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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 | |
---|---|---|---|---|---|---|---|---|
0.17 | 0.69% | 24.74 | 24.88 | 24.44 | 24.86 | 1,144,136 | 00:00:00 |
FRONTLINE LTD.
(registrant)
|
|||
Dated: November 24, 2017
|
By:
|
/s/ Inger M. Klemp
|
|
Name: Inger M. Klemp
|
|||
Title: Principal Financial Officer
|
● |
Reports a net loss attributable to the Company of $24.1 million, or $0.14 per share, for the third quarter of 2017, primarily due to weak average spot daily time charter equivalent ("TCE") earnings achieved by our fleet and a $5.8 million loss on the termination of the charter of Front Ardenne.
|
● |
Reports a net loss attributable to the Company adjusted for certain non-cash items of $23.1 million, or $0.14 per share, for the third quarter of 2017.
|
● |
Reports net loss attributable to the Company of $16.4 million, or $0.10 per share, and a net loss attributable to the Company adjusted for certain non-cash items of $9.4 million, or $0.06 per share, for the nine months ended September 30, 2017.
|
● |
Terminated the long-term charter for the 1997-built Suezmax tanker Front Ardenne in the third quarter of 2017.
|
● |
Took delivery of five newbuildings, including two VLCCs, one Suezmax and two LR2/Aframax tankers in the third quarter of 2017.
|
($ per day) | Spot and time charter | Spot | Spot estimates | % covered | Estimated average cash BE rates | |||||||||||||||||||||||||||||||
Q3 2017 | Q2 2017 |
YTD 2017
|
Q3 2017 | Q2 2017 |
YTD 2017
|
Q4 2017
|
Q4 2017
|
|||||||||||||||||||||||||||||
VLCC
|
13 200
|
23 800
|
24 000
|
13 200
|
23 600
|
23 500
|
19 200
|
76
|
%
|
21 600
|
||||||||||||||||||||||||||
SMAX
|
15 300
|
16 400
|
18 100
|
14 100
|
14 300
|
16 500
|
18 200
|
67
|
%
|
17 700
|
||||||||||||||||||||||||||
LR2
|
17 200
|
18 100
|
19 000
|
12 300
|
13 200
|
14 400
|
17 000
|
60
|
%
|
15 700
|
(i) |
43 vessels owned by the Company (10 VLCCs, 16 Suezmax tankers, 17 LR2/Aframax tankers);
|
(ii) |
nine vessels that are under capital leases, all of which are VLCCs;
|
(iii) |
one VLCC that is recorded as an investment in finance lease;
|
(iv) |
two VLCCs where the cost/revenue is split 50/50 with an unrelated third party, one of which was redelivered in October;
|
(v) |
one MR product tanker that is chartered-in on a short term time charter which was subsequently redelivered in October; and
|
(vi) |
five vessels that are under the Company's commercial management (two Suezmax tankers and three Aframax oil tankers)
|
(i) |
five LR2 tankers at an average rate of $27,600, expiry Q1 2018; and
|
(ii) |
one Suezmax tanker built in 2010 with a base rate of $27,000 per day with a profit share arrangement, expiry Q1 2018. The agreement is index-linked.
|
(in millions of $)
|
Q3 2017
|
Q2 2017
|
Nine months ended
Sep 30, 2017 |
Nine months ended
Sep 30, 2016 |
||||||||||||
Net income (loss) attributable to the Company
|
(24.1
|
)
|
(19.4
|
)
|
(16.4
|
)
|
98.7
|
|||||||||
Add back:
|
||||||||||||||||
Loss on termination of vessel lease, net of cash paid
|
1.2
|
2.1
|
3.3
|
—
|
||||||||||||
Loss on cancellation of newbuilding contracts
|
—
|
—
|
—
|
2.7
|
||||||||||||
Vessel impairment loss
|
—
|
—
|
21.2
|
34.4
|
||||||||||||
Impairment loss on shares
|
—
|
—
|
—
|
7.2
|
||||||||||||
Loss on derivatives
|
—
|
3.1
|
3.3
|
11.4
|
||||||||||||
Less:
|
||||||||||||||||
Gain on derivatives
|
(0.2
|
)
|
—
|
(0.2
|
)
|
—
|
||||||||||
Gain on termination of lease
|
—
|
—
|
(20.6
|
)
|
—
|
|||||||||||
Net income (loss) attributable to the Company adjusted for certain non-cash items
|
(23.1
|
)
|
(14.2
|
)
|
(9.4
|
)
|
154.4
|
|||||||||
(
