Bermuda-based oil tanker shipping company Frontline Ltd on Thursday (20 May) reported its first quarter profit of USD 165 million, the highest since 2008.
Due to the recent strength in freight rates and the concurrent decrease in fuel spreads, the company says it elected to postpone scrubber installations on two VLCCs and two Suezmax tankers.
It estimates a positive cash impact of approximately USD 7.6 million in 2020 resulting from these deferrals, excluding any benefit from decreased vessel off hire.
In March, Frontline also completed the acquisition of 15% of the share capital of TFG Marine, which is accounted for under the equity method.
TFG Marine is a global marine fuel supply and procurement company formed by Trafigura with Frontline and Golden Ocean. It was recently granted a bunker supplier license by the Singapore Maritime Port Authority.
Frontline paid USD4.8 million to TFG Marine in relation to bunker procurement and USD0.9 million remains due as at March 31, 2020.
The company also agreed to provide a USD 50.0 million guarantee in respect of the performance of its subsidiaries, under a bunker supply arrangement with the joint venture. As of March 31, 2020 no exposures were reported under this guarantee.
Photo credit: MarineTraffic / Ria Maat
Published: 21 May, 2020
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