Frontline (FRO) Tops Q1 EPS by 7c; Enters Amended Charter Agreements with Ship Finance (SFL)
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FRO - First Quarter 2015 Results
May 29, 2015 2:36 AM EDTHAMILTON, Bermuda, May 29, 2015 (GLOBE NEWSWIRE) --
Highlights
Frontline reports net income attributable to the Company of $31.1 million for the first quarter of 2015, equivalent to earnings per share of $0.25. Today, Frontline announced that it has entered into a heads of agreement to amend the terms of the long term charter agreements with Ship Finance for the remainder of the charter period with effect from July 1, 2015. In January 2015, the ATM program was increased to having aggregate sales proceeds of up to $150.0 million, from up to $100.0 million. Frontline issued... MoreFRO - Frontline Ltd. and Ship Finance International Limited agree on amended charter structure
May 29, 2015 2:09 AM EDTHAMILTON, Bermuda, May 29, 2015 (GLOBE NEWSWIRE) -- Frontline Ltd. (NYSE/OSE: FRO) (the "Company" or "Frontline") today announced that the Company has entered into a heads of agreement to amend the terms of the long term charter agreements with Ship Finance International Limited ("Ship Finance") for the remainder of the charter period.
A subsidiary of Frontline has 17 vessels on charter from Ship Finance with an average remaining charter period of 7.7 years. The new agreement will take effect from July 1, 2015 and will reflect a combination of reduced long-term base rates, increased profit split to Ship... More
