- 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 $870 million to partially finance all of the Company's newbuilding contracts.
- Five of the six medium range tankers, which the Company agreed to sell in June 2016, were delivered to the buyer in the third quarter. The final vessel was delivered in November.
The average daily time charter equivalents ("TCE") earned by Frontline in the third quarter are shown below:
|($ per day)||Spot and time charter||Spot||Spot Guidance||% covered||Estimated average daily BE rates|
|Q3 2016||Q2 2016||Q3 2016||Q2 2016||Q4 2016||2016|
|VLCC||27 900||45 200||26 900||48 100||28 000||75||%||21 200|
|SMAX||21 200||30 300||19 200||28 600||19 000||55||%||17 300|
|LR2||23 800||24 300||20 600||22 300||16 000||60||%||15 300|
Questions should be directed to:Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS +47 23 11 40 84 Inger M. Klemp: Chief Financial Officer, Frontline Management AS +47 23 11 40 76 Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words, such as, but not limited to "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Frontline believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of Frontline, Frontline cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and Frontline disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. Attachments: http://www.globenewswire.com/NewsRoom/AttachmentNg/9c54bea4-4b9d-479d-8547-03157cbb696b