in thousands)
|
||||||||||||||||
Weighted average number of ordinary shares
|
169,809
|
169,809
|
169,809
|
156,387
|
||||||||||||
(
in $)
|
||||||||||||||||
Basic earnings (loss) per share adjusted for certain non-cash charges
|
(0.14
|
)
|
(0.08
|
)
|
(0.06
|
)
|
0.99
|
Norway
|
+47 23162787
|
|
Norway toll free
|
800 56053
|
|
UK
|
+44(0)20 3427 1912
|
|
UK Toll Free
|
0800 279 4992
|
|
USA
|
+1212 444 0412
|
|
USA Toll Free
|
1877 280 2342
|
|
Conference ID
|
5668391
|
UK
|
+44(0)207 660 0134
|
|
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:
|
5668391
|
2016
Jul-Sep
|
2017
Jul-Sep
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands of $)
|
2017
Jan-Sep |
2016
Jan-Sep |
2016
Jan-Dec
|
|||||
157,157
|
140,471
|
Total operating revenues
|
467,746
|
576,016
|
754,306
|
|||||
(2,670
|
)
|
(5,949
|
)
|
Other operating gain (loss)
|
2,378
|
(2,670
|
)
|
(2,683
|
)
|
|
43,984
|
64,611
|
Voyage expenses and commission
|
179,950
|
111,498
|
161,641
|
|||||
(8,765
|
)
|
(6,735
|
)
|
Contingent rental (income) expense
|
(19,191
|
)
|
(11,419
|
)
|
(18,621
|
)
|
30,811
|
34,158
|
Ship operating expenses
|
102,334
|
92,756
|
119,515
|
|||||
16,841
|
3,104
|
Charter hire expenses
|
17,715
|
51,393
|
67,846
|
|||||
8,939
|
—
|
Impairment loss on vessels and vessels under capital lease
|
21,247
|
34,419
|
61,692
|
|||||
—
|
—
|
Provision for uncollectible receivable
|
—
|
—
|
4,000
|
|||||
9,413
|
9,552
|
Administrative expenses
|
28,719
|
28,300
|
37,026
|
|||||
33,432
|
35,221
|
Depreciation
|
105,360
|
106,753
|
141,043
|
|||||
134,655
|
139,911
|
Total operating expenses
|
436,134
|
413,700
|
574,142
|
|||||
19,832
|
(5,389
|
)
|
Net operating income (loss)
|
33,990
|
159,646
|
177,481
|
||||
76
|
70
|
Interest income
|
338
|
259
|
367
|
|||||
(14,717
|
)
|
(18,745
|
)
|
Interest expense
|
(49,745
|
)
|
(42,490
|
)
|
(56,687
|
)
|
(319
|
)
|
—
|
Impairment loss on shares
|
—
|
(7,233
|
)
|
(7,233
|
)
|
||
—
|
(62
|
)
|
Gain (loss) on sale of shares
|
1,184
|
—
|
—
|
||||
(31
|
)
|
(47
|
)
|
Foreign currency exchange gain (loss)
|
223
|
152
|
9
|
|||
896
|
201
|
Gain (loss) on derivatives
|
(3,084
|
)
|
(11,364
|
)
|
3,718
|
|||
(55
|
)
|
86
|
Other non-operating items
|
1,151
|
256
|
204
|
||||
5,682
|
(23,886
|
)
|
Net income (loss) before income taxes and non-controlling interest
|
(15,943
|
)
|
99,226
|
117,859
|
|||
(73
|
)
|
(16
|
)
|
Income tax expense
|
(109
|
)
|
(177
|
)
|
(345
|
)
|
5,609
|
(23,902
|
)
|
Net income (loss)
|
(16,052
|
)
|
99,049
|
117,514
|
|||
(138
|
)
|
(169
|
)
|
Net (income) loss attributable to non-controlling interest
|
(378
|
)
|
(360
|
)
|
(504
|
)
|
5,471
|
(24,071
|
)
|
Net income (loss) attributable to the Company
|
(16,430
|
)
|
98,689
|
117,010
|
|||
0.03
|
(0.14
|
)
|
Basic earnings (loss) per share attributable to the Company ($)
|
(0.10
|
)
|
0.63
|
0.75
|
|||
2016
Jul-Sep
|
2017
Jul-Sep
|
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of $)
|
2017 Jan-Sep
|
2016 Jan-Sep
|
2016
Jan-Dec
|
|||||
5,609
|
(23,902
|
)
|
Net income (loss)
|
(16,052
|
)
|
99,049
|
117,514
|
|||
625
|
871
|
Unrealized gain (loss) from marketable securities
|
2,589
|
(6,569
|
)
|
(5,425
|
)
|
|||
319
|
—
|
Unrealized loss from marketable securities reclassified to statement of operations
|
—
|
7,233
|
7,233
|
|||||
(87
|
)
|
55
|
Foreign currency exchange gain (loss)
|
153
|
(456
|
)
|
(686
|
)
|
||
857
|
926
|
Other comprehensive income (loss)
|
2,742
|
208
|
1,122
|
|||||
6,466
|
(22,976
|
)
|
Comprehensive income (loss)
|
(13,310
|
)
|
99,257
|
118,636
|
|||
138
|
169
|
Comprehensive income attributable to non-controlling interest
|
378
|
360
|
504
|
|||||
6,328
|
