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%.
Feb. 27, 2014, 5:51 AM
Feb. 27, 2014, 12:05 AM| Comment!
Feb. 26, 2014, 5:30 PM| 1 Comment
Nov. 27, 2013, 4:37 PM
- Excluding Q2 and Q3 vessel impairment charges of $22.4M and $81.3M, respectively, Frontline's (FRO +16.6%) net loss narrowed to $14M in Q2 from $39M in Q3.
- The company's average daily time equivalents for its VLCCs and Suzemax oil tankers were respectively $16.1K and $12.4K, compared with $14.1K and $13.8K in Q2. Spot earnings for double hull VLCCs and Suzemax tankers were $13.9K and $12.4K vs. $11.2K and $13.8K.
- Cash/equivalents and restricted cash totaled $138.5M at quarter's end, down from $159.5M at the end of Q2. Debt and lease obligations amounted to $1.12B, down slightly from $1.14B. The company says full debt repayment remains dependent on "a sustained improvement in tanker rates in the years to come."
- Frontline asserts the VLCC spot market has "shown signs of recovery," but still thinks "it may take some time before a reasonable market balance is restored and sustained recovery of the tanker market occurs."
- At the same time, the company notes there's increased shipping activity in the Caribbean and Atlantic, and that current market volatility is "giving market returns not seen since 2010."
- Other shipping firms also rallied today: DRYS +6.4%. EGLE +6.9%. GNK +13.2%. TNK +4.7%. DHT +2.8%.
- PR, presentation, CC transcript
Nov. 27, 2013, 5:52 AM
Nov. 27, 2013, 12:05 AM
Nov. 26, 2013, 5:30 PM
Aug. 28, 2013, 6:56 AM
FRO vs. ETF Alternatives
Frontline Ltd is a shipping company that engaged in the ownership and operation of oil tankers and oil/bulk/ore, or OBO, carriers, which are configured to carry dry cargo. It operates oil tankers of two sizes: VLCCs and Suezmaxes.
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