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Frontline, een van mijn absolute favorieten

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  1. [verwijderd] 23 juni 2005 10:12
    June 23 (Bloomberg) -- The cost of shipping crude oil from
    the Persian Gulf rose the most since May 3 as the pool of so-
    called very large crude carriers ready for hire in the Persian
    Gulf shrank.
    SK Corp., South Korea's largest refiner, hired the VLCC New
    Century to load 2-million barrels of oil in the Persian Gulf on
    July 17. SK paid Worldscale 60 for the voyage to South Korea, up
    as much as 10 points from yesterday's rate. There are 67 VLCCS
    ready for hire in the Persian Gulf in the next 30 days down from
    74 yesterday, Paris-based broker Barry Rogaliano Salles said.
    So far this week, hirers have booked 41 VLCCs to load in
    July, more than double the previous week, Barry Rogliano said in
    a note to clients. Oil tanker rates, which typically decline in
    the second quarter, fell to a 20-month low last week as a surplus
    of idle ships built up in the Persian Gulf, allowing oil
    companies to demand lower prices.
    ``There should be some sort of rebound,'' Geoffrey Cheng, a
    Hong Kong-based analyst at Daiwa Institute of Research said in a
    telephone interview today. ``The second quarter is a typical
    season for refinery overhauls, cutting tanker demand.''
    At today's rates, it costs $1.06 to ship a barrel of crude
    oil from the Persian Gulf to Japan, according to data compiled by
    Bloomberg.
    VLCC owners will earn $22,944 a day on the route between the
    Persian Gulf and South Korea, Bloomberg data shows and R.S
    Platou, an Oslo-based shipbroker.
    Bermuda-based Frontline, the world's biggest oil-tanker
    company by capacity, needs about $27,565 a day to break even on
    each of its 35 VLCCs.
    Worldscale points are a percentage of a nominal rate, or so-
    called flat rate, for a specific route. Flat rates, set in
    dollars a ton, are revised each year by the London-based
    Worldscale Association.

  2. [verwijderd] 1 juli 2005 09:36
    July 1 (Bloomberg) -- Oil-tanker operators led by Frontline Ltd. and Titan Petrochemicals Group may increase the amount they charge for space on supertankers this quarter as U.S. purchases of Middle East crude oil rise, a survey showed.
    Revenue, minus costs such as fuel and port fees, will probably average $40,000 a day for 2 million-barrel ships on the round trip to Japan from the Middle East, according to the median estimate of five analysts surveyed by Bloomberg. The average rate was about $36,000 in the second quarter and about $74,000 a year earlier, according to Oslo-based shipbroker P.F. Bassoe.
    Oil shipping costs typically rise in the third quarter as refineries increase purchases of crude to ensure fuel for the driving season and to build stockpiles before the northern hemisphere's winter, when heating demand peaks. Earnings fell to a 20-month low of about $15,000 a day on June 20, and average tanker rates are set to decline this year from 2004, the survey showed.
  3. smith&jones 24 augustus 2005 11:31
    De afgelopen kwartalen waren traditioneel minder dan Q4 2004, maar in line met vorig jaar. Vraag naar olie is onverminderd hoog en er komt weer een moddervet dividend aan ( zie onder ). De grote klapper gaat echter pas over een half jaar komen als de spotprijzen weer de pan uit gaan rijzen.

    - Frontline reports record half year results of $407.2 million and earnings per share of $5.44.

    - Frontline announces a cash dividend of $2.00 per share.

  4. smith&jones 25 augustus 2005 16:04
    The largest tankers in the world are called VLCCs or very large crude carriers. During the quarter, FRO earned VLCC rates of $50,300 per day, well above estimates of around $40k, helping to drive the bottom line. This compares to Frontline's breakeven costs of $27,749 per day. These rates outperformed the market and its largest competitor, as well. FRO attributed the performance to higher exports to China from West Africa, slower tanker speeds, and long haul vs. short haul contracts.

    Frontline earnings declined less than expected to $127.5 mln, or $1.70 per share from $169.2 mln, or $2.29 per share last year on lower rates. The quarter also included a gain of $17 mln from selling a ship. Operating profits beat expectations by over 20%, coming in at $185.1 mln, up from $180.3 mln last year. CEO Oscar Spieler said, "We expect tanker rates to pick up on an increase in Chinese oil imports and as we go into the cold season. He further stated, "We are heading into a period with higher oil consumption." While the company would not say at what prices its fleet is contracted, it did say 76-78% of its fleet is booked.

