Tanker company Frontline lost USD 49 million in the third quarter, corresponding to a USD 0.63 for every share. That puts the company’s total loss for the first nine months of 2012 at USD 66.2 million, writes Frontline in the financial report. Even though the tank market is showing no signs of improvement, Frontline believes that the company can produce better results in the final quarter of 2012.
“The tank market has displayed a strong negative development over the last four years. Several tanker companies are already in trouble. If the weak market continues it will likely lead to significant financial problems for the entire tanker industry. We’ve recently seen increasing spot rates for VLCC, but the spot rates for Suezmax and Aframax have only stirred a little,” writes Frontline in the report.