||||||
2,299
|
2,410
|
Finance lease payments received
|
4,766
|
4,579
|
9,333
|
||||||||||||||
—
|
—
|
Proceeds from sale of vessels and equipment
|
—
|
—
|
173,187
|
||||||||||||||
—
|
—
|
Purchase of DHT shares
|
(46,100
|
)
|
—
|
—
|
|||||||||||||
—
|
14,635
|
Proceeds from the sale of DHT shares
|
21,739
|
—
|
—
|
||||||||||||||
(179,111
|
)
|
(190,650
|
)
|
Net cash (used in) provided by investing activities
|
(473,974
|
)
|
(338,510
|
)
|
(396,752
|
)
|
|||||||||
|
|||||||||||||||||||
FINANCING ACTIVITIES
|
|||||||||||||||||||
—
|
—
|
Net proceeds from issuance of shares
|
—
|
—
|
98,200
|
||||||||||||||
61,463
|
230,663
|
Proceeds from long-term debt
|
420,138
|
192,363
|
356,066
|
||||||||||||||
(15,219
|
)
|
(19,517
|
)
|
Repayment of long-term debt
|
(36,357
|
)
|
(29,612
|
)
|
(169,883
|
)
|
|||||||||
(28,680
|
)
|
(9,338
|
)
|
Repayment of capital leases
|
(25,798
|
)
|
(40,997
|
)
|
(61,677
|
)
|
|||||||||
—
|
(14,218
|
)
|
Lease termination payments
|
(14,218
|
)
|
—
|
—
|
||||||||||||
—
|
(198
|
)
|
Debt fees paid
|
(1,818
|
)
|
(4,204
|
)
|
(9,523
|
)
|
||||||||||
(62,814
|
)
|
(25,517
|
)
|
Dividends paid
|
(51,400
|
)
|
(117,744
|
)
|
(164,551
|
)
|
|||||||||
—
|
—
|
Payment of fractional shares on reverse share split
|
—
|
(17
|
)
|
(17
|
)
|
||||||||||||
(45,250
|
)
|
161,875
|
Net cash provided by (used in) financing activities
|
290,547
|
(211
|
)
|
48,615
|
||||||||||||
|
|||||||||||||||||||
(142,015
|
)
|
877
|
Net change in cash and cash equivalents
|
(73,991
|
)
|
(134,907
|
)
|
(62,122
|
)
|
||||||||||
271,632
|
127,534
|
Cash and cash equivalents at start of period
|
202,402
|
264,524
|
264,524
|
||||||||||||||
129,617
|
128,411
|
Cash and cash equivalents at end of period
|
128,411
|
129,617
|
202,402
|
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands of $ except number of shares)
|
2017
Jan-June
|
2016
Jan-June
|
2016
Jan-Dec
|
|||
|
||||||
NUMBER OF SHARES OUTSTANDING
|
||||||
Balance at beginning of period
|
169,809,324
|
781,937,649
|
781,937,649
|
|||
Effect of reverse share split
|
—
|
(625,551,143
|
)
|
(625,551,143
|
)
|
|
Shares issued
|
—
|
13,422,818
|
||||
Balance at end of period
|
169,809,324
|
156,386,506
|
169,809,324
|
|||
|
||||||
SHARE CAPITAL
|
||||||
Balance at beginning of period
|
169,809
|
781,938
|
781,938
|
|||
Effect of reverse share split
|
—
|
(625,551
|
)
|
(625,551
|
)
|
|
Shares issued
|
—
|
—
|
13,422
|
|||
Balance at end of period
|
169,809
|
156,387
|
169,809
|
|||
|
||||||
ADDITIONAL PAID IN CAPITAL
|
||||||
Balance at beginning of period
|
195,304
|
109,386
|
109,386
|
|||
Stock compensation expense
|
1,418
|
—
|
1,418
|
|||
Payment for fractional shares on reverse share split
|
—
|
(17
|
)
|
(17
|
)
|
|
Shares issued
|
—
|
—
|
84,517
|
|||
Balance at end of period
|
196,722
|
109,369
|
195,304
|
|||
|
||||||
CONTRIBUTED CAPITAL SURPLUS
|
||||||
Balance at beginning of period
|
1,099,680
|
474,129
|
474,129
|
|||
Cash dividends
|
(9,304)
|
—
|
—
|
|||
Effect of reverse share split
|
—
|
625,551
|
625,551
|
|||
Balance at end of period
|
1,090,376
|
1,099,680
|
1,099,680
|
|||
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
||||||
Balance at beginning of period
|
739
|
(383
|
)
|
(383
|
)
|
|
Other comprehensive income (loss)
|
1,816
|
(649
|
)
|
1,122
|
||
Balance at end of period
|
2,555
|
(1,032
|
)
|
739
|
||
|
||||||
RETAINED EARNINGS
|
||||||
Balance at beginning of period
|
34,069
|
81,212
|
81,212
|
|||
Net income (loss) attributable to the Company
|
7,641
|
93,218
|
117,010
|
|||
Cash dividends
|
(41,710
|
)
|
(117,347
|
)
|
(164,153
|
)
|
Balance at end of period
|
—
|
|
57,083
|
34,069
|
||
|
||||||
EQUITY ATTRIBUTABLE TO THE COMPANY
|
1,459,462
|
1,421,487
|
1,499,601
|
|||
|
||||||
NON-CONTROLLING INTEREST
|
||||||
Balance at beginning of period
|
168
|
61
|
61
|
|||
Net income (loss) attributable to non-controlling interest
|
209
|
222
|
504
|
|||
Dividend paid to non-controlling interest
|
(386
|
)
|
(397
|
)
|
(397
|
)
|
Balance at end of period
|
(9
|
)
|
(114
|
)
|
168
|
|
TOTAL EQUITY
|
1,459,453
|
1,421,373
|
1,499,769
|
(in thousands of $)
|
2017
Jan-June
|
2016
Jan-June
|
2016
Jan-Dec
|
|||||||||
Net income attributable to the Company
|
7,641
|
93,218
|
117,010
|
|||||||||
|
||||||||||||
(in thousands)
|
||||||||||||
Weighted average number of ordinary shares
|
169,809
|
156,387
|
156,973
|
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