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Frontline Ltd (FRO.OL)

FRO.OL on Oslo Stock Exchange

39.50NOK
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Frontline CEO calls for more M&A among oil tanker firms
Wednesday, 22 Nov 2017 

Nov 22 (Reuters) - Frontline Ltd CEO Robert Hvide Macleod said during a call with analysts on Wednesday::Sees oil tanker market recovering in the second half of 2018, depending on the pace of old vessel scrapping.Oil tanker market needs more consolidation, the market is too fragmented now.  Full Article

Frontline expects near-term pressure on rates due to fleet growth
Wednesday, 22 Nov 2017 

Nov 22 (Reuters) - Tanker firm Frontline Ltd : :Frontline expects near-term pressure on rates due to fleet growth.Tanker firm frontline says global year-to-date delivery of new vlccs (very large crude carriers) from yards to shipping firms stands at 44 units, ytd suezmax deliveries at 48 units.Frontline says global vessel delivery pace expected to slow towards the end of the year before picking up again in q1 2018.Frontline expects tanker industry's scrapping of old vessels to increase going forward as spot market remains especially challenging for older tonnage.  Full Article

BRIEF-Frontline Q3 net loss $24.1‍​ million
Wednesday, 22 Nov 2017 

Adds missing word "million" in second bullet point; attaches story to alerts:Frontline q3 net loss $‍24.1​ million (reuters poll loss $26.2 million).Frontline q3 operating loss $‍​5.4 million (reuters poll loss $9.2 million).Says loss is primarily due to weak average spot daily time charter equivalent ("TCE") earnings achieved by its fleet and a $5.8 million loss on the termination of the charter of Front Ardenne..‍Says impact of significant fleet growth over last two years was felt across industry and is reflected in results for q3​.Due to the net loss attributable to the company in the third quarter, the board has decided not to pay a dividend for the third quarter. ‍​.Says we are at the bottom of the cycle, and this is reflected in rates and asset prices‍​.Says will continue to execute strategy of fleet growth and renewal.  Full Article

Frontline Q3 net loss $24.1‍​ million
Wednesday, 22 Nov 2017 

Nov 22 (Reuters) - Frontline Ltd :Frontline q3 net loss $‍24.1​ million (reuters poll loss $26.2 million).Frontline q3 operating loss $‍​5.4 million (reuters poll loss $9.2).Says loss is primarily due to weak average spot daily time charter equivalent ("TCE") earnings achieved by its fleet and a $5.8 million loss on the termination of the charter of Front Ardenne..‍Says impact of significant fleet growth over last two years was felt across industry and is reflected in results for q3​.Due to the net loss attributable to the company in the third quarter, the board has decided not to pay a dividend for the third quarter. ‍​.Says we are at the bottom of the cycle, and this is reflected in rates and asset prices‍​.Says will continue to execute strategy of fleet growth and renewal.  Full Article

Frontline: CEO enters TRS agreements with exposure to 150,000 Frontline shares
Friday, 1 Sep 2017 

Sept 1 (Reuters) - Tanker firm Frontline Ltd ::Robert Hvide Macleod, CEO of Frontline Management AS, has on 31 august 2017 entered into TRS (total return swap) agreements with exposure to 150,000 shares in Frontline Ltd.Expiry date 30 November 2017 and TRS price NOK 39.56 per underlying share.In addition, Mr Macleod owns 270,000 shares in Frontline, and holds options to acquire 798,000 shares in Frontline, as previously disclosed .  Full Article

DHT Holdings SAYS court denies Frontline's request for preliminary injunction
Wednesday, 7 Jun 2017 

June 7 (Reuters) - DHT Holdings Inc :DHT Holdings, Inc.: Court denies Frontline's request for a preliminary injunction.High court of Marshall Islands has denied Frontline Ltd's request for a preliminary injunction.Court cited "Frontline's failure to demonstrate a probability of success on merits of its claims".Injuction is relating to transactions contemplated by previously announced vessel acquisition agreement between co and BW Group Limited.‍High court of Marshall Islands, Supreme Court of State of NY rejected Frontline's attempt to interfere with co's deal of BW's fleet​.Court noted that Frontline "has no likelihood of success" on any challenge to rights plan implemented by DHT board.  Full Article

