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.

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