Frontline Ltd posts increased loss for 2013Frontline Ltd posts increased loss for 2013

Results progressively improved as the year wore on, however, with attributable net losses decreasing to $36.4m in Q3 and $13.0m in Q4.

The average daily TCEs earned by the company’s VLCC and Suezmax tankers in the spot and period market for the full year were $17,400 and $13,400 respectively, compared with $22,200 and $15,000 in 2012. But in Q4 2013 the VLCC earnings rallied to $22,400, while Suezmaxes remained slightly below par at $12,900.

“The recent increase in rates which began in the second half of last year is a sign of an improved balance in the tanker market,” Frontline said in its results statement, “and the company expects that the supply/demand balance will improve further.” However, it warned that “this is a fine balance which can easily be changed by increased fleet supply caused by increased ballast speed, decrease in vessel scrapping and aggressive newbuilding ordering.”