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FRO - Second Quarter and Six Months 2017 Results

ID: 1519190
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(Thomson Reuters ONE) -

Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results
for the three and six months ended June 30, 2017:


* Reports a net loss attributable to the Company of $19.4 million, or $0.11
per share, for the second quarter of 2017, primarily due to $7.8 million in
dry docking expenses and a $12.2 million loss on the termination of two

* Reports a net loss attributable to the Company adjusted for certain non-cash
items of $14.2 million, or $0.08 per share, for the second quarter of 2017.

* Reports net income attributable to the Company of $7.6 million, or $0.04 per
share, and net income attributable to the Company adjusted for certain non-
cash items of $13.6 million, or $0.08 per share, for the six months ended
June 30, 2017.

* Signed two senior secured term loan facilities of up to $110.5 million
provided by ING Bank and $110.5 million provided by Credit Suisse, to
partially finance four recent resales and newbuilding contracts.

* Terminated three long term charters: for the 1998-built Suezmax tanker Front
Brabant and the 2000-built VLCC Front Scilla in the second quarter and the
1997-built Suezmax Front Ardenne in the third quarter ahead of the vessels''
scheduled drydockings.

* Took delivery of three Suezmax and two LR2/Aframax newbuildings.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

"The market has been decidedly weak since the start of the second quarter of
2017, which is primarily the result of the increase in the size of the global
crude oil tanker fleet.  While the weak market naturally affects our earnings in
the short term, the company''s strategy is not altered.  We continue to take
proactive steps to increase the earnings potential of our fleet through the

ongoing renewal of our fleet and by pursuing an opportunistic approach in the
resale and newbuilding markets. Over the last several quarters, we have divested
older, less economical VLCCs and Suezmax tankers and have remained focused on
acquiring high-quality, modern VLCCs at attractive prices, lowering the average
age for our fleet from 8.1 years to 5.7 years.

The upcoming quarters may present challenges as vessel supply continues to
increase, but we are confident in our ability to continue to execute our
strategy with the goal of returning value to shareholders. Given how both the
ship values and spot market conditions have developed over the summer, we
believe we are better positioned having not done any substantial acquisitions in
the first half of the year. We expect attractive opportunities to emerge as a
result of the weak market and will remain opportunistic going forward. "

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

"The financing of our current newbuilding program is complete, following the
signing of our senior secured loan facilities with ING and Credit Suisse.  The
terms of the financing support Frontline''s low cash break-even levels.  We are
pleased that we continue to be able to access financing on attractive terms, and
we believe this is directly related to the financial strength of our platform as
well as our strong relationships within the lending community."

The average daily time charter equivalents ("TCE") earned by Frontline in the
quarter ended June 30, 2017, the prior quarter and 2016 are shown below, along
with guidance for the third quarter in 2017 and the estimated average daily
break-even ("BE") rates for the remainder of 2017:

($ per day) Spot and time charter Spot and time % covered Estimated
charter estimates average BE rates
|   |Q2 2017 Q1 2017 2016 | Q3 2017   | 2017
| VLCC  |23 800 34 400 43 200| 16 800 62 % | 21 600
| | | |
| SMAX  |16 400 23 400 26 400| 18 500 63 % | 17 500
| | | |
| LR2 |18 100 22 400 23 800| 18 600 77 % | 15 700

The full report can be found in the link below.

Questions should be directed to:

Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
 +47 23 11 40 84

Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. Words, such as, but not limited to "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may," "should,"
"expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions.
Although Frontline believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and are beyond
the control of Frontline, Frontline cannot assure you that they will achieve or
accomplish these expectations, beliefs or projections. The information set forth
herein speaks only as of the date hereof, and Frontline disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.

This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.

2nd Quarter 2017 Results:

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Frontline Ltd. via GlobeNewswire

More information: http://www.diamos.

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published by: hugin
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Date: 08/30/2017 - 08:30
Language: English
News-ID 1519190
Character count: 3599
Firma: Frontline Ltd.
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Hamilton


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