FRO - Frontline Ltd. reports results for the fourth quarter and year ended December 31, 2016 - Seite 2

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

"Frontline's newbuilding program as of December 31, 2016 is fully financed. The Company has already initiated dialogues with banks to finance our two newly acquired resale VLCCs and are confident that we will be able to secure financing at attractive terms."

The average daily time charter equivalents ("TCE") earned by Frontline in the fourth quarter and year ended December 31, 2016 are shown below:

($ per day)	Spot and time charter			Spot			Spot Guidance	% covered		Estimated average daily BE rates
	Q4 2016	Q3 2016	YTD 2016	Q4 2016	Q3 2016	YTD 2016	Q1 2017			2017
VLCC	32 900	27 900	43 200	32 200	26 900	43 100	38 000	74 %		22 300
SMAX	23 500	21 200	26 400	21 700	19 200	24 800	23 000	71 %		17 300
LR2	22 700	23 800	23 800	18 800	20 600	20 800	19 000	60 %		15 500