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Reports net loss attributable to the Company of $248.4 million, or $1.46 per share, for the fourth quarter of 2017, including non-cash impairment losses of $255.8 million
Reports net income attributable to the Company adjusted for certain non-cash items of $5.0 million, or $0.03 per share, for the fourth quarter of 2017.
Reports net loss attributable to the Company of $264.9 million, or $1.56 per share, and a net loss adjusted for certain non-cash items of $4.4 million, or $0.03 per share, for the year ended December 31, 2017.
Agreed with Ship Finance to terminate the long-term charter for the 1998-built VLCC Front Circassia.
Extended the terms of its senior unsecured loan facility of up to $275.0 million facility with an affiliate of Hemen Holding Ltd. by 12 months to November 2019.
http://www.frontline.bm/external_feed/e ... ctive=6800
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• Reports net loss attributable to the Company and net loss attributable to the Company adjusted for certain
non-cash items of $13.6 million, or $0.08 per share.
• Three newbuildings were delivered: the VLCC’s Front Empire and Front Princess and the LR2 Front Polaris.
• Achieved spot TCE of $18,000 per day for VLCCs less than 15 years of age, excluding two newbuildings
delivered during the quarter.
• Extended its loan facility of up to $275.0 million by 12 months to November 2019.
Frontline Ltd. (the "Company" or "Frontline") (NYSE:FRO) today announced that it has entered into memorandum of agreement ("MOA") to acquire a 20% ownership interest in Feen Marine Scrubbers Inc., a leading manufacturer of exhaust gas cleaning systems ("FMSI"). Pursuant to the MOA, Frontline and certain entities affiliated with Hemen Holding Ltd, Frontline's largest shareholder, have agreed to order FMSI exhaust gas cleaning systems for 14 vessels, with options to order an additional 22 systems at fixed prices.
Robert Hvide Macleod, CEO of Frontline Management said: "The economic case to install scrubbers is very compelling, particularly for larger vessels. Scrubbers installed on existing vessels provide the same benefit as those delivered from the yard on newbuildings and our solution comes at a much cheaper cost. Additionally, this transaction allows Frontline to secure the capacity to source a large volume of scrubbers, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches. Our relationship with Feen Marine has been structured in a manner that will be beneficial to both parties and would not have been possible absent our significant commercial scale and long-standing industry relationships."
Bjørnar Feen, Founder of Feen Marine Scrubbers Inc. (http://www.FeenMarineEGCS.com), said: "We are extremely pleased to establish a partnership with Frontline, one of the world's most prominent shipping companies. We believe that this memorandum of agreement is indicative of both Frontline's industry-leading approach to managing its fleet as well as the high quality EGCS systems Feen Marine produces. We are proud that some of the world's largest shipping and trading companies, including Frontline, Navig8 Group and Trafigura have chosen Feen Marine as their main provider of EGCS systems."
http://www.frontline.bm/fro-termination ... ree-vlccs/
Net loss attributable to the Company for the second quarter of 2018 of $22.9 million, or $0.13 per share which, when adjusted for certain non-cash items, was $27.7 million, or $0.16 per share.
Spot TCE of $17,000 for ECO VLCCs and $13,200 for VLCCs less than 15 years in the second quarter.
Spot TCE of $21,700 booked for 82% of vessel days on VLCCs less than 15 years in the third quarter.
Terminated three long-term charters with Ship Finance.
Positioning for the "IMO 2020" regulations by acquiring 20% in Feen Marine Scrubbers Inc. ("FMSI"), a leading manufacturer of exhaust gas scrubbers ("EGCS"), and securing the capacity to source a large volume of EGCS for the Company.
https://finance.yahoo.com/news/fro-seco ... 15995.html