Frontline takes another big hit from impairments

Impairments on several VLCCs once again took a big hit on John Fredriksen's Frontline, which finished the 3rd quarter with a net deficit of USD 59.6 million. The carrier's board is chasing solutions in an effort to restructure the company's debt.

The net deficit grew in the 3rd quarter for tanker carrier Frontline, which - including impairments - suffered a loss of USD 59.6 million, worse than the same period last year, where the carrier noted a USD 36.4 million deficit, according to the interim report.

The carrier performed impairments on four VLCC vessels for USD 41.5 million in the quarter, which had a big negative impact on the result. Frontline signed an agreement with another Fredriksen-owned company in the period, Ship Finance, to cancel long-term charter contracts for three supertankers.

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