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.
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