ShippingWatch

Frontline delivers USD 31 million profit

The prospects for John Fredriksen's long-suffering tanker carrier Frontline have significantly improved with big help from a strong tanker market, writes management in the interim report Friday.

Photo: Richard Drew/AP/POLFOTO/arkiv

John Fredriksen's revitalized tanker carrier Frontline achieved a net result of USD 31.1 million in the first quarter 2015 compared to a deficit of USD 13 million in the previous quarter.

In this period, Frontline has repaid a bond loan of USD 93.4 million in total, and along with the continued positive development in crude oil, these factors have significantly improved the financial position and prospects for the company, according to the interim report released Friday morning.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs