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Frontline Q2 net loss $19.4 million

Frontline
Frontline   Net income attributable to the company was $7.6 million

Frontline reported unaudited results for the second quarter ended June 30, 2017.


The company reported 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 charters.

Other highlights:

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.

 

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