FRO - Fourth Quarter and Full Year 2015 Results
29 Fevereiro 2016 - 4:35AM
Frontline Ltd. (the "Company" or
"Frontline"), today reported unaudited results for the year ended
December 31, 2015:
Highlights
-
Frontline achieved net income
attributable to the Company of $58.6 million for the fourth quarter
of 2015 and net income attributable to the Company of $154.6
million for the year ended December 31, 2015.
-
The Company announces a cash dividend
of $0.35 per share for the fourth quarter of 2015.
-
On November 30, 2015, Frontline completed the
previously announced merger with Frontline 2012 Ltd. ("Frontline
2012").
-
The Company paid a dividend of $0.25 per share
in December 2015 (adjusted for a 1-for-5 reverse stock split that
was approved in January 2016).
-
The Company signed a new $500 million term loan
facility in December 2015, reducing the average daily cash cost
breakeven TCE rates per operating vessel by approximately $1,400
per day for 2016.
Robert Hvide Macleod, Chief
Executive Officer of Frontline Management AS commented:
"We are very pleased to
report yet another strong quarter with net
income attributable to the Company of $58.6 million. In
the fourth quarter, we completed our merger with Frontline
2012. This was a transformational event for Frontline as we
emerged as a much stronger company with a large, diversified fleet
of crude oil and refined product tankers. We believe that due
to Frontline's brand, financial flexibility, and scale, it holds a
unique position among its peers.
The average daily time charter
equivalents ("TCE") earned by both Frontline and Frontline 2012 in
the fourth quarter were strong across all segment classes, as shown
below:
($ per day) |
Spot and time charter |
Spot |
Spot guidance |
% covered |
Estimated average daily BE rates |
|
Q4 2015 |
Q3 2015 |
Q4 2015 |
Q3 2015 |
Q1 2016 |
2016 |
VLCC |
57 700 |
44 300 |
62 700 |
49 600 |
73 100 |
88 % |
22 500 |
SMAX |
38 400 |
28 400 |
42 000 |
30 600 |
36 700 |
62 % |
17 600 |
LR2 |
25 500 |
27 000 |
37 600 |
42 700 |
26 500 |
72 % |
15 000 |
MR |
19 300 |
25 700 |
19 700 |
25 700 |
21 000 |
63 % |
13 900 |
These TCE rates are indicative
since they do not conform with the figures in the Company's US GAAP
financial statements. The US GAAP figures are based on the results
of Frontline 2012 for October and November and those of the merged
company for the month of December.
We are off to a very good start
thus far in 2016, buoyed by continued strength in the tanker
market, and we are pleased with the earnings we have secured thus
far in Q1. The market has corrected downwards over the recent
weeks, but overall demand for tankers remains high. Our highly
competitive cash breakeven rates enable us to achieve higher cash
flow generation per day, and makes Frontline robust during
downturns in the market, thus enhancing returns to our
shareholders."
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.
4th Quarter 2015 Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1990024
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