FRO - Third Quarter And Nine Months 2016 Results

Hamilton, Bermuda, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results for the three and nine months ended September 30, 2016:

Highlights
  • Achieved net income attributable to the Company of $5.5 million, or $0.03 per share, for the third quarter of 2016 and $98.7 million, or $0.63 per share, for the nine months ended September 30, 2016.
  • Achieved net income attributable to the Company adjusted for certain non-cash charges of $16.6 million, or $0.11 per share, for the third quarter of 2016 and $154.7 million, or $0.99 per share, for the nine months ended September 30, 2016.  
  • Announces a cash dividend of $0.10 per share for the third quarter of 2016.
  • Secured bank financing in a total amount of up to $870 million to partially finance all of the Company's newbuilding contracts.
  • Five of the six medium range tankers, which the Company agreed to sell in June 2016, were delivered to the buyer in the third quarter. The final vessel was delivered in November.

             Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:

"While the summer is typically a slower period in the tanker markets, seasonal weakness was more pronounced this year as supply disruptions, easing refinery margins and inventory drawdowns led to  reduced oil flows and a slowdown in tanker demand. In addition, the global fleet expanded as newbuilding vessels were delivered from shipyards. We believe that our performance in the third quarter against this market backdrop, further highlights Frontline's competitive position in the market and efficient operations. Frontline's low cash breakeven rates, large commercial scale, and historically successful access to capital are significant differentiators that support our leading position in the tanker market."

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