The company achieved net income attributable to the company of $18.3 million, or $0.12 per share, for the fourth quarter of 2016 and $117.0 million, or $0.75 per share, for the year.
Achieved net income attributable to the Company adjusted for certain non-cash items of $34.5 million, or $0.22 per share, for the fourth quarter of 2016 and $188.9 million, or $1.20 per share, for the year ended December 31, 2016.
Announces a cash dividend of $0.15 per share for the fourth quarter of 2016.
Completed a public offering generating gross proceeds of $100.0 million in December 2016.
Frontline, together with its affiliates, acquired approximately 16.4% of the outstanding common stock in DHT Holdings, Inc. (NYSE: DHT).
In January, Frontline approached DHT with a proposal for a possible business combination whereby the Company would acquire DHT in a stock-for-stock transaction, which was declined by DHT's Board.
In February, Frontline presented an improved and final offer of 0.80 Frontline shares per DHT share, which was declined by DHT's Board.
Agreed with Ship Finance to terminate the long term charter for the 1998 built VLCC Front Century upon the sale and delivery of the vessel to a third party.
Acquired two VLCC resales delivering Sep and Oct 2017 from DSME, Korea at $77.5 million net per vessel. ■