Brief: Frontline Declared Cash Dividend Of $0.77 Per Share For Q4

Frontline

28/02/2023 06:40

Feb 28 (Reuters) - Frontline Ltd  FRO.OL :
    * DECLARED A CASH DIVIDEND OF $0.30 PER SHARE FOR Q3 OF 2022 AND A CASH DIVIDEND OF $0.77
PER
SHARE FOR Q4 OF 2022
    * REPORTED SPOT TCES FOR VLCCS, SUEZMAX TANKERS AND LR2/AFRAMAX TANKERS IN Q4 OF 2022 WERE
$63,200, $57,900 (HIGHEST SINCE Q3 OF 2008) AND $58,800 (AN ALL-TIME HIGH) PER DAY, RESPECTIVELY
    * FOR Q1 OF 2023, WE ESTIMATE SPOT TCE ON A LOAD-TO-DISCHARGE BASIS OF $58,300 CONTRACTED
FOR 87%
OF VESSEL DAYS FOR VLCCS, $72,400 CONTRACTED FOR 77% OF VESSEL DAYS FOR SUEZMAX TANKERS AND
$63,900 CONTRACTED FOR 68% OF VESSEL DAYS FOR LR2/AFRAMAX TANKERS
    * CFO: WE EXPECT TO REFINANCE A TERM LOAN FACILITY WITH TOTAL BALLOON PAYMENT OF $80.1
MILLION DUE
IN AUGUST 2023 PRIOR TO MATURITY, LEAVING COMPANY WITH NO MATERIAL MATURITIES UNTIL 2024
    * WE EXPECT SPOT TCES FOR FULL Q1 OF 2023 TO BE LOWER THAN TCES CURRENTLY CONTRACTED, DUE TO
IMPACT OF BALLAST DAYS AT END OF Q4

Source text for Eikon:  ID:nGNE99bpl2 
Further company coverage:  FRO.OL 

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