FRONTLINE
Net income decreased from the 2nd Q to USD 107.8m
NOV, 28.2008
Frontline (John Fredriksen, president - CEO and chairman), for the 3rd Q of 2008, reported net income of USD 107.8m compared to USD 318.4m in the 2nd Q and earnings per share of USD 1.39. Operating income was USD 172.6m compared to USD 327.1m in the 2nd Q.
The average daily time charter equivalents (TCEs) earned in the spot and period market in the 3rd Q by the company's VLCCs, Suezmax tankers and Suezmax OBO carriers were USD 74,700, USD 62,700 and USD 44,100, respectively, compared with USD 86,300, USD 72,000 and USD 44,100, respectively, in the 2nd Q.
The company’s 9 months net income was USD 647.2m and earnings per share was USD 8.53.
Frontline announced a cash dividend of USD 0.50 per share for the 3rd Q of 2008.
Frontline is a world leader in the international seaborne transportation of crude oil, with one of the world's largest fleets of VLCCs and Suezmax tankers and Suezmax OBO carriers.
