Frontline lost USD 120 million in 2nd quarter

Tank shipping company Frontline lost USD 120 million in the 2nd quarter of 2013. There's a massive overcapacity in the tank market and the carrier is still in the process of restructuring the company.

The second quarter did not bring improvements to struggling tanker company Frontline. Rather, as the company's interim report shows a new deficit for the carrier, at USD 120 million, which puts the total deficit for the first half of 2013 at approximately USD 139 million, according to the report published on Wednesday.

However, the USD 120 million deficit includes major fleet impairments. Adjusted to account for this, the deficit amounts to USD 39 million, which marks a significant setback compared to the same period 2012, where the company achieved a deficit of USD 17 million.

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