As of November 30, 2015, Frontline Ltd. was acquired by Frontline 2012 Ltd., in a reverse merger transaction. Frontline Ltd., a shipping company, through its subsidiaries, owns and operates oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products. Its very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, as well as Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia. As of December 31, 2014, the company’s tanker fleet consisted of 22 vessels, including 14 VLCCs and 8 Suezmax tankers. It ...
14 Par-la-ville Road
Hamilton, HM 08
Founded in 1948
Frontline Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Nov 24 15
Frontline Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company generated net income attributable to the company of $17.4 million, or $0.09 per share, in the third quarter, compared with net loss attributable to the company of $59.6 million, or $0.60 per share, for the quarter a year ago. The company recorded a gain of $1.8 million in the third quarter from the termination of the lease for the Front Glory. Total operating Revenue was $121,513,000 against $135,619,000 a year ago. Net operating income was $19,252,000 against net operating loss of $37,529,000 a year ago. Net income before tax and non-controlling interest was $17,617,000 against net loss before tax and non-controlling interest of $64,352,000 a year ago. Net cash provided by operating activities was $43,121,000 against $17,730,000 a year ago. Additions to new buildings, vessels and equipment was $589,000 against $1,776,000 a year ago. After adjusting for nonrecurring items, the company show a net income from operation of $8.9 million in the third quarter, which is a $12 million decrease from the second quarter showing $21 million. The decrease in the operation in the third quarter is mainly explained by a decrease in the sale from time charter basis by almost $12 million, an increase in contingent rental expense by $4.7 million, which includes the profit share expense of $16.6 million to Ship Finance and also the $6.4 million contingent general expense to German limited partnerships.
For the nine months, the company reported net income attributable to the company was $65.9 million, or $0.42 per share, against net loss attributable to company was $149.9 million or $1.55 per share a year ago. The average daily TCEs earned by the company's VLCCs and Suezmax tankers in the spot and period market in the nine months ended September 30, 2015 were $48,500 and $31,700, respectively, compared with $23,800 and $19,300, respectively, in the nine months ended September 30, 2014. The spot earnings for the company's VLCCs and Suezmax vessels were $51,600 and $34,000, respectively, in the nine months ended September 30, 2015 compared with $23,000 and $19,700, respectively, in the nine months ended September 30, 2014. Total operating Revenue was $400,667,000 against $424,589,000 a year ago. Net operating income was $91,743,000 against net operating loss of $97,498,000 a year ago. Net income before tax and non-controlling interest was $66,334,000 against net loss before tax and non-controlling interest of $158,342,000 a year ago. Net cash provided by operating activities was $139,490,000 against $38,453,000 a year ago. Additions to new buildings, vessels and equipment was $41,877,000 against $44,641,000 a year ago.