Feb. 17 (Bloomberg) -- Frontline Ltd., the world's biggest oil-tanker company by capacity, said fourth-quarter profit fell 73 percent as an expansion in the world's fleet of ships reduced freight rates.

Net income declined to $133.8 million, or $1.79 a share, from $498.2 million, or $6.66 a share, a year earlier, Hamilton, Bermuda-based Frontline said in a statement to the Oslo stock exchange today. The median forecast in a Bloomberg survey of seven analysts was for profit of $130 million.