Frontline reports Third Quarter and Nine Months 2009 Results

Saturday, 28 November 2009 12:13

The Board of Frontline Ltd. announces a net loss attributable to the Company of $5.6 million for the third quarter of 2009, equivalent to loss per share of $0.07,

compared with net income attributable to the Company of $27.8 million and earnings per share of $0.36 for the preceding quarter. Net operating income in the third quarter was $28.2 million, compared with $62.1 million in the preceding quarter.

 

The reported loss reflects a weaker spot market. The average daily time charter equivalents earned in the spot and period market in the third quarter by the Company's VLCCs, Suezmax tankers and Suezmax OBO carriers were $32,100, $15,900 and $42,200, respectively, compared with $38,400, $26,800, and $42,700, respectively, in the preceding quarter. The spot earnings for the Company's double hull VLCCs and Suezmax tankers were $26,800 and $12,800, respectively, in the third quarter of 2009, compared with $38,700 and $24,400, respectively, in the preceding quarter. The Gemini Suezmax pool had spot earnings of $14,866 per day in the third quarter.

Profit share expense of $4.8 million has been recorded in the third quarter as a result of the profit sharing agreement with Ship Finance International Limited ("Ship Finance") compared to $8.0 million in the preceding quarter. Ship operating expenses increased by $1.8 million compared with the preceding quarter, primarily as a result of increased dry docking costs as one additional vessel dry docked in the third quarter compared to the second quarter.

Source: Frontline