Frontline 2012 News

Frontline 2012 Ltd. has completed its previously announced merger with Frontline Ltd. , with Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline. The merger was consummated after close of trading on the Oslo Stock Exchange and close of the NOTC on November 30, 2015. Trading in the new shares of Frontline issued as merger consideration to former Frontline 2012 shareholders (the "Merger Shares") will commence on the Oslo Stock Exchange on December 1, 2015. Trading in the Merger Shares will begin before delivery of the Merger Shares to eligible Frontline 2012 shareholders' VPS accounts and therefore no account-to-account transactions and no transactions with settlement prior to December 3…

Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls companies spanning offshore drilling, shipping of oil and dry bulk and salmon farming. Seadrill, in which Fredriksen owns a 24.17 percent stake, booked $1.8 billion in non-cash impairment charges and goodwill on Tuesday, hurt by oil firms curbing exploration due to low crude prices, and warned of a tough market in 2016.

* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million, respectively, for the termination of the charters. * In November, the Company agreed to terminate the long-term charter for the 1998-built Suezmax tanker, Mindanao. The charter is expected to terminate in the fourth quarter of 2015.

Knightsbridge Shipping Limited announce that the second and final stage of its vessel acquisition transaction with Frontline 2012 Ltd. has closed.   The company has issued 31 million shares to Frontline 2012 Ltd. in exchange for 12 Cape size bulk carrier newbuildings.   Knightsbridge said it will have 111.1 million common shares outstanding following this transaction

Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6.4 million in respect of cash received in the fourth quarter as final settlement for a claim for damages and unpaid charter hire. The net loss in the third quarter includes dry docking costs of $2.0 million in connection with the Belgravia and the Golden Future. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the fourth quarter was $13,200 compared with $10,200 in the preceding quarter.

Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction. The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter.

Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014. Knightsbridge receives $3.2 million as partial settlement for a claim for damages and unpaid charter hire. Knightsbridge announces a cash distribution of $0.20 per share for the second quarter of 2014. Knightsbridge completes the purchase of five Capesize newbuilding contracts and one 2013-built Capesize drybulk carrier from Frontline 2012 Ltd and Hemen Holdings Ltd, respectively. Knightsbridge announces the combination of Frontline 2012's remaining fleet of 25 fuel efficient Capesize newbuildings with Knightsbridge's fleet.

Shipbuilding orders for drybulk carriers, tankships, containerships and a RoRo were placed in the past week according to 'Clarkson Hellas S&P Weekly Bulletin'. Cara Shipping, the shipping arm of Chinese domestic company Rizhao Steel, has placed orders for two further 250,000dwt VLOCs at Beihai shipyard. These are declared options with both vessels understood by Clarkson Hellas to be delivering in 2016. Wisdom Marine has continued to expand its orderbook in Japan, announcing an order for a 62,000 dwt bulker at Oshima, to be delivered in 2017 as well as a 37,600 dwt Handysize bulker at Imabari again for delivery in 2017. Whilst as yet unconfirmed…

The Company reports net income of $10.7 million and earnings per share of $0.35 for the first quarter compared with net income of $3.5 million and earnings per share of $0.12 for the preceding quarter. Net income in the first quarter includes $9.7 million, which was received as partial settlement for a claim for damages and unpaid charter hire. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the first quarter was $25,200 compared with $28,600 in the preceding quarter.

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014, 14 vessels in 2015 and six vessels in 2016. Knightsbridge recently acquired five Capesize newbuildings from Frontline 2012 and one vessel from Hemen Holding Ltd. The combination of Knightsbridge…

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which will compete with Fredriksen's own dry bulk company Golden Ocean. Fredriksen's Frontline 2012 and Knightsbridge Tankers will together own a fleet of 39 modern vessels, the firms said on Thursday. "(This) is in line with our strategic plan of creating pure plays in different shipping segments through consolidation, divestments and spin offs," Fredriksen said in a statement. Reporting by Ole Petter Skonnord and Gwladys Fouche

Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," Stolt-Nielsen Limited said. Avance Gas was formed by a merger of shipping assets from Stolt-Nielsen, Frontline 2012 and Sungas Holdings, and the fleet consists of six very large gas carriers (VLGC), with eight further new-buildings on order.

Stolt-Nielsen Limited  reported unaudited results for the third quarter ended August 31, 2013. Net profit attributable to shareholders in the third quarter was $21.8 million, with revenue of $521.8 million, compared with $25.7 million, with revenue of $533.8 million, respectively, in the second quarter of 2013. Net profit attributable to shareholders for the first nine months was $49.1 million, with revenue of $1,575.0 million, compared with $52.0 million, with revenue of $1,560.8 million, respectively, in the first nine months of 2012. Stolt Tankers reported an operating profit of $9 million, up from $5 million, as market conditions continued to slowly improve. The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased to 1.28 from 1.2.

The past week has been another active one, reports Clarkson Hellas S+P Weekly Report, with notable levels of ordering across all sectors. In Dry and whilst understood to have been contracted earlier this year, Clients of Polaris Shipping are reported to have signed three firm 250,000 DWT VLOCs as well as a single 207,000 DWT Newcastlemax at Hyundai Heavy Industries. These will be built at their Samho facility and whilst final pricing is yet to be disclosed, delivery is expected from the third quarter of 2014 and will continue through to early 2015. Parakou Shipping were reported to have contracted four firm SDARI designed 64,000 DWT Ultramax with a further four plus four options attached at Chengxi Shipyard.

It has been an active week in the shipbuilding market, especially in the dry bulk sector, according to Clarkson Hellas's 'Weekly S+P report'. Apart from a single Panamax order and declaration of some Capesize options, ordering has been primarily focussed on the smaller Handysize and Supramax sectors. Starting with the Capes and taking its total orderbook at the yard to 12 firm vessels, we understand that Clients of Frontline 2012 have declared four further options for 180,000 DWT bulk carriers at SWS. Delivery of these latest vessels is scheduled towards the end of 2015 and into the first half of 2016. It was also reported that Tai Chong Cheang S.S. has declared an option for the second in a series of 76,500 DWT Panamax bulkers at Imabari’s Marugame facility.

There has been a significant volume of shipbuilding business reported in the week according to Clarkson Hellas. The dry bulk fleet has seen a number of new additions this week. It was reported that SWS signed an additional order with Clients of Thenamaris for 1+1 180,000 DWT Capesize vessels, with the firm vessel lined up for delivery in 2015. Clients of Nordic Bulk Carriers placed an order for two firm 75,000 DWT Ice Class 1A bulk carriers at Oshima for delivery in 2015. Although pricing was not officially revealed, it is believed the contracts will be priced just over USD 30 Mill and include options for additional sister vessels. Oshima Shipbuilding are additionally reported to have signed a single 38,000 DWT bulk carrier for Clients of Ultrabulk with delivery in 2014.