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Frontline Ltd (FRO.N)

FRO.N on New York Stock Exchange

21 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Frontline reports Q2 loss, says upcoming quarters challenging
Wednesday, 30 Aug 2017 02:30am EDT 

Aug 30 (Reuters) - Frontline Ltd :Q2 net result $-19.4 million (reuters poll $-17 million) primarily due to $7.8 million in dry docking expenses and a $12.2 million loss on the termination of two charters.Upcoming quarters may present challenges as vessel supply continues to increase.Q2 operating profit $-1.4 million (reuters poll $-0.6 million).We believe we are better positioned having not done any substantial acquisitions in first half of year.We expect attractive opportunities to emerge as a result of weak market and will remain opportunistic going forward.Net loss attributable to company adjusted for certain non-cash items of $14.2 million, or $0.08 per share, for q2.Says continue to take proactive steps to increase earnings potential of its fleet through ongoing renewal of our fleet and by pursuing an opportunistic approach in resale and newbuilding markets.Says remains focused on acquiring high-quality, modern vlccs at attractive prices, lowering average age for its fleet.Due to the net loss attributable to the company in the second quarter, the board has decided to pay no dividend for the second quarter.Frontline continues to believe that the market will begin to improve in 2018 as the pace of deliveries of newbuilding vessels slows and vessels are retired from the global fleet.  Full Article

DHT says Marshall Islands court dismisses Frontline legal action
Monday, 19 Jun 2017 04:00am EDT 

June 19 (Reuters) - Dht Holdings Inc :Says high court of Marshall Islands has dismissed, with prejudice, legal action filed by Frontline.Says Frontline is now precluded from bringing similar claims against DHT, its directors and BW Group in any other court.  Full Article

Oslo Bourse says Frontline and Seadrill go out of obx index , Golden Ocean and Nordic Nanovector in
Friday, 9 Jun 2017 02:15am EDT 

June 9 (Reuters) - Oslo Bourse says: :Frontline<<>> and Seadrill<<>> go out of OBX Index .OBX.Golden OceanGOGLT.OL<<>> and Nordic Nanovector<<>> go in .The changes have effect from June 16.The OBX index consists of the 25 most traded shares at Oslo Bourse.  Full Article

DHT Holdings SAYS court denies Frontline's request for preliminary injunction
Wednesday, 7 Jun 2017 12:15pm EDT 

June 7 (Reuters) - DHT Holdings Inc :DHT Holdings, Inc.: Court denies Frontline's request for a preliminary injunction.High court of Marshall Islands has denied Frontline Ltd's request for a preliminary injunction.Court cited "Frontline's failure to demonstrate a probability of success on merits of its claims".Injuction is relating to transactions contemplated by previously announced vessel acquisition agreement between co and BW Group Limited.‍High court of Marshall Islands, Supreme Court of State of NY rejected Frontline's attempt to interfere with co's deal of BW's fleet​.Court noted that Frontline "has no likelihood of success" on any challenge to rights plan implemented by DHT board.  Full Article

Frontline CEO: Won't place many orders for new vessels
Tuesday, 30 May 2017 09:30am EDT 

May 30 (Reuters) - Frontline Chief Executive Robert Hvide Macleod made the following statements during the oil tanker firm's earnings presentation on Tuesday::We are not going to place many new vessel orders.Our aim is not to increase the global fleet further, focus on second-hand vessels.We believe scrapping will outpace the number of newbuildings.  Full Article

Frontline Q1 profit misses forecast
Tuesday, 30 May 2017 02:30am EDT 

May 30 (Reuters) - Frontline Ltd :Q1 net result $27.0 million (reuters poll $38 million).Q1 operating profit $40.8 million (reuters poll $51 million).Declares quarterly dividend $ 0.15 per share (Reuters poll $0.13 per share).Notwithstanding near-term pressure on crude tanker rates, we believe the market will ultimately return to balance as demand for crude oil continues to increase and vessel scrapping will begin to offset the negative effect of newbuilding deliveries.There are many opportunities to continue our strategy of fleet growth and renewal, and we are confident in our ability to execute on this strategy.Very pleased to have secured financing for newly acquired four VLCC resales and newbuilding contracts in an amount of up to $221.0 million.Opportunities include buying vessels on the water, newbuildings/resales as well as buying shares and companies.Believes that the market will begin to improve in 2018 as the pace of deliveries of newbuilding vessels slows and vessels are retired from the global fleet.Maintains a cautious near-term view on the tanker market.  Full Article

DHT says Frontline will not pursue lawsuit, seeks new forum in Marshall Islands
Thursday, 27 Apr 2017 03:30am EDT 

April 27 (Reuters) - DHT Holdings Inc :DHT Holdings Inc- Frontline Ltd will not pursue complaint against DHT in supreme court of state of New York originally filed by Frontline on April 18.DHT Holdings - Frontline filed suit in high court of Marshall Islands, "asserting claims similar to those contained in now-dismissed New York action".  Full Article

DHT Holdings announces receipt of unimproved proposal from Frontline
Wednesday, 26 Apr 2017 02:32am EDT 

April 26 (Reuters) - Dht Holdings Inc :DHT Holdings Inc announces receipt of unimproved proposal from Frontline.DHT Holdings Inc - received a proposal from Frontline to acquire all of outstanding shares of common stock of DHT in a stock-for-stock transaction.DHT Holdings Inc - Frontline proposed ratio of 0.8 Frontline shares for each share of DHT, which is same exchange ratio contained in previous proposal.DHT Holdings - board to carefully review offer, taking into account changes to co's fleet, market conditions,other developments over past two months.  Full Article

Frontline approached board of directors of DHT to consider proposed new business combination
Tuesday, 25 Apr 2017 05:06pm EDT 

April 25 (Reuters) - Frontline Ltd :Now approached board of directors of dht to consider a proposed new business combination.Proposed new business combination includes ships already delivered and yet to be delivered by BW Group Ltd.Frontline expects board of DHT to engage with co in order to negotiate mutually satisfactory transaction documents.Offer would be effected at an exchange ratio of 0.8 Frontline shares for each DHT common share.Frontline - expects board of DHT will halt efforts to give effect to various entrenchment measures it has implemented aimed at thwarting co's offers.  Full Article

Frontline CEO sees more options after failed DHT bid
Tuesday, 28 Feb 2017 09:28am EST 

Frontline Management CEO Robert Hvide Macleod said: there are plenty of options in the market, there are other things we could do than the DHT deal . we are surprised and disappointed DHT turned down our offer, we are considering our next step . there have been some conversations with DHT but no negotiations, there is where it stands . we think earnings will be lower in 2017 than we saw in 2016 due to peak in newbuildings . we believe market will start tightening in 2018 when lower order book and old vessels are retiring . many customers want vessels that are no more than 15 years old at the most; Chinese clients have that preference and it's more and more difficult to find employment for vessels that are older ... this trend will definitely contribute to a stronger market in 2018 and 2019 Further company coverage: [DHT.N][FRO.OL] (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Tanker firm Frontline drops DHT pursuit and steers away from deals

OSLO 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.