Cancelled newbuilding contracts was the primary driving force behind Frontline 2012's net profit of USD 37.9 million in the 2nd quarter 2013, according to the company's financial report. The result marks quite a shift compared to the same period 2012, where the company achieved a deficit of USD 4.8 million.
But due to the fact that Frontline 2012 cancelled several VLCC orders from Chinese shipyard Jinhaiwan during the year, the company managed to turn the development around. In April 2013, the company gained USD 30.3 million after having received USD 94 million following the cancellation of a newbuilding.
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
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Battle over three board seats may determine Euronav-Frontline merger
Thursday’s board election at tanker operator Euronav may determine the fate of the large-scale merger with Frontline. The newly elected board will have to reconfirm the merger, states Euronav CEO to ShippingWatch.
Shanghai approaches reopening – but normalcy lies further into the future
Shanghai, which has been shut down for weeks and caused chaos in logistics chains, is heading for a gradual return to normal. But it could take significantly longer before container traffic sees stability return, says shipping analyst.
DFDS postpones hydrogen ferry plan – banks on freight ships for green fuels instead
The technology available for carriers currently fits freight ships better than ferries, according to DFDS. The carrier thus expects to launch ’green’ freight vessels first and will soon choose which fuel to bank on, says top exec.
HMM doubled revenue in Q1
South Korean container line HMM follows the trend of European competitors, which have already presented their first-quarter financials. Revenue doubled in a significant surge.
Danish Shipping is skeptic toward green shipping fund financed by CO2 trading
The EU Parliament wants to establish a major fund compensating shipping’s carbon quota expenses, but Danish Shipping warns against forgetting those who have already invested in green solutions.
Junior Shipbroker 
Operations Manager 
Technical Controller 
Team Manager