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Frontline Ltd (FRO.OL)

FRO.OL on Oslo Stock Exchange

40.40NOK
8 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Frontline CEO calls for more M&A among oil tanker firms
Wednesday, 22 Nov 2017 09:33am EST 

Nov 22 (Reuters) - Frontline Ltd CEO Robert Hvide Macleod said during a call with analysts on Wednesday::Sees oil tanker market recovering in the second half of 2018, depending on the pace of old vessel scrapping.Oil tanker market needs more consolidation, the market is too fragmented now.  Full Article

Frontline expects near-term pressure on rates due to fleet growth
Wednesday, 22 Nov 2017 08:42am EST 

Nov 22 (Reuters) - Tanker firm Frontline Ltd : :Frontline expects near-term pressure on rates due to fleet growth.Tanker firm frontline says global year-to-date delivery of new vlccs (very large crude carriers) from yards to shipping firms stands at 44 units, ytd suezmax deliveries at 48 units.Frontline says global vessel delivery pace expected to slow towards the end of the year before picking up again in q1 2018.Frontline expects tanker industry's scrapping of old vessels to increase going forward as spot market remains especially challenging for older tonnage.  Full Article

BRIEF-Frontline Q3 net loss $24.1‍​ million
Wednesday, 22 Nov 2017 02:30am EST 

Adds missing word "million" in second bullet point; attaches story to alerts:Frontline q3 net loss $‍24.1​ million (reuters poll loss $26.2 million).Frontline q3 operating loss $‍​5.4 million (reuters poll loss $9.2 million).Says loss is primarily due to weak average spot daily time charter equivalent ("TCE") earnings achieved by its fleet and a $5.8 million loss on the termination of the charter of Front Ardenne..‍Says impact of significant fleet growth over last two years was felt across industry and is reflected in results for q3​.Due to the net loss attributable to the company in the third quarter, the board has decided not to pay a dividend for the third quarter. ‍​.Says we are at the bottom of the cycle, and this is reflected in rates and asset prices‍​.Says will continue to execute strategy of fleet growth and renewal.  Full Article

Frontline Q3 net loss $24.1‍​ million
Wednesday, 22 Nov 2017 02:30am EST 

Nov 22 (Reuters) - Frontline Ltd :Frontline q3 net loss $‍24.1​ million (reuters poll loss $26.2 million).Frontline q3 operating loss $‍​5.4 million (reuters poll loss $9.2).Says loss is primarily due to weak average spot daily time charter equivalent ("TCE") earnings achieved by its fleet and a $5.8 million loss on the termination of the charter of Front Ardenne..‍Says impact of significant fleet growth over last two years was felt across industry and is reflected in results for q3​.Due to the net loss attributable to the company in the third quarter, the board has decided not to pay a dividend for the third quarter. ‍​.Says we are at the bottom of the cycle, and this is reflected in rates and asset prices‍​.Says will continue to execute strategy of fleet growth and renewal.  Full Article

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

Frontline calls for consolidation among oil tanker firms

OSLO, Nov 22 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.