Frontline's profit up 39% in first quarter

Bermuda based Frontline, the world's largest tanker shipping company, today reported first quarter net profit of $221 million, up 39.2 percent compared to $159 million in the same period last year.

Operating profit for the three months ended March 31 rose 38.8 percent to $235.4 million, which including a gain on sale of assets of $15.5 million. Quarterly revenue gained 53 percent to $527.7 million.

The company said the improved results are evidence of a stronger spot market with the average daily time charter rates for its very large crude carriers rising to $82,400 per day from $45,700 in the fourth quarter. 

Source: American Shipper