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March 10, 2014
09:26 EDTFRO, VLCCFKnightsbridge Tankers to purchase six Capesize bulk carriers from Frontline
Knightsbridge Tankers (VLCCF) and Frontline (FRO) announced that they and Karpasia Shipping, a company controlled by a trust established by John Fredriksen for the benefit of his immediate family have agreed for Knightsbridge to acquire five fuel efficient 180,000 DWT Capesize bulk carrier newbuildings from Frontline and one Capesize bulk carrier built in 2013 from Karpasia. The newbuildings were ordered by Frontline from Shanghai Waigaoqiao Shipbuilding in China and have expected deliveries of between May 2014 and September. Knightsbridge has agreed to pay $61M for each of the five Capesize newbuildings and $55M for the Capesize built in 2013. Of the total consideration of $360M, $186M will be paid in shares of Knightsbridge at $10 per share, $150M in absorption of remaining newbuilding CapEx and $24M in cash. Accordingly, Knightsbridge has agreed to issue 15.5M shares to Frontline and 3.1M shares to Karpasia, or another company controlled by trusts established by John Fredriksen for the benefit of his immediate family, on closing of the transaction. Knightsbridge will seek to raise around $30M in bank debt per vessel.
News For VLCCF;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.
November 21, 2014
09:25 EDTVLCCFKnightsbridge Shipping reports Q3 EPS (11c), consensus (4c)
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