FRO - Third Quarter and Nine Months 2020 Results

Nachrichtenquelle: globenewswire
25.11.2020, 07:30  |  384   |   |   

Frontline Ltd. (the “Company” or “Frontline”), today reported unaudited results for the three and nine months ended September 30, 2020: 

Highlights

  • Net income of $57.1 million, or $0.29 per diluted share for the third quarter of 2020 
  • Adjusted net income of $56.4 million, or $0.29 per diluted share for the third quarter of 2020
  • Reported total operating revenues of $247.4 million for the third quarter of 2020
  • Reported spot TCEs for VLCCs, Suezmax tankers and LR2 tankers in the third quarter of 2020 were $49,200, $25,100 and $12,800 per day, respectively
  • For the fourth quarter of 2020, we estimate spot TCE on a load-to discharge basis of $22,600 contracted for 74% of vessel days for VLCCs, $12,600 contracted for 61% of vessel days for Suezmax tankers and $13,800 contracted for 65% of vessel days for LR2 tankers. We expect the spot TCEs for the full fourth quarter of 2020 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the fourth quarter as well as current freight rates
  • Entered into three senior secured term loan facilities in November 2020 in an amount of up to $250.7 million, $100.8 million and $133.7 million, respectively, to refinance two existing term loan facilities maturing in the second quarter of 2021 and to partially finance the LR2 tankers under construction
  • Divested our 71.38% ownership interest in ship management company SeaTeam Management Pte Ltd.

Lars H. Barstad, Interim Chief Executive Officer of Frontline Management AS commented:

“Frontline's strong results in the third quarter of 2020 came amid an extremely volatile quarter for the industry. Oil demand slowly began to recover in the third quarter of 2020, and the record levels of global oil inventories have been gradually declining. While demand remains significantly lower than prior to the pandemic, it is forecast to rebound in 2021. Demand growth coupled with the potential for OPEC+ production cuts to be reversed would quickly boost tanker demand. There continues to be uncertainty about the impact of newly-mandated lockdowns, particularly in the western hemisphere, as well as the timing of the potential reversal of OPEC+ production cuts. In the longer term, the tanker fleet fundamentals remain favorable with the lowest orderbook in 20 years across all asset classes. Frontline is very confident in the long-term prospects due to its modern fuel-efficient fleet, cost efficient organization and robust financial position, and we expect to deliver increasingly strong performance as the global recovery continues.”

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Disclaimer

FRO - Third Quarter and Nine Months 2020 Results Frontline Ltd. (the “Company” or “Frontline”), today reported unaudited results for the three and nine months ended September 30, 2020:  Highlights Net income of $57.1 million, or $0.29 per diluted share for the third quarter of 2020  …

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