Edition:
United States

Frontline Ltd (FRO.OL)

FRO.OL on Oslo Stock Exchange

48.44NOK
18 Jan 2019
Change (% chg)

kr0.18 (+0.37%)
Prev Close
kr48.26
Open
kr48.34
Day's High
kr49.00
Day's Low
kr48.00
Volume
1,041,713
Avg. Vol
740,891
52-wk High
kr67.80
52-wk Low
kr30.22

Latest Key Developments (Source: Significant Developments)

Frontline CEO increasingly optimistic of tanker market profits
Friday, 16 Nov 2018 09:43am EST 

Nov 16 (Reuters) - Frontline Ltd CEO Robert Hvide Macleod said on Friday::"WE ARE INCREASINGLY OPTIMISTIC THAT TANKER MARKET WILL GENERATE PROFITS GOING FORWARD".DOESN'T EXPECT POTENTIAL OPEC PRODUCTION CUT TO STOP A POSITIVE MOMENTUM IN TANKER MARKET RECOVERY.  Full Article

Frontline Q3 beats forecast, eyes stronger market
Friday, 16 Nov 2018 02:42am EST 

Nov 16 (Reuters) - Frontline Ltd ::FRONTLINE Q3 NET RESULT $2.2 MILLION (REUTERS POLL LOSS $21.9 MILLION).NET LOSS ATTRIBUTABLE TO COMPANY ADJUSTED FOR CERTAIN NON-CASH ITEMS OF $8.4 MILLION.SPOT TCE OF $35,000 BOOKED FOR 74% OF VESSEL DAYS FOR VLCCS LESS THAN 15 YEARS OF AGE IN Q4.FRONTLINE Q3 OPERATING RESULT $23.1 MILLION (REUTERS POLL LOSS $1.5 MILLION).TANKER MARKETS ARE BEGINNING TO REBALANCE FOLLOWING 18 MONTHS OF EXTREMELY CHALLENGING CONDITIONS AND WE ARE OPTIMISTIC THAT MARKET HAS NOW EXITED CYCLE TROUGH.OIL INVENTORY DRAWS, FLEET GROWTH AND PRODUCTION CUTS HAVE BEEN AGAINST US, BUT THESE IMPORTANT FACTORS ARE NOW TURNING IN OUR FAVOR.MOST IMPORTANT FACTOR, OIL DEMAND, REMAINS STRONG.WE BELIEVE WE HAVE TAKEN AN APPROPRIATE APPROACH AND POSITIONED FRONTLINE TO GENERATE SIGNIFICANT RETURNS IN A STRENGTHENING TANKER MARKET.WE WILL CONTINUE TO TAKE ACTIONS THAT WE BELIEVE WILL INCREASE OUR COMPETITIVE POSITION WITH THE ENDURING GOAL OF CREATING SIGNIFICANT VALUE FOR OUR SHAREHOLDERS.WE EXPECT VESSEL RECYCLING TO CONTINUE IN 2019, DESPITE THE STRONGER SPOT MARKET, BUT AT A SLOWER PACE THAN SEEN IN 2018.IN NOVEMBER 2018, THE COMPANY AGREED TO ORDER EXHAUST GAS CLEANING SYSTEMS (“EGCS”) FOR A FURTHER 12 VESSELS FROM FEEN MARINE SCRUBBERS INC. (“FMSI”).FRONTLINE HAS THUS FAR COMMITTED TO INSTALL 20 EGCS, INCLUDING TWO EGCS BEING INSTALLED ON THE COMPANY’S TWO VLCC NEWBUILDINGS.HAS DECIDED NOT TO PAY A DIVIDEND FOR THE THIRD QUARTER OF 2018.  Full Article

Frontline Says Committed To Installing Additional Scrubbers
Thursday, 1 Nov 2018 04:10pm EDT 

Nov 1 (Reuters) - Frontline Ltd ::FRO - COMMITTED TO INSTALLING ADDITIONAL SCRUBBERS, EXTENSION OF SENIOR UNSECURED REVOLVING $275.0 MILLION CREDIT FACILITY TO NOV 2020 AND OPTION AWARDS.  Full Article

Frontline Q1 earnings beats forecast, 2018 fleet growth could be negative due to scrapping
Thursday, 31 May 2018 02:49am EDT 

