Last winter, there was a boom in the tanker market at rates of over $300,000 a day. The market remained usable throughout the spring and summer of 2020, but since then it’s mostly been a misery. However, Frontline did well in the first quarter when the company largely continued to surf the good 2020 market and generated a decent profit of $28.7 million. But in the second quarter, the carrier went on a rampage and lost $26.7 million. In the third quarter, the deficit increased further to end at $33.2 million. According to estimates obtained by Infront for TDN Direkt from eight analysts, a shortfall of $34 million was expected.
Front Line reports an average rate of $10,500 each. PR ship. Today for the fleet of giant oil tankers. The midsize suezmax jets in the fleet sailed at $7,900 per day while the LR2 sailed at $10,700.
The third quarter is usually weak seasonally. This is due to a combination of some large oil producers consuming a lot of oil even during the summer, and refineries in Asia using time to shut down for maintenance before winter, says Frontline Management CEO Lars Barstad.
- Acquisitions and mergers were the recipe for success for Frontline after ship owner John Fredriksen took over the original Swedish shipping company Frontline in the mid-1990s.
- This was followed by a series of aggressive acquisitions of Norwegian and foreign carriers.
- Combined with new contracts, these transactions created the basis for what became the all-time dividend machine in Norwegian shipping. «
- We have paid a total of six billion dollars in dividends to our shareholders.
- In addition, we split from the ship-owning company Ship Finance International, which has so far sent $2 billion to shareholders.
- There were no other shipping companies close to this, Fredriksen said in an interview with Finansavisen at the end of August 2019.
|(dollar mill)||3. kV/21||3. kV/20|
|Result before taxes||-33.2||57,1|
|Result after tax||-33.2||57,1|
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