(23,145
|
)
|
Comprehensive income (loss) attributable to the Company
|
(13,688
|
)
|
98,897
|
118,132
|
|||
6,466
|
(22,976
|
)
|
Comprehensive income (loss)
|
(13,310
|
)
|
99,257
|
118,636
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of $)
|
Sep 30
2017
|
Sep 30
2016
|
Dec 31
2016
|
|||
ASSETS
|
||||||
Current assets
|
||||||
Cash and cash equivalents
|
119,086
|
124,149
|
202,402
|
|||
Restricted cash
|
666
|
2,655
|
677
|
|||
Marketable securities
|
32,346
|
7,284
|
8,428
|
|||
Other current assets
|
162,725
|
153,045
|
172,119
|
|||
Total current assets
|
314,823
|
287,133
|
383,626
|
|||
Non-current assets
|
||||||
Newbuildings
|
73,309
|
274,246
|
308,324
|
|||
Vessels and equipment, net
|
2,362,992
|
1,491,738
|
1,477,395
|
|||
Vessels under capital lease, net
|
408,535
|
583,579
|
536,433
|
|||
Investment in finance lease
|
24,396
|
33,417
|
30,908
|
|||
Goodwill
|
225,272
|
225,273
|
225,273
|
|||
Vessels held for sale
|
—
|
27,473
|
—
|
|||
Other long-term assets
|
1,987
|
—
|
4,358
|
|||
Total non-current assets
|
3,096,491
|
2,635,726
|
2,582,691
|
|||
Total assets
|
3,411,314
|
2,922,859
|
2,966,317
|
|||
LIABILITIES AND EQUITY
|
||||||
Current liabilities
|
||||||
Short term debt
|
101,977
|
68,392
|
67,365
|
|||
Current portion of obligations under capital lease
|
42,073
|
59,445
|
56,505
|
|||
Other current liabilities
|
69,644
|
65,916
|
58,879
|
|||
Total current liabilities
|
213,694
|
193,753
|
182,749
|
|||
Non-current liabilities
|
||||||
Long term debt
|
1,492,496
|
947,640
|
914,592
|
|||
Obligations under capital lease
|
266,962
|
380,841
|
366,095
|
|||
Other long-term liabilities
|
1,347
|
3,323
|
3,112
|
|||
Total non-current liabilities
|
1,760,805
|
1,331,804
|
1,283,799
|
|||
Commitments and contingencies
|
||||||
Equity
|
||||||
Frontline Ltd. equity
|
1,436,655
|
1,397,278
|
1,499,601
|
|||
Non-controlling interest
|
160
|
24
|
168
|
|||
Total equity
|
1,436,815
|
1,397,302
|
1,499,769
|
|||
Total liabilities and equity
|
3,411,314
|
2,922,859
|
2,966,317
|
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands of $ except number of shares)
|
2017
Jan- Sep
|
2016
Jan-Sep
|
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
|
1,756
|
709
|
1,418
|
|||
Payment for fractional shares on reverse share split
|
—
|
(17
|
)
|
(17
|
)
|
|
Shares issued
|
—
|
—
|
84,517
|
|||
Balance at end of period
|
197,060
|
110,078
|
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 beginning and 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)
|
2,742
|
208
|
1,122
|
|||
Balance at end of period
|
3,481
|
(175
|
)
|
739
|
||
RETAINED EARNINGS
|
||||||
Balance at beginning of period
|
34,069
|
81,212
|
81,212
|
|||
Net income (loss) attributable to the Company
|
(16,430
|
)
|
98,689
|
117,010
|
||
Cash dividends
|
(41,710
|
)
|
(148,593
|
)
|
(164,153
|
)
|
Balance at end of period
|
(24,071
|
)
|
31,308
|
34,069
|
||
EQUITY ATTRIBUTABLE TO THE COMPANY
|
1,436,655
|
1,397,278
|
1,499,601
|
|||
NON-CONTROLLING INTEREST
|
||||||
Balance at beginning of period
|
168
|
61
|
61
|
|||
Net income (loss) attributable to non-controlling interest
|
378
|
360
|
504
|
|||
Dividend paid to non-controlling interest
|
(386
|
)
|
(397
|
)
|
(397
|
)
|
Balance at end of period
|
160
|
24
|
168
|
|||
TOTAL EQUITY
|
1,436,815
|
1,397,302
|
1,499,769
|
(in thousands of $)
|
2017
Jan-Sep
|
2016
Jan-Sep
|
2016
Jan-Dec
|
||
Net income (loss) attributable to the Company
|
(16,430
|
)
|
98,689
|
117,010
|
|
(in thousands)
|
|||||
Weighted average number of ordinary shares
|
169,809
|
156,387
|
156,973
|
1 Year Frontline Chart |
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