The third quarter loss brings Frontline to a $150m loss for the first nine months of 2014.
In the third quarter the tanker owner was hit by $41.5m in impairment losses on four VLCCs Front Opalia, Front Commerce, Front Comanche and Ulriken. In July Frontline agreed with Ship Finance International to terminate long term charter parties on the Front Opalia, Front Commerce, Front Comanche.
The termination of the three charter parties along with the reductions of the outstanding on a convertible bond loan maturity in April 2015 to $149.2m from $190m leaves Frontline with debt and capital lease obligations of $956m.
“The tanker market has showed some strength in the fourth quarter. A strong market creates some flexibility for the company going forward,” Frontline said.
“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.”
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