Today, 9:22 AM
Fri, Nov. 27, 9:19 AM
Tue, Nov. 24, 9:37 AM
- Frontline (NYSE:FRO) is up 8.3% in early trading after the company posted Q3 results which came in nearly level with expectations.
- The company says it received a boost by increased demand for transport of low priced oil. On the operational side, ballast speeds returned to normal levels.
- Q3 spot rates were $45.6K for VLCCs and $28.1K for Suezmax tankers.
- Previously: Frontline beats by $0.01, misses on revenue (Nov. 24 2015)
Tue, Nov. 24, 9:17 AM
Wed, Nov. 11, 9:16 AM
Mon, Oct. 19, 10:21 AM
- JPMorgan is pointing to economic news out of China as a positive sign for tanker stocks.
- The investment firm notes that China was a net exporter of refined products for the third straight month and saw a significant jump in crude oil imports.
- Despite the positive spin from JP, the tanker sector is trading mostly lower on macroeconomic developments, including a sub-7% GDP print from China. Dry bulk shipping stocks are mixed on the day.
- Related stocks: DHT, FRO, NNA, TNP, TNK, NAT, SFL, EURN.
Mon, Oct. 12, 9:13 AM
Mon, Oct. 5, 9:18 AM
Wed, Sep. 30, 9:13 AM
Wed, Aug. 26, 3:42 PM
- Frontline (FRO +7.5%) pushes higher following mixed Q2 results, after CEO Robert Hvide Macleod said in today's earnings conference call that the tanker company is being asked about options to store crude oil at sea.
- "There is a lot of people out there looking for storage options," the CEO said. “It could be one of the factors that helps bring this market back up."
- FRO also says it is seeing a growing trend for “forced storage” this year, where companies are asking its ships to wait for as many as 20 days while buyers are identified for cargoes.
Wed, Aug. 26, 9:14 AM
Mon, Aug. 10, 9:13 AM
Tue, Jul. 21, 10:32 AM
- The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
- The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
- Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
- The supply of supertankers also has fallen sharply since 2008.
- Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
Tue, Jul. 21, 9:15 AM
Mon, Jul. 20, 9:59 AM
- Shipping stocks making a strong early move include Frontline (FRO +6.3%), Scorpio Bulkers (SALT +3.5%), DryShips (DRYS +1.6%), and Safe Bulkers (SB +2.6%).
- Volatility in the sector has been high off of developments in Greece and China, although underlying shipping rates have been moving higher after bottoming out earlier this year.
Mon, Jul. 20, 9:14 AM
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