Tanker shipping company Frontline had a profit before tax of $ 15 million in the second quarter, down from $ 79 million in the same period last year.
Meanwhile, turnover increased from 104 million to 192 million dollars.
– In the second quarter, prices in the tanker market were pressured, which has continued into the third quarter, the company said in a comment about the quarterly numbers.
The spot market is now at its lowest level for two years. Although Frontline expects prices of freight will increase, the second half is likely to be considerably weaker economically than the first.
Frontline’s shares fell 5.6 per cent immediately after the Oslo Stock Exchange opened Wednesday morning. Since the new year it almost halved in value.
Source: NTB scanpix / Norway Today