Frontline Q3 Loss Widens, While Revenues Up; Stock Rises

(RTTNews) - Shares of Frontline Ltd (FRO, FRO.L) increased around 8 percent in London trading after the firm reported higher revenues in its third quarter, while loss widened from last year.

The third-quarter net loss attributable to the company was $59.65 million or $0.60, wider than last year's loss of $36.45 million or $0.46 per share.

The latest results included a vessel impairment loss of $41.5 million, related to the VLCCs Front Opalia, Front Commerce, Front Comanche and Ulriken.

Adjusted attributable net loss was $14.5 million.

Total operating revenues, however, climbed to $135.62 million from $126.49 million a year ago.

The average daily time charter equivalents or TCEs earned in the spot and period market in the third quarter by the Company's VLCCs and Suezmax tankers were $24,600 and $18,600, respectively.

Looking ahead, the company said in its statement, "The tanker market has showed some strength in the fourth quarter. A strong market creates some flexibility for the Company going forward. The Board is continuing to consider several alternatives in restructuring the Company's debt and capital lease obligations. The target is to rebuild Frontline into being a leading tanker company."

In London, Frontline shares were gaining 8.11 percent, and trading at 100 pence.