    The tanker industry is a complicated one in terms of structure. Vessels are either owned by, or chartered to, separate subsidiaries or associated companies. Frontline Management AS is a wholly-owned subsidiary responsible for the management of its shipping subsidiaries, including chartering and insurance, according to its website. Vessels are managed by independent ship management companies that provide daily operations, maintenance, crewing, shipyard ops, and technical support. Frontline's fleet consists of 35 Suezmax and 42 VLCCs (including two new builds) equaling 17.9 mln in dead weight tons - that's nearly 4,000 thousand elephants!

    Frontline is one of the only companies in the world listed on three international securities exchanges. Shares rose simultaneously in Oslo, New York, and London as the tanker cycle appears to be clearly tighter than the market expected. Frontline has returned value back to its shareholders, paying a two dollar dividend during Q2. Management stated its dividend policy would track earnings and did not rule out another special payout.

    The main driver of tanker demand is OPEC production. Therefore, since OPEC production rose 4.5% to 29.96 mln bbl/d in Q2, it resulted in higher tanker rates. Clearly, FRO expects this environment to continue. It forecasted strong financial performance next quarter even though it didn't quantify just how good. With oil demand picking up toward the fall and winter seasons, the tanker market is likely to remain tight until more supply comes on line. Even Frontline admitted it anticipates the market will be highly volatile for the rest of the year.

    Investors should take heed, as this environment will likely translate into volatile stock prices as well. There are a lot of factors involved in forecasting rates, ranging from weather trends, OPEC production, oil demand, particularly from Asia, to possible supply disruptions. Looking further out, however, the story does take on a less bullish tone. Tanker rates are expected to decline in 2006-2007 as supply growth is forecasted to exceed demand growth. Fleet production is estimated to rise by 5-7%, compared to OPEC production at 2-3%. ---Kimberly DuBord, Briefing.com

    Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.

    Read more Story Stocks articles

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  5. smith&jones 1 september 2005 09:15
    gisteren weer 5% erbij , nu op $46,76, ongetwijfeld ook door de orkaan in de golf van Mexico: Door schade aan raffinaderijen platforms en pijpleidingen zullen de USA meer olie moeten importeren over zee de komende maanden, en dat bij de traditionele hogere vraag in het najaar en winter....

    vandaag weer eens ex-dividend, $ 2.00 (!!) dus waarschijnlijk gaat de koers weer een duikvluchtje maken.
    Beneden de $ 40 keihard instapmoment, maar blijven zitten is ook niet verkeerd met het eindejaarsschot in het vizier.
  6. smith&jones 22 september 2005 10:36
    Bergshaven deal gaat niet door:

    Published: 10:04 22.09.2005 GMT+2 /HUGIN /Source: Frontline Ltd /OSE: FRO /ISIN: BMG3682E1277

    FRO - Bergshaven acquisition

    We refer to the press release issued June 15 2005 where it was disclosed that Frontline had entered into an agreement to buy 60 % of the shares in Bergshaven. The transaction was to be executed subject to pre-emption right by Bergshaven's existing shareholders. It is now evident that the existing holders would use this right to acquire most of the shares. Frontline will thereby not complete the purchase but will receive a financial compensation of approximately USD 6.4 million for initiating the transaction. The compensation will be recorded in the third quarter results.



    Hamilton, Bermuda

    September 21, 2005

    This press release was brought to you by Hugin, distributor of electronic press releases for companies listed on selected European stock exchanges. Address: www.huginonline.com/Norway/FRO

  7. forum rang 5 Bart Meerdink 13 oktober 2005 19:03
    Gigantische invloed hebben die grote Amerikaanse zakenbanken, merk ik wel.

    FRO staat ongeveer op een 52-weeks dieptepunt.

    Het koersverloop doet me denken aan dat van de staal-aandelen, extreem lage k/w (maar met mindere vooruitzichten), extreem volatiel, en de koers komend van ongeveer nul een paar jaar geleden.

    De sector-downgrade heeft ook TUI aardig te pakken genomen geloof ik...
  8. [verwijderd] 10 november 2005 10:22
    Daarna de stukjes op 39,85 verkocht. De koers zakte toen weer iets terug. Op 28 oktober weer ingestapt en 200 stukjes gekocht op gemiddeld kostprijs van 38.80 Gisteren ging het wel heel erg hard en was de koers opgelopen naar 43,35 Volgende week aankondiging en conference call over het 3e kwartaal. Ben zeer benieuwd of daar weer een superdividend uitrolt.. dus so far so good
    groeten
    Fraxgr
  9. smith&jones 10 november 2005 10:58
    Ik hoop dat je per ongeluk nog het superdividend van de Golden Ocean spin-off hebt meegepikt. Weet de datum niet precies, maar het zijn 3 st. per FRO aandeel a ( uit het blote hoofd ) plm 6 Noorse kronen p.st., komt neer op plm iets van 1,7 Euri per aandeel( daar moetnog belasting vanaf)
62 Posts
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