Tankship Operators Frontline Warn of Restructuring

Posted by George Backwell
Tuesday, May 27, 2014
Photo courtesy of Frontline

Oil tanker firm Frontline reported first quarter earnings below expectations on Tuesday and said that unless markets improve, it may need to restructure to repay debt.

Frontline, the tanker arm of shipping tycoon John Fredriksen, said it made a net loss of $12.1 million in the first quarter, trailing expectations for a $4 million loss in a Reuters poll of analysts.

(By Balazs Koranyi)
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lifting Specialists Modulift, IMES form Joint Venture

Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally.   The two companies

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Tanker Trends

GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation

NAPA Streamlines Compliance with Class Design Rules

NAPA Steel and NAPA Designer updated to reduce man-hours and duplication associated with new Common Structural Rules BC&OT   Global maritime software, services

Kenyan Port Workers Strike Over Higher Health Costs

More than 2,000 workers at East Africa's biggest port in Kenya's coastal city Mombasa went on strike on Wednesday protesting an increase in the amount they will

Finance

Charleston Harbor Deepening Gets US Funding

Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Army Corps of Engineers allocates $1.303 million

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar
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: 0.2569 sec (4 req/sec)