logo-loader

Frontline posts smaller-than-forecast 3Q loss as oil tanker market ‘rebalances’

Published: 14:55 16 Nov 2018 GMT

A tanker at sea
Frontline says it expects smoother sailing after "extremely challenging conditions"

Tanker company Frontline Ltd (NYSE:FRO) reported on Friday a smaller third-quarter loss than what analysts had forecast as it looked ahead to an improvement after 18 challenging months.

Shares rallied 1.6% to $6.33 per share in morning trading on the New York Stock Exchange.

READ: Whitebark Energy is one of the ASX’s newest oil and gas producers

For the third quarter, the Hamilton, Bermuda-based company reported a net loss attributable to the company adjusted for certain non-cash items of $8.4 million, or $0.05 per share, compared with analysts' consensus of $0.13 per share. The company posted a loss of $0.14 per share for the period a year earlier.

The company reported revenue of $89 million for the quarter ended in September, surpassing the consensus estimate by almost 12%. It recorded revenue of almost $76 million a year earlier.

"Tanker markets are beginning to rebalance following 18 months of extremely challenging conditions, and we are optimistic that the market has now exited the cycle trough,” CEO Robert Hvide Macleod said in a statement.

He added that while oil inventory draws, fleet growth and production cuts have been working against the company, those factors are now starting to turn in Frontline’s favor.



Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Cordiant Digital Infrastructure marks three years of strategic growth and...

Cordiant Digital Infrastructure Ltd (LSE:CORD) Chairman of Digital Infrastructure Steven Marshall and Chief Financial Officer Mark Tiner joined Steve Darling from Proactive to provide some insight on the company’s three-year anniversary since listing on the London Stock Market. The company...

32 minutes ago