Tankship Owners Frontline Take Cautious Approach

Press Release
Tuesday, May 29, 2012

Tankship owners Frontline Ltd, domiciled in Bermuda, formerly Sweden, announce Q1 2012 results, remain cautious until market shows recovery

HIghlights of the report are as follows:

  • Net income attributable to the Company of $7.2 million and earnings per share of $0.09 for the first quarter of 2012.
  • Frontline sold the double hull Suezmax tanker, Front Alfa, and recognized a loss of $2.2 million.
  • They terminated the charter party for the single hull VLCC, Titan Orion (ex-Front Duke), and recognized a gain of $9.4 million.
  • They purchased $10.0 million notional value of the convertible bonds due 2015 for $5.4 million and recognized a gain of $4.6 million.
  • Frontline will not pay a dividend for the first quarter of 2012.

Strategy and Outlook
The Board sees a challenging supply / demand situation for the tanker market where the combined VLCC and Suezmax fleet between 2004 and 2012 increased by 98 percent without being backed by a similar increase in demand. Frontline will continue to remain cautious and focus its resources on the present activities until a clearer sign of recovery can be seen in the tanker market.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

Finance

Terex Corporation Announces Q1 2014 Financial Results

Terex Corporation (NYSE:TEX) will release its first quarter 2014 financial results on Wednesday, April 30, 2014 after market close. The Company will host a one-hour

Niger Could Sign Deal With Areva soon

The government of Niger, the world's fourth largest uranium producer, is on the verge of renewing an agreement with French state-controlled nuclear group Areva,

Barclays To Exit Some Commodities Markets

Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0995 sec (10 req/sec)