Free Research Report as Frontline Reported Better Than Expected Results

Stock Monitor: Golar LNG Partners Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 29, 2018 / If you want access to our free earnings report on Frontline Ltd (NYSE: FRO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FRO. The Company reported its first quarter fiscal 2018 operating and financial results on May 31, 2018. The oil tanker Company’s revenues declined in the first quarter, due to a spot rate environment which was weak in the reported quarter as inventory draws impacted a freight market that was already suffering from a high fleet growth. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Golar LNG Partners LP (NASDAQ: GMLP), which also belongs to the Services sector as the Company Frontline. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=GMLP

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Frontline most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=FRO

Earnings Highlights and Summary

For the three months ended March 31, 2018, Frontline recorded total operating revenues of $169.6 million compared to $177.1 million in Q1 2017. The Company’s revenue numbers beat analysts’ estimates of $76.6 million.

Frontline reported a net loss attributable to common shareholders of $13.6 million, or $0.08 loss per share, in Q1 2018 compared to a net income of $27.0 million, or $0.16 per share, in Q1 2017.

For Q1 2018, Frontline’s net loss, adjusted for certain non-cash items, was $13.6 million, or $0.08 loss per share. These non-cash items consisted of a loss on termination of the lease for Front Circassia of $5.8 million; a mark-to-market loss on marketable securities of $0.3 million; a gain on derivatives of $5.1 million; and a gain on the sale of shares of $1.0 million. The Company’s earnings results were better than Wall Street’s estimates for a loss of $0.16 per share.

Operating Results

During Q1 2018, Frontline took delivery of three newbuildings very large crude carriers (VLCC), namely the VLCC’s Front Empire and Front Princess and the LR2 Front Polaris. Furthermore, the Company has two VLCC newbuildings under construction, with an aggregate deadweight (DWT) carrying capacity of 0.6 million.

During Q1 2018, Frontline achieved spot average daily time charter equivalents (TCE) of $18,000 per day for VLCCs less than 15 years of age. As of March 31, 2018, the Company had entered into a time charter-out contract for one LR2 tanker with expiry in Q1 2019, at an average rate of $17,300 per day.

Fleet Update

As of March 31, 2018, Frontline’s fleet consisted of 63 vessels, with an aggregate capacity of approximately 12.3 million DWT. These vessels comprised of 46 vessels owned by the Company; 8 VLCCs that are under capital leases; 1 VLCC that is recorded as an investment in finance lease; 1 VLCC where the cost/revenue is split 50/50 with an unrelated third party; and 7 vessels that are under the Company’s commercial management.

Newbuilding Program/Financing Update

As of March 31, 2018, Frontline’s newbuilding program was comprised of 2 VLCCs. As of March 31, 2018, the Company had paid total instalments of $32.9 million; and the remaining commitments amounted to $130.6 million, of which $75.0 million is due in 2018 and $55.6 million is due in 2019.

As of March 31, 2018, Frontline had committed bank financing in place to partially finance the delivery of the Company’s remaining newbuildings. The Company estimates loan amounts of $55.3 million to be drawn in 2018 and $55.3 million to be drawn in 2019.

Stock Performance Snapshot

June 28, 2018 – At Thursday’s closing bell, Frontline’s stock declined 2.81%, ending the trading session at $5.87.

Volume traded for the day: 344.74 thousand shares.

Stock performance in the last month – up 12.02%; previous three-month period – up 32.51%; past twelve-month period – up 5.20%; and year-to-date – up 27.89%

After yesterday’s close, Frontline’s market cap was at $942.13 million.

The stock has a dividend yield of 10.22%.

The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 0.4% at the end of the session.

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