Friday , March 31 2023

John Fredriksen Frontline Plus: – The market is on the bottom


The frontiers of John Fredriksen, Frontline, released the figures for the third quarter of Friday morning. It reported operating income of $ 189 million over the three-month period, from $ 140 million in the same period last year.

The pre-tax result was $ 2.4 million, from minus $ 24 million in the third quarter of last year.

Operating profit was $ 23 million, while operating profit of $ 2 million was expected in the quarter, according to Infront Data's estimates for TDN Direct.

By the end of the third quarter, Frontline lost $ 34 million before tax.

"We are optimistic"

Frontline head Robert White Macleod points out in a message that the oil market is beginning to balance after "18 months of extremely challenging conditions."

"We are optimistic that the market is at the bottom of the cycle," says Frontline chief.

The company writes that although oil demand has been strong throughout the year, repeated oil stocks have led to a drop in demand for oil tankers. He also writes that the inventory drop rate has fallen and appears more pronounced.

"Oil spills, fleet growth and production cuts have been negative for us, but these important factors now make it a good thing. The most important factor is that oil demand remains strong," he adds.

The report states that the Frontline will receive two new large-volume VLCCs (large oil carriers) delivered in January 2019, which increases the size of the fleet to 65 vessels.(terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like to share our business with a link that leads directly to our pages. Copying or any other use of the entire content or part thereof may be permitted only in writing or by law. For additional terms, please see here.

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