FRO - First Quarter 2018 Results
May 31 2018 - 2:49AM
Frontline Ltd. (the "Company" or "Frontline"), today reported
unaudited results for the three months ended March 31,
2018:
Highlights
-
Reports net loss attributable to the Company and
net loss attributable to the Company adjusted for certain non-cash
items of $13.6 million, or $0.08 per share.
-
Three newbuildings were delivered: the VLCC's
Front Empire and Front Princess and the LR2 Front
Polaris.
-
Achieved spot TCE of $18,000 per day for VLCCs
less than 15 years of age, excluding two newbuildings delivered
during the quarter.
-
Extended its loan facility of up to $275.0
million by 12 months to November 2019.
Robert Hvide Macleod, Chief Executive Officer of Frontline
Management AS commented:
"The spot rate environment was weak in the first
quarter as inventory draws impacted a freight market that was
already suffering from high fleet growth. While there are
encouraging signs that seaborne crude volumes may soon increase as
a result of changes by OPEC and a slowing trend of inventory
draws, the market is not yet factoring in upside
potential."
The average daily time charter equivalents ("TCE") earned by
Frontline in the quarter ended March 31, 2018, the prior quarter
and in the year ended December 31, 2017 are shown below, along with
spot estimates for the second quarter of 2018 and the estimated
average daily cash break-even ("BE") rates for the remainder of
2018:
($ per day) |
Spot |
Spot estimates |
% covered |
Estimated average daily BE rates |
|
Q1 2018 |
Q4 2017 |
YTD 2017 |
Q2 2018 |
2018 |
VLCC |
14,900 |
19,400 |
22,400 |
11,600 |
78% |
22,700 |
SMAX |
15,400 |
19,500 |
17,300 |
14,500 |
70% |
18,500 |
LR2 |
14,800 |
14,400 |
14,400 |
12,400 |
72% |
16,300 |
The full report can be found
in the link below.
Questions should be directed
to:
Robert Hvide Macleod: Chief
Executive Officer, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief
Financial Officer, Frontline Management AS
+47 23 11 40
76
Forward-Looking Statements
Matters discussed in this
press release may constitute forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. Words, such as, but not limited to
"believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "should," "expect,"
"pending" and similar expressions identify forward-looking
statements. The forward-looking statements in this press release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions. Although Frontline believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the control of Frontline, Frontline cannot assure you that
they will achieve or accomplish these expectations, beliefs or
projections. The information set forth herein speaks only as of the
date hereof, and Frontline disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this communication.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
1st Quarter 2018 Results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
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