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, 5:39 AM
Tue, Aug. 25, 5:30 PM
Fri, May 29, 6:51 AM
- Frontline (NYSE:FRO) reports it earned an average daily time charter equivalent of $49K per for VLCC tankers and $33.1K for Suezmax tankers in Q1.
- Operating expenses were flatcompared to the previous quarter.
- Fleet count: VLCC +4 to 624, Suezmax +5 to 455.
- Guidance: Frontline expects Q2 revenue to be in-line with Q1. Dry docking of four vessels will contribute to a lower operating result in the next quarter.
- Previously: Frontline beats by $0.09, beats on revenue
Fri, May 29, 5:56 AM
Thu, May 28, 5:30 PM
Thu, Feb. 26, 3:38 AM
Wed, Feb. 25, 5:30 PM
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Nov. 25, 2014, 5:51 AM
Aug. 28, 2014, 8:56 AM
- Frontline (NYSE:FRO) -6.2% premarket after posting another quarter of losses and declining revenue, while saying it is in a "challenging situation" with $1.03B in debt and lease obligations as of June 30.
- Daily time charter equivalents for its VLCCs and suezmaxes posted big declines in Q2 at $13,900 and $12,400 respectively, down from $32,700 and $27,700 in Q1.
- Says it is considering various financing alternatives such as raising equity or selling assets, establish new loans or refinance existing arrangements to raise sufficient cash to repay a $190M convertible bond loan due in April 2015, and "a full restructuring of the company, including lease obligations and debt agreements might be the only alternative."
- Expects improved operating results in Q3 due to "positive developments" in the tanker market.
Aug. 28, 2014, 6:19 AM
Aug. 27, 2014, 5:30 PM
May 27, 2014, 3:48 PM
- Frontline (FRO -16.1%) is sharply lower despite beating Q1 earnings estimates after warning the tanker market would fall in Q2.
- FRO, which has debt of more than $1B, said the downturn could cause it to raise equity, sell assets, establish new loans or refinance existing arrangements; if those measures were insufficient there was a risk it might be unable to repay a bond loan.
- FRO provided no further details on tanker rates going forward but the Baltic and International Maritime Council said recently that Q2 prices would come sharply off the peak winter month highs.
May 27, 2014, 6:22 AM
May 26, 2014, 5:30 PM
May 12, 2014, 11:24 AM
- Nordic American Tanker (NAT +4.1%) is higher after reporting Q1 EPS of $0.05 vs. a $0.31 loss in Q4 2013 and a $0.59 loss in the year-ago quarter, and net operating cash flow of $27.1M vs. $1.9M in Q4 2013 and -$4.9M in the year-ago quarter.
- Says tanker rates achieved on average for Q1 were $26.3K/day per vessel for its trading fleet, vs. $14.1K/day in Q4 2013.
- Other tanker shares also are higher: VLCCF +5.9%, FRO +4%, TNK +3.1%, TK +1.5%.
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