ShippingWatch

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.

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

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Further reading

Related articles

Latest news

See all jobs