Frontline 2012 to seek 2014 New York listing

Norwegian Frontline 2012 is preparing to seek a listing on the New York Stock Exchange a year from now, after presenting a net profit of USD 23.9 million in the 3rd quarter 2013.

BY KATRINE GRØNVALD RAUN

Published: 29.11.13 at 10:31

Rapidly growing Fredriksen-owned carrier Frontline 2012 continued the solid developments from the previous quarter and achieved a net profit of USD 23.9 million in the 3rd quarter 2013. A slightly lower result than the previous quarter, where the carrier made USD 37.9 million, primarily due to canceled newbuilding contracts.

The shipping company has now launched a process aimed at a listing on the New York Stock Exchange in the 3rd quarter of next year, according to the carrier's interim report. Frontline 2012 also made money in the 3rd quarter from a third cancellation at shipyard Jinhaiwan, which resulted in a boost of USD 27 million, compared to USD 30 million in the 2nd quarter. But canceled contracts are not the only thing helping the carrier.

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