Frontline Tankers' 2nd Quarter Results Lower

Published Aug 25, 2005 12:01 AM by The Maritime Executive

John Fredriksen controlled tanker operator made a Q2 profit of $127.5 million, equivalent to earnings per share of $1.70. Operating income for the quarter was $185.1 million, compared to $309.3 million in first quarter.

The company notes: "This reflects the continued decrease in the market during the second quarter. The average daily time charter equivalents earned in the spot and period market by the Company's VLCCs, suezmax tankers, and suezmax OBO carriers were $50,300, $34,100 and $36,400 respectively, compared with $77,500, $55,200 and $35,800 respectively in the first quarter of 2005.

In the second quarter, a gain of $17.0 million was reported on the sale of three single hull suezmax tankers. Frontline made a net profit of $407.2 million for the six months ending June 30, 2005, equivalent to earnings per share of $5.44, a record for the company.