Fredriksen-controlled carrier Frontline 2012 delivered a net result of USD 103.5 million in the first quarter of the year, where canceled newbuilding contracts and the delivery of two major VLGCs, which the carrier sold to Avance Gas, boosted the result, according to the interim report, published Friday.
The four canceled contracts at shipyard STX Dalian triggered USD 1.8 million, while the VLGC deliveries contributed USD 19.1 million. In the previous quarter the carrier achieved a net profit of USD 23.4, not including a massive goodwill impairment of USD 149.5 million.
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