FRO - Third Quarter and Nine Months 2016 Results
(Thomson Reuters ONE) -
Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results
for the three and nine months ended September 30, 2016:
Highlights
* Achieved net income attributable to the Company of $5.5 million, or $0.03
per share, for the third quarter of 2016 and $98.7 million, or $0.63 per
share, for the nine months ended September 30, 2016.
* Achieved net income attributable to the Company adjusted for certain non-
cash charges of $16.6 million, or $0.11 per share, for the third quarter of
2016 and $154.7 million, or $0.99 per share, for the nine months ended
September 30, 2016.
* Announces a cash dividend of $0.10 per share for the third quarter of 2016.
* Secured bank financing in a total amount of up to $870 million to partially
finance all of the Company's newbuilding contracts.
* Five of the six medium range tankers, which the Company agreed to sell in
June 2016, were delivered to the buyer in the third quarter. The final
vessel was delivered in November.
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS
commented:
"While the summer is typically a slower period in the tanker markets, seasonal
weakness was more pronounced this year as supply disruptions, easing refinery
margins and inventory drawdowns led to reduced oil flows and a slowdown in
tanker demand. In addition, the global fleet expanded as newbuilding vessels
were delivered from shipyards. We believe that our performance in the third
quarter against this market backdrop, further highlights Frontline's competitive
position in the market and efficient operations. Frontline's low cash breakeven
rates, large commercial scale, and historically successful access to capital are
significant differentiators that support our leading position in the tanker
market."
The average daily time charter equivalents ("TCE") earned by Frontline in the
third quarter are shown below:
--------------------------------------------------------------------------------
Estimated
($ per Spot and time Spot Spot % covered average
day) charter Guidance daily BE
rates
+--------+-----------------+---------------+---------------------+--------------
| |Q3 2016 Q2 2016 |Q3 2016 Q2 2016|Q4 2016 | 2016
+--------+-----------------+---------------+---------------------+--------------
VLCC |27 900 45 200 |26 900 48 100 |28 000 75 % | 21 200
| | | |
SMAX |21 200 30 300 |19 200 28 600 |19 000 55 % | 17 300
| | | |
LR2 |23 800 24 300 |20 600 22 300 |16 000 60 % | 15 300
---------+-----------------+---------------+---------------------+--------------
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
"We are pleased to have secured bank financing of up to $870 million to
partially finance all of the Company's 16 newbuilding contracts and the four
vessels which were delivered during the third quarter. We consider the terms
achieved highly attractive, enabling us to maintain our low cash breakeven
levels."
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. Words, such as, but not limited to "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may," "should,"
"expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions.
Although Frontline believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and are beyond
the control of Frontline, Frontline cannot assure you that they will achieve or
accomplish these expectations, beliefs or projections. The information set forth
herein speaks only as of the date hereof, and Frontline disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
3rd Quarter 2016 Results:
http://hugin.info/182/R/2059960/772189.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Frontline Ltd. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 29.11.2016 - 08:30 Uhr
Sprache: Deutsch
News-ID 509550
Anzahl Zeichen: 6257
contact information:
Town:
Hamilton
Kategorie:
Business News
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