Highlights
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:
"The impact of the significant fleet growth over the last two years was felt across the industry and is reflected in our results for the third quarter. Indeed, the rate environment presented in the quarter was the weakest we have experienced since 2013. During this time, we showed commercial discipline by not accepting unreasonably low offers from charterers. This resulted in extended waiting time, particularly on our VLCC's, and impacted our average TCE earnings. We continue to take proactive steps to increase the earnings potential of our fleet as demonstrated by reducing the average age of our fleet from 8.1 to 5.4 years since 2016. We believe we are well positioned to continue to execute our strategy over a long term horizon with the goal of returning value to shareholders."
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
"Frontline is proactively focused on establishing and maintaining low cash break-even rates as we grow our fleet and the financing of our current newbuilding program has been completed on terms which support Frontline's low cash break-even levels."
($ per day) | Spot and time charter | Spot | Spot estimates | % covered | Estimated average cash BE rates | ||||
Q3 2017 | Q2 2017 | YTD 2017 | Q3 2017 | Q2 2017 | YTD 2017 | Q4 2017 | Q4 2017 | ||
VLCC | 13 200 | 23 800 | 24 000 | 13 200 | 23 600 | 23 500 | 19 200 | 76 % | 21 600 |
SMAX | 15 300 | 16 400 | 18 100 | 14 100 | 14 300 | 16 500 | 18 200 | 67 % | 17 700 |
LR2 | 17 200 | 18 100 | 19 000 | 12 300 | 13 200 | 14 400 | 17 000 | 60 % | 15 700 |
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.
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