DHT Holdings board unanimously rejects unimproved proposal from Frontline
Sunday, 7 May 2017 

May 7 (Reuters) - DHT Holdings Inc ::DHT Holdings Inc Board unanimously rejects unimproved proposal from frontline.DHT Holdings - following review, have unanimously concluded that proposal continues to be wholly inadequate for DHT and its shareholders.  Full Article

BRIEF-Frontline Q2 results and dividend weaker than expected, sees weaker second half
Wednesday, 31 Aug 2016 

Tanker firm Frontline Ltd : Frontline q2 net result $14.3 million (Reuters poll $44.4 million) vs $23.2 mln in Q2 2015 . Frontline q2 operating profit $37.0 million (Reuters poll $58.3 million) vs $82.2 mln in Q2 2015 . Frontline takes q2 impairments of vessels at $25.5 million . Frontline announces a cash dividend of $0.20 per share for the second quarter (Reuters poll $0.25) . In q2 tanker market experienced a downward pressure on rates which has continued into q3 . Spot market is currently at a 24 month low, and although we expect rate environment to improve from current levels, second half of 2016 will be significantly weaker than first half of year . Frontline says almost 100 VLCC’s are still to be delivered over the next two years and this is expected to put pressure on the tanker market . On the other side a weakness in the market may also encourage scrapping of older tonnage, a factor which has been virtually absent for the last two years . Frontline remains focused on maintaining competitive breakeven levels and strong balance sheet . Frontline's scale, strong shareholder base and cost-effective operations are significant strengths that position us well in tanker market . Frontlines says secured bank financing of up to $548 million and is in the final stages of obtaining approval for further bank financing of up to $325 million.  Full Article

Frontline Q2 results and dividend weaker than expected, sees weaker second half
Wednesday, 31 Aug 2016 

Tanker firm Frontline Ltd : Frontline q2 net result $14.3 million (Reuters poll $44.4 million) vs $23.2 mln in Q2 2015 . Frontline q2 operating profit $37.0 million (Reuters poll $58.3 million) vs $82.2 mln in Q2 2015 . Frontline takes q2 impairments of vessels at $25.5 million . Frontline announces a cash dividend of $0.20 per share for the second quarter (Reuters poll $0.25) . In q2 tanker market experienced a downward pressure on rates which has continued into q3 . Spot market is currently at a 24 month low, and although we expect rate environment to improve from current levels, second half of 2016 will be significantly weaker than first half of year . Frontline says almost 100 VLCC’s are still to be delivered over the next two years and this is expected to put pressure on the tanker market . On the other side a weakness in the market may also encourage scrapping of older tonnage, a factor which has been virtually absent for the last two years . Frontline remains focused on maintaining competitive breakeven levels and strong balance sheet . Frontline's scale, strong shareholder base and cost-effective operations are significant strengths that position us well in tanker market . Frontlines says secured bank financing of up to $548 million and is in the final stages of obtaining approval for further bank financing of up to $325 million.  Full Article

-Frontline to acquire VLCC newbuilding contracts
Thursday, 9 Jun 2016 

Frontline Ltd : Deal for purchase price of $84 million each . Vessels are due for delivery in September and November 2016 . Has also secured options for two additional sister vessels with delivery in January and March 2017 at a purchase price of $85 million each .Acquisition of VLCC newbuilding contracts.  Full Article

Shipping tycoon Fredriksen raises stake in debt collector Axactor, shares rise

OSLO, Nov 23 Shipping and seafood billionaire John Fredriksen consolidated his position as the top shareholder in debt collector Axactor by buying more stock in the firm on Thursday, lifting the firm's share price.