Robert Hvide Macleod News

Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO.

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as interim chief executive officer of Frontline Management AS."With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role," Frontline said.The outgoing CEO Macleod will be available for Frontline until April 30, 2021.Billionaire shipping magnate and Frontline chairman John Fredriksen said, "I would like to thank Robert for his contribution to Frontline.

Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime.

Oil tanker group Frontline reported a big jump in second-quarter earnings on Thursday as energy traders paid to store crude that went unsold amid the COVID-19 pandemic, the company said on Thursday.Frontline's April-June adjusted net profit rose to $206.1 million from a year-ago $4.2 million, topping a forecast of $203.3 million in a Refinitiv SmartEstimate poll of analysts."Our results for the first half of 2020 are the strongest in more than 10 years," Chief Executive Robert Hvide Macleod said in a statement."The demand shock brought on by COVID-19 was so large and sudden that global commercial inventories quickly surged to record levels…

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.Oil tankers require rigorous inspections twice a year to reduce the risk of oil spills or mechanical collapse with polluting cargoes onboard.But the global pandemic has disrupted international trade, leaving merchant seafarers stuck on ships…

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)

Oil tanker firm Frontline warned on Thursday that the coronavirus outbreak will hurt its results in the near term, even as the group reported sharp gains in earnings for the final quarter of 2019.Frontline's net profit for the October-December period rose fourfold year-on-year to an 11-year high of $108.8 million, but still lagging an average forecast of $127.1 million in a Refinitiv poll of analysts."Primarily due to the effect of the coronavirus, we have a near-term macro headwind with a slowdown in oil demand, particularly in China," Chief Executive Robert Hvide Macleod said in a statement.

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers built in 2019 through the acquisition of a TML special purpose vehicle which holds the vessels.Frontline has elected not to exercise the first option to acquire two additional Suezmax tankers.

Oil tanker firm Frontline has scaled back the number of vessels it sends through the Strait of Hormuz after the attack in June on its Front Altair product tanker, Chief Executive Robert Hvide Macleod said on Tuesday."We've not decided to stay away, so we are doing business there, but have chosen other trades due to the situation -- obviously the Front Altair was a very very difficult situation and we've gone down in terms of bookings," he told an analyst call.He said Frontline has taken extra precautions, but did not elaborate on the measures. (Reporting by Victoria Klesty, editing by Terje Solsvik)

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an 8.5% stake in Frontline, valued at $128 million, and will receive a cash payment of between $538 million and $547 million.The vessels were all built in 2019 and have been fitted with exhaust gas clea

CEO says increasingly upbeat on tanker profits. OPEC cuts, Iran sanctions may impact tanker demand.Frontline, one of the world's largest oil tanker firms, posted a surprise third-quarter profit on Friday, helped by rising rates for its fleet.The Oslo-listed shipper, controlled by billionaire investor John Fredriksen, said the outlook was improving due to rising global demand for crude after a lengthy downturn for shippers."We are increasingly optimistic that the tanker market will generate profits going forward," Chief Executive Robert Hvide Macleod told an investor call.Net earnings for July to September swung to a profit of $2.2 million from a $24.1 million loss in the same period last year.Adjusted for one-off gains…

Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2.8 million, while analysts in a Reuters poll on average had expected a loss of $13.3 million.Tanker rates are still low, however, and 78 percent of Frontline's very large crude carriers (VLCCs) are covered at a daily $11,600 for the second quarter compared with $14,900 in the first quarter and a cash break-even level of $22,700 for 2018."There are encouraging signs that seaborne crude volumes may soon increase as a result of changes by OPEC and a slowing trend of inventory draws…

The global market for crude oil tankers remains too fragmented and needs consolidation among owners, one of the industry's leading companies said on Wednesday. Oslo-listed Frontline, the oil shipping arm of billionaire investor John Fredriksen, also said the market for crude carriers is expected to remain weak until the second half of 2018. "The tanker market is highly fragmented with many owners who have one or two vessels," Frontline Chief Executive Robert Hvide Macleod told analysts in a conference call.

Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity. The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the global fleet. While the weak market naturally affects our earnings in the short term, the company's strategy is not altered. "We continue to take proactive steps to increase the earnings potential of our fleet through the ongoing renewal of our fleet and by pursuing an opportunistic approach in the resale and newbuilding markets," he said. Over the last several quarters…

CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later. Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million all-share bid "woefully inadequate". Frontline has now admitted defeat and switched course away from takeovers for the time being. "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

Tanker firm Frontline said on Tuesday it had made a higher and final offer for rival DHT Holdings which was rejected. Frontline said it had raised its all-share offer to 0.80 Frontline share per DHT share from an initial 0.725 but that DHT had again rejected the offer. "As DHT's largest shareholder we are surprised that DHT's board has declined our repeated attempts to discuss a business combination that we believe is clearly in the best interest of all shareholders," Frontline CEO Robert Hvide Macleod said in a statement. He decline to comment further when contacted by Reuters. Frontline holds a 16 percent stake in DHT. Last month Frontline…

Oil tanker firm Frontline reiterated its all-share offer for smaller rival DHT Holdings on Thursday despite the latter's rejection. Last month Frontline made a non-binding offer to acquire all DHT's outstanding shares in the hope of creating the largest private tanker firm in the world. DHT rejected the offer as "wholly inadequate" on Monday. "We believe that our offer to DHT shareholders is highly compelling since it provides a meaningful upfront premium," Frontline CEO Robert Hvide Macleod said in a statement, adding that DHT had declined to enter into talks with Frontline.

Crude tanker operator Frontline expects strong demand for its vessels at the start of 2017 and could benefit from oil producers' pact to cut output if it forces Asian buyers to go further afield for supplies, its chief executive said. Spot rates for very large crude carriers (VLCCs) have doubled since October to around $70,000 per day, far above the level Frontline needs to earn a profit, as OPEC output hit a record in November and seasonal demand for oil kicked in. "Our all-in break-even rate for VLCCs is below $22,000, so we're optimistic with regards to our own earnings," CEO Robert Hvide Macleod told Reuters. Even though OPEC and non-OPEC producers agreed on Dec.

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push rates lower in an over-tonnaged market, ship brokers said on Friday. Earnings for a VLCC charter from the Middle East to Asia have fallen to $9,000-$13,000 per day depending on destination, brokers said. That compared with break-even costs for a VLCC of $21,200 per day, according to Robert Hvide Macleod, chief executive of leading tanker owner Frontline Management. "I don't think there's too much downside left," a European supertanker broker said on Friday.

Frontline Ltd. ("Frontline"), today announces the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, traded operated on the spot market. Frontline will contribute 22 vessels to the joint venture, including 14 vessels on the water and 8 newbuildings as they are delivered. A larger fleet will provide more flexibility and more options for cargo owners and also reduce voyage related expenses by optimizing vessel selection based on proximity to cargoes, thereby reducing greenhouse gas emissions as a direct consequence of using less fuel for ballasting movements.

The chief executive of Frontline, one of the world's largest independent tanker firms, said it is likely to take another two or three months until insurance for cargoes carrying oil from Iran is secured, according to a report in Tasnim. "We have not lifted anything yet, there are still terms of insurance and payments. There are still some outstanding (issues). (But) we expect that to be in place within two to three months," said Robert Hvide Macleod. "That could change, but two to three months (is) our estimate," he added, Reuters reported on Tuesday. MacLeod is also quoted as saying chartering requirements from Iran will increase as the country is preferring to use its current fleet to store rather than transport oil. This trend will continue as Iran lacks onshore storage facilities.

Frontline, one of the world's largest independent tanker firms, says securing insurance for cargoes carrying oil from Iran is likely to take another two to three months, potentially limiting Iran's ability to quickly ramp up oil exports. Iran has been seeking to rapidly increase oil exports since international sanctions were lifted as part of its nuclear deal with world powers, which came into effect in January, but it still faces insurance and financing hurdles. "We have not lifted anything yet, there are still terms of insurance and payments. There are still some outstanding (issues). (But) we expect that to be in place within two to three months," said Robert Hvide Macleod, chief executive of Oslo-listed Frontline.