| Frontline ltd., Profit per 3rd quarter (in millions of USD) |
2021 |
2020 |
Change |
| Turnover |
536 |
1046 |
-48,8% |
| Operating profit (ebit) |
-6 |
505 |
-% |
| Result before taxes |
-31 |
422 |
-% |
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– Potentially powerful cocktail
Operating revenues ended at $ 171.8 million in the quarter.
The spot rates (TCE) that Frontline achieved for its VLCCs, Suezmaxs and LR2s were $ 10,500, $ 7,900 and $ 10,700 per day, respectively.
TCE stands for “time-charter equivalent” and says something about the gross income minus the costs the shipping company has for the trip, such as port fees.
CEO Barstad is optimistic:
– The fundamental conditions in this market are the same: a global tanker fleet that is aging rapidly, order books that reduce global oil demand are growing to more than 100 million barrels per day. These factors can create a potentially powerful cocktail for the recovery of the tanker market, he says in the report.
No loan maturity before 2023
Frontline does not pay dividends for the third quarter.
The quarterly report states that in November the company extended a credit facility of $ 275 million with a player affiliated with John Fredriksen’s Hemen Holding, by 12 months until May 2023. This extension means that Frontline has no loan maturities before 2023, according to CFO Inger M. Klemp .(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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