Last winter, there was a bonanza in the tanker market with rates of over $ 300,000 a day. The market remained usable throughout both the spring and summer of 2020, but since then it has mostly just been misery. However, Frontline did very well in the first quarter when the company largely continued to surf the good 2020 market and was left with a profit of a nice 28.7 million dollars. In the second quarter, however, the tanker company went on a rampage and lost 26.7 million dollars. In the third quarter, the deficit increased further and ended at $ 33.2 million. According to estimates Infront has obtained for TDN Direkt from eight analysts, a deficit of 34 million dollars was expected.
Frontline reports an average rate of $ 10,500 per. ship pr. day for its VLCC fleet. The medium-sized suezmaxes in the fleet sailed in $ 7,900 a day and the LR2 ships $ 10,700.
Seasonally weak
– The third quarter is normally seasonally weak. This is due to a combination of some large oil producers consuming a lot of oil even over the summer, and that refineries in Asia use the time to shut down for maintenance ahead of the winter season, says CEO Lars Barstad in Frontline Management.
- Acquisitions and consolidation were the recipe for success for Frontline after shipowner John Fredriksen took over the original Swedish combination shipping company Frontline in the mid-90s.
- This was followed by a series of aggressive acquisitions by Norwegian and foreign tanker companies.
- Together with new contracts, these transactions created the basis for what became the dividend machine of all time in Norwegian shipping. «
- We paid a total of six billion dollars in dividends to our shareholders.
- In addition, we spun off the ship-owning company Ship Finance International, which has so far sent two billion dollars to shareholders.
- No other shipping companies have been close to this “, said Fredriksen in an interview with Finansavisen at the end of August 2019.
–
–
–
| (Mill. dollar) | 3. kv./21 | 3. kv./20 |
| Operating revenues | 171,8 | 247,4 |
| Operating results | -19,2 | 71,0 |
| Result before taxes | -33,2 | 57,1 |
| Result after tax | -33,2 | 57,1 |
–
–
— .