May 31 (Reuters) - Crude oil tanker firm Frontline Ltd ::FRONTLINE Q1 NET LOSS $13.6 MILLION (REUTERS POLL LOSS $29.2 MILLION).FRONTLINE Q1 OPERATING PROFIT $2.8 MILLION (REUTERS POLL LOSS $13.3 MILLION).WHILE 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, MARKET IS NOT YET FACTORING IN UPSIDE POTENTIAL.FRONTLINE DECLARES NO QUARTERLY DIVIDEND.IF THE PACE OF SCRAPPING CONTINUES, THE GLOBAL VLCC FLEET WILL SEE NEGATIVE GROWTH IN 2018.THE SURGE IN SCRAPPING IS A POSITIVE FACTOR THAT WILL HELP TO REDUCE NET FLEET GROWTH, BUT IT WILL LIKELY TAKE SOME TIME BEFORE THE MARKET REBALANCES.FRONTLINE CEO: WHILE 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 MARKET IS NOT YET FACTORING IN UPSIDE POTENTIAL.SAYS THE MARKET IS APPROACHING THE END OF A CRUDE INVENTORY CYCLE AND THAT INVENTORIES WILL STABILIZE AND THEN BEGIN TO BUILD AGAIN, LEADING TO HIGHER FREIGHT RATES.  Full Article

CEO Macleod buys 110,000 Frontline shares at NOK 35.6
Tuesday, 27 Mar 2018 11:10am EDT 

March 28 (Reuters) - Frontline Ltd ::CEO in Frontline Management AS Robert Hvide Macleod has on March 27, 2018 purchased 110,000 shares in Frontline Ltd. at NOK 35.6486 per share. .Robert Hvide Macleod has after this 380,000 shares in Frontline Ltd. In addition Robert Hvide Macleod has 798,000 options in Frontline Ltd., as previously disclosed..  Full Article

Tanker firm Frontline posts larger-than-expected Q4 loss due impairments
Wednesday, 28 Feb 2018 02:30am EST 

Feb 28 (Reuters) - Tanker firm Frontline Ltd ::REG-FRO - FOURTH QUARTER AND FULL YEAR 2017 RESULTS.FRONTLINE Q4 NET RESULT $-‍248.4​ MILLION (REUTERS POLL LOSS $10.5 MILLION).‍SPOT RATES IN Q4 WERE WEAK, AS INVENTORY DRAWS IMPACTED A FREIGHT MARKET THAT WAS ALREADY SUFFERING FROM HIGH FLEET GROWTH​.‍NON-CASH IMPAIRMENT LOSSES OF $255.8 MILLION​.‍REPORTS NET INCOME ATTRIBUTABLE TO COMPANY ADJUSTED FOR CERTAIN NON-CASH ITEMS OF $5.0 MILLION​.‍HEADWIND FACTORS EXPERIENCED IN 2017 COULD TURN IN OUR FAVOUR POSSIBLY TOWARDS END OF YEAR​.‍WE HAVE A STRONG LIQUIDITY POSITION IN EXCESS OF $300 MILLION AS AT END OF DECEMBER 2017​.FRONTLINE Q4 OPERATING RESULTS $-230.3‍​ MILLION (REUTERS POLL LOSS $7.7 MILLION).IT WILL TAKE SOME TIME UNTIL THE CRUDE OIL TANKER MARKET HAS SUFFICIENTLY ABSORBED NEW SUPPLY OF VESSELS.WE BELIEVE THERE WILL BE OPPORTUNITIES GOING FORWARD AND HAVE THE FINANCIAL AND COMMERCIAL PLATFORM TO GROW OUR FLEET WHEN WE BELIEVE IT IS TO THE BENEFIT OF OUR SHAREHOLDERS.UNTIL THEN FRONTLINE IS SHARPLY FOCUSED ON MAINTAINING OUR COST-EFFICIENT OPERATIONS AND LOW BREAKEVEN LEVELS.THE BOARD HAS DECIDED NOT TO PAY A DIVIDEND FOR THE FOURTH QUARTER.AS OF DECEMBER 31, 2017, THE COMPANY’S NEWBUILDING PROGRAM WAS COMPRISED OF FOUR VLCCS AND ONE LR2/AFRAMAX TANKER.  Full Article

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

UPDATE 1-Frontline beats forecast as oil tanker market improves

* OPEC cuts, Iran sanctions may impact tanker demand (Adds CEO quotes, details)