FRO - Frontline stock rises after Q4 results

Frontline (FRO +7.0%) is trading up after reporting 22.1% Y/Y higher operating revenues of $213.5M for Q421 and a net income of $19.8M (vs net loss of $9.2M in Q420) Adjusted net loss was $4.8M (vs -$20.2M in Q420). Frontline reporting a larger than expected Q3 net loss and revenues, citing "a challenging period" for tanker owners. Average daily time charter equivalents (TCEs) were $16,500, $14,200 and $13,900 per day for VLCCs, Suezmax tankers and LR2 tankers, respectively. The firm secured $390M in term loans during the quarter to finance acquisition of the six resale VLCC newbuilding contracts. It also agreed to sell four scrubber-fitted LR2 tankers for an aggregate sale price of $160M. Frontline took delivery of an LR2 tanker and two VLCCs in Q4. The company "moved closer to cash-breakeven levels" according to CEO Lars Barstad. Barstad said: "The fourth quarter of the year offered tanker owners some

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Frontline stock rises after Q4 results