Reports a net loss attributable to the Company of $19.4 million, or $0.11 per share, for the second quarter of 2017, primarily due to $7.8 million in dry docking expenses and a $12.2 million loss on the termination of two charters.
Reports a net loss attributable to the Company adjusted for certain non-cash items of $14.2 million, or $0.08 per share, for the second quarter of 2017.
Reports net income attributable to the Company of $7.6 million, or $0.04 per share, and net income attributable to the Company adjusted for certain non-cash items of $13.6 million, or $0.08 per share, for the six months ended June 30, 2017.
Signed two senior secured term loan facilities of up to $110.5 million provided by ING Bank and $110.5 million provided by Credit Suisse, to partially finance four recent resales and newbuilding contracts.
Terminated three long term charters: for the 1998-built Suezmax tanker Front Brabant and the 2000-built VLCC Front Scilla in the second quarter and the 1997-built Suezmax Front Ardenne in the third quarter ahead of the vessels’ scheduled drydockings.
Took delivery of three Suezmax and two LR2/Aframax newbuildings.
|($ per day)||Spot and time charter||Spot and time charter estimates||% covered||Estimated average BE rates|
|Q2 2017||Q1 2017||2016||Q3 2017||2017|
|VLCC||23 800||34 400||43 200||16 800||62 %||21 600|
|SMAX||16 400||23 400||26 400||18 500||63 %||17 500|
|LR2||18 100||22 400||23 800||18 600||77 %||15 700|
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.