Categories Earnings, Energy

Frontline Ltd. (NYSE: FRO): Q3 2019 Earnings Snapshot

— Frontline Ltd. (NYSE: FRO) reported a net loss of $10.0 million or $0.06 per share for the third quarter of 2019, vs. a loss of $0.08 per share expected.

— Reported spot-average-daily-time-charter-equivalent of $22,900, $16,200 and $15,900 for VLCCs, Suezmax tankers and LR2 tankers, respectively

— Total operating revenues declined to $187.64 million in Q3 from $188.77 million last year, vs. $97.43 million expected

— Expects spot-average-daily-time-charter-equivalent of $64,800, contracted for 78% of vessel days, for VLCCs in Q4

— Expects spot-average-daily-time-charter-equivalent of $49,400, contracted for 71% of vessel days, for Suezmax tankers in Q4

— Expects spot-average-daily-time-charter-equivalent of $29,900, contracted for 74% of vessel days, for LR2s in Q4

— Secured a commitment from ICBC Financial Leasing for a sale-and-leaseback agreement, valued up to $544 million

— Declared a cash dividend of $0.10 per share for the third quarter of 2019

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text

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