Frontline 2012 ready for New York IPO this year

John Fredriksen's other tanker carrier, Frontline 2012, made a USD 103.5 million profit in the first quarter this year, boosted by the sale of dry bulk vessels. The carrier targets a New York stock listing this year.

Photo: Colourbox

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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