Frontline enters the red in dismal tanker market

Tanker carrier Frontline takes a dive into the red in the second quarter in a tanker market where a considerable proportion of the fleet is sailing at negative rates. "This is not sustainable," notes CEO Lars H. Barstad in the financial report.

Photo: Frontline

John Fredriksen-controlled tanker carrier Frontline exits the second quarter with red figures on the bottom line and a top line slashed in half.

The tanker carrier books a net deficit of USD 26.6 million in the second quarter, a steep dive from USD 199.7 million in profits in the second quarter of 2020, the company's financials reveal.

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