Frontline lost USD 12.1 million in the 1st quarter

The tanker carrier is in strong need of increasing rates in order to repay some of the company's massive debt.

Tanker carrier Frontline suffered a USD 12.1 million deficit in the first quarter 2014. The carrier's net profit came to USD 3.6 million not including losses related to ship divestments, according to the company's interim report, published Tuesday.

At the end of the quarter, Frontline's total debt and lease obligations stood at around USD 1 billion.

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