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Frontline 2012 surges to $103m Q1 profit on higher crude tanker rates

Frontline 2012 surges to $103m Q1 profit on higher crude tanker rates
Strong crude tanker rates helped drive John Fredriksen’s Frontline 2012 to a $103.5m profit in the first quarter of 2015, and the company said it is committed to a US listing.

The $103.5m Q1 profit compared to $23.4m in the preceding quarter and reflected strong crude tanker rates. The average daily time charter equivalents (TCE) for Frontline 2012’s VLCCs and suezmaxes were $53,000 and $42,600 respectively, compared to $38,300 and $35,600 in the previous quarter.

The jump in rates for its product tankers was much smaller with daily earnings for its MR product tankers at $21,500 compared with $19,900 in the preceding quarter, while its LR2 tankers daily earnings were $23,800 compared with $19,200 in the preceding quarter.

With the sale of its capesize bulker newbuildings to Golden Ocean as part of its merge with Knightsbridge completed at the end of March in exchange for 31m shares in Knightsbridge, Frontline 2012 will become a pure crude and product tanker owner.

“Consequently, the board is totally focused on developing the company's crude and product portfolio, consisting of a sailing fleet of 21 vessels comprising six VLCCs, six suezmax tankers, six MR tankers and three LR2 tankers and a newbuilding programme of 21 vessels,” Frontline 2012 said.

“The board is committed to get a US listing during 2015.”

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