FRO - Frontline (FRO) shares slide after Q3 mixed results

Frontline (FRO) down 7.6% premarket on Q3 bottom-line miss.Average daily time charter equivalents: VLCC $49,200 vs. quarter-ago $75,800, SMAX $25,100 vs. quarter-ago $51,100, LR2 $12,800 vs. quarter-ago $36,900.The company entered into three senior secured term loan facilities in November 2020: $250.7M, $100.8 M and $133.7M to refinance two existing term loan facilities maturing in 2Q2021 and to partially finance the LR2 tankers under construction.For 4Q20, the company estimate spot TCE on a load-to discharge basis of $22,600 contracted for 74% of vessel days for VLCCs, $12,600 contracted for 61% of vessel days for Suezmax tankers and $13,800 contracted for 65% of vessel days for LR2 tankers.The company expects the spot TCEs for 4Q20 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the fourth quarter as well as current freight rates.Oil demand remains significantly lower than prior to the pandemic but its expected to rebound

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Frontline (FRO) shares slide after Q3 mixed results