United States

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.