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Stock Market & Financial Investment News

News For FRO From The Last 14 Days
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November 25, 2014
14:47 EDTFROFrontline upgraded to Hold from Strong Sell at Nordea
05:28 EDTFROFrontline board considering several debt restructuring alternatives
In October, Frontline reduced the outstanding under the convertible bond loan with maturity in April 2015 from $190M to $149.2M through buy back and debt/equity swap. Following this, and the termination of the three charter parties for Front Commerce, Front Comanche and Front Opalia in November 2014 total debt and capital lease obligations are approximately $956M. The tanker market has showed some strength in Q4. A strong market creates some flexibility for the company going forward. The board is continuing to consider several alternatives in restructuring the company's debt and capital lease obligations. The target is to rebuild Frontline into being a leading tanker company.
05:26 EDTFROFrontline reports Q3 EPS ex-items (15c), consensus (20c)
Frontline has recorded a vessel impairment loss of $41.5M in the three months ended September 30. This loss relates to the VLCCs Front Opalia, Front Commerce, Front Comanche and Ulriken. Impairment losses are taken when events or changes in circumstances occur that cause the company to believe that future cash flows for an individual vessel will be less than its carrying value and not fully recoverable. In such instances an impairment charge is recognized if the estimate of the undiscounted cash flows expected to result from the use of the vessel and its eventual disposition is less than the vessel's carrying amount. The average daily time charter equivalents earned in the spot and period market in Q3 by the Company's VLCCs and Suezmax tankers were $24,600 and $18,600 compared with $13,900 and $12,400 in the preceding quarter. The spot earnings for the company's VLCCs and Suezmax vessels were $23,900 and $19,500 compared with $12,500 and $12,400 in the preceding quarter.

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