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Pro-Trader Daily: Earnings Review and Free Research Report: Frontline Beats Revenue Estimates

Research Desk Line-up: Tsakos Energy Navigation Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 21, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Frontline Ltd (NYSE: FRO), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=FRO, following the Company's posting of its second quarter fiscal 2017 financial results on August 30, 2017. The shipping Company reported a sequential decline in revenue and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Tsakos Energy Navigation Limited (NYSE: TNP) for due-diligence and potential coverage as the Company reported on September 15, 2017, its financial results for six months and Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Tsakos Energy Navigation when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FRO; also brushing on TNP. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/'symbol=FRO

http://protraderdaily.com/optin/'symbol=TNP

Earnings Reviewed

For the three months ended June 30, 2017, Frontline reported revenue of $150.15 million compared to revenue of $177.13 million for Q1 2017. The Company achieved total operating revenues, net of voyage expenses of $90 million in the reported quarter, which also came in ahead of analysts' estimates of $86.55 million.

For Q2 2017, Frontline recorded operating expenses (OpEx) of $139.32 million compared to $156.92 million in Q1 2017. The Company's OpEx per day in the reported quarter was $13,100 for VLCCs, $7,300 for Suezmax tankers, and $7,000 for LR2 tankers. The higher VLCC OpEx per day in Q2 2017 was due to the $7.8 million in dry-docking expense for five VLCCs.

Frontline reported net loss attributable to the Company of $19.38 million, or $0.11 per share, for Q2 2017, primarily due to $7.8 million in drydocking expenses and a $12.2 million loss on the termination of two charters. The Company reported net income of $27.11 million, or $0.16 per share, in Q1 2017. Frontline achieved net loss adjusted for certain non-cash items in the reported quarter of $14.2 million, or $0.08 per share, versus a net income of $28 million in the previous quarter. The Company's reported numbers fell short of Wall Street's expectations for a loss of $0.03 per share.

Operational Highlights

Frontline's combined spot and time charter earnings rate for Q2 2017 were $23800 on VLCCs, $16,400 on Suezmaxes, and $18,100 on LR2s. The Company stated that for the upcoming quarter it has locked in 62% of its VLCC trading days at $16,800.

During Q2 2017, Frontline terminated three long-term charters for the 1998-built Suezmax tanker Front Brabant and the 2000-built VLCC Front Scilla, while the Company also terminated charters for the 1997-built Suezmax Front Ardenne in Q3 2017 ahead of the vessels' scheduled drydockings. The Company also took delivery of three Suezmax and two LR2/Aframax new buildings in the reported quarter. Frontline has taken 35 VLCC and 36 Suezmaxes deliveries on a year-to-date basis, and it expects the delivery pace to slow towards the end of the year.

Cash Matter

As of June 30, 2017, Frontline's cash totaled $128 million compared to cash of $202 million as on December 31, 2016. During the reported quarter, the Company signed two senior secured term loan facilities of up to $110.5 million provided by ING Bank and $110.5 million provided by Credit Suisse, to partially finance its four recent resales and new building contracts.

Outlook

Frontline is forecasting average cash cost breakeven rates for the remainder of 2017 of approximately $21,600 per day for the VLCCs, $17,500 per day for the Suezmax tankers, and $16,700 per day for LR2 tankers.

Stock Performance

At the closing bell, on Wednesday, September 20, 2017, Frontline's stock climbed 2.12%, ending the trading session at $5.78. A total volume of 511.68 thousand shares have exchanged hands. The Company's stock price surged 13.11% in the last one month and 6.06% in the past three months. The stock is trading at a PE ratio of 30.26 and has a dividend yield of 10.38%. The stock currently has a market cap of $986.82 million.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

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