Frontline declares Q3 profit of $154 million
Bermudian-headquartered Frontline Ltd, a shipping company engaged primarily in the ownership and operation of oil tankers and product tankers, has reported net income of $154.4 million for the third quarter of the year.
The company reported adjusted net income of $82.9 million for the quarter.
Frontline said it has an intention to declare and pay the cash dividend in respect of the third quarter only after the contemplated voluntary exchange offer by Frontline for Euronav shares that was initially announced on July 11 has been completed.
This dividend is expected to be in the amount of 80 per cent of adjusted net income for the third quarter.
Frontline reported total operating revenues of $382.2 million for the quarter.
It said spot time charter equivalents for very large crude carriers, Suezmax tankers and LR2/Aframax tankers in the third quarter were $25,000, $41,100 and $40,200 per day, respectively.
Lars H Barstad, chief executive officer of Frontline Management AS, said: “The market is virtually firing on all cylinders, and Frontline’s efficient operations, modern fleet and transparent business model again shows how quickly a change in market fundamentals is reflected in its cash generation and shareholder returns.
“We outperformed most of our competitors in terms of higher earnings and lower costs in the third quarter, and with nearly all of our vessels spot exposed, Frontline will continue to capture value as this cycle unfolds.”