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Frontline Ltd. Message Board

  • nikkorott nikkorott Mar 19, 2013 9:07 PM Flag

    Frontline 2012 newbuild orders and listing schedule

    Frontline 2012 Ltd. (FRNT), the shipping company led by billionaire John Fredriksen, almost doubled the number of vessels it’s building at a time when the maritime industry is contending with record low earnings and a glut.
    Orders for new ships increased to 53, from 28 at the end of last year, the Hamilton, Bermuda-based owner said in a statement today. While the market is “massively oversupplied” in some cases, Frontline 2012 placed orders for fuel-efficient carriers after construction prices slumped, it said.
    The ClarkSea shipping index, a measure of vessel earnings across the industry, averaged $8,284 a day in February, its lowest on record, according to Clarkson Plc (CKN), the world’s largest shipbroker. Rates will start to recover in three years and Frontline 2012 is ordering vessels to carry crude, refined products, liquefied petroleum gas, coal and iron ore, it said.
    “It is the shipping company you want to own as we move through the trough of the shipping cycle,” Erik Nikolai Stavseth, an analyst at Arctic Securities ASA, said in an e- mailed note today. The owner will place more orders, he said.
    Frontline (FRNT) climbed 2.6 percent to 39 kroner by the close in Oslo trading today, gaining 39 percent since the start of the year. Frontline 2012 will list in New York in 10 to 16 months, according to the statement.
    “The company is currently in the process of concluding one of the most aggressive newbuilding programs ever executed,” Frontline 2012 said. Most of the new carriers will be profitable at rates where “existing tonnage barely covers operating costs,” it said.

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2.65-0.05(-1.85%)Jul 23 4:01 PMEDT

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