d831654_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES
EXCHANGE ACT OF 1934
For
the
month of: November 2007
Commission
File Number: 001-16601
Frontline
Ltd.
|
(Translation
of registrant’s name into English)
|
|
Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Frontline Ltd (the “Company”)
dated November 14, 2007, announcing the Company’s financial results for the
third quarter of 2007.
Exhibit
1
FRONTLINE
LTD.
INTERIM
REPORT JULY - SEPTEMBER 2007
Highlights
|
·
|
Frontline
reports net income of $24.2 million and earnings per share of $0.32
for
the third quarter of 2007.
|
· Frontline
reports nine month net income of $372.0 million and earning per share of
$4.97.
· Frontline
reports a total gain on sale of assets of $4.8 million.
|
·
|
Frontline
announces a cash dividend of $1.50 per share for the third quarter
of
2007.
|
Third
Quarter and Nine Months Results 2007
The
Board
of Frontline Ltd. (the “Company” or “Frontline”) announces net income of $24.2
million for the third quarter of 2007, equivalent to earnings per share of
$0.32. Operating income for the quarter was $66.9 million compared to $190.9
million in the second quarter. The second quarter included a gain on sale of
assets of $66.1 million compared to $4.8 million in the current quarter
primarily relating to the sale of Front Horizon.
The
reported earnings reflect a substantially weaker spot market. The average daily
time charter equivalents (“TCEs”) earned in the spot and period market by the
Company’s VLCCs, Suezmax tankers and Suezmax OBO carriers were $36,000, $25,000
and $41,300, respectively compared with $51,500, $38,600 and $38,300
respectively in the second quarter. The results show a continued differential
in
earnings between single and double hull tonnage. The spot earnings for the
Company’s double hull VLCC and Suezmax vessels were $36,100 and $28,300, in the
third quarter, compared to $57,700 and $50,500, in the second quarter. Brokerage
commissions related to six VLCC vessels on time charter, which were previously
reported under ship operating costs, have been reclassified to voyage expenses
this quarter and prior period comparatives have been restated to conform to
current period presentation.
Profit
share expense of $5.5 million has been recorded in the third quarter as a result
of the profit sharing agreement with Ship Finance International Limited (“Ship
Finance”) compared to $15.7 million in the second quarter.
Charterhire
expenses have increased by $5.4 million in the third quarter compared to the
second quarter, primarily as a consequence of chartering in two additional
vessels in the quarter.
Interest
income was $12.6 million in the third quarter, of which $7.3 million relates
to
restricted deposits held by subsidiaries reported in Independent Tankers
Corporation (“ITC”). Interest expense, net of capitalized interest, was $57.5
million in the third quarter of which $13.7 million relates to ITC and $45.9
million relates to the capital lease interest expense in Frontline.
Frontline
announces net income of $372.0 million for the nine months ended September
30,
2007, equivalent to earnings per share of $4.97. The average TCEs earned
in the
spot and period market by the Company’s VLCCs, Suezmax tankers, and
Suezmax OBO carriers for the nine months period ended September 30, 2007
were
$45,800, $33,000 and $38,800, respectively.
As
of
September 30, 2007, the Company had total cash and cash equivalents of $937.4
million which includes $628.3 million of restricted cash. Restricted cash
includes $394.5 million relating to deposits in ITC and $232.0 million in
Frontline Shipping Limited and Frontline Shipping II Limited which are
restricted under the charter agreements with Ship Finance.
The
2006
financial statements have been restated to reflect the revised accounting
treatment for three entities within the ITC group which were previously fully
consolidated but are now being accounted for as investments under the equity
method. The restatement has no effect on net income.
As
of
November 2007, the Company has average total cash cost breakeven rates on a
TCE
basis for VLCCs and Suezmaxes of approximately $30,000 and $22,100,
respectively.
Fleet
development
In
October 2007, Frontline agreed with Ship Finance to terminate the long term
charter party between the companies for the single hull VLCC Front Duchess
and
Ship Finance simultaneously sold the vessel for net sales proceeds of $54.5
million. Ship Finance will make a compensation payment to Frontline of
approximately $25.4 million for the early termination of the current charter
party, which will be recognized in the first quarter of 2008.
Other
Matters
In
October 2007, Frontline announced the sale of its entire holding of 34,976,500
shares in Dockwise Ltd. ("Dockwise"). The shares were sold at a gross price
of
NOK 25 per share, with net proceeds of approximately $157 million. Frontline
is
expected to record a gain of approximately $49 million in the fourth quarter
of
2007 as a result of this sale. Simultaneously with the sale of the shares
Frontline declared an interim extraordinary dividend of $1.75 per share which
was paid on October 24, 2007. In the second quarter of 2007, Frontline recorded
a gain on the issuance of shares by Dockwise of $43.7 million.
In
November 2007, Frontline announced that it has entered into an agreement to
sell
its entire holding of 1,714,544 shares in IMAREX ASA to NYMEX Holdings, Inc. The
sale price was NOK 160 per share, with proceeds of approximately $51 million.
Frontline is expected to record a gain of approximately $43 million in the
fourth quarter of 2007 as a result of this sale.
On
November 15, 2007, the Board declared a dividend of $1.50 per share. The record
date for the dividend is November 28, 2007, ex dividend date is November 26,
2007 and the dividend will be paid on or about December 12, 2007.
74,825,169
ordinary shares were outstanding on September 30, 2007, and the weighted average
number of shares outstanding for the quarter was also
74,825,169.
The
Market
The
tanker market declined further in the third quarter compared to the second
quarter and the average rate for VLCCs from MEG to Japan in the third quarter
was about WS 56 ($22,500 per day) compared to about WS 71 ($41,200 per day)
in the second quarter of 2007. The average rate for Suezmaxes from WAF to USAC
in the third quarter of 2007 was about WS 87 ($21,400 per day), compared to
about WS 115 ($38,500 per day) in the second quarter of 2007.
Bunker
prices rose in the third quarter with average prices in Fujairah of
approximately $385/mt, with a low of approximately $ 359/mt and a high of
approximately $413/mt.
The
International Energy Agency (IEA) reported in November an average OPEC Oil
production, including Iraq, of 30.56 million barrels per day during the third
quarter of the year, a 0.4 million barrels per day increase from the second
quarter. The next OPEC meeting is scheduled to take place on December 5,
2007.
IEA
further estimates that world oil demand averaged 85.5 million barrels per day
in
the third quarter, a 0.8 percent increase from the second quarter of 2007.
IEA
predicts that the average demand for 2008 in total will be 87.7 million barrels
per day, or a 2.3 percent growth from 2007, hence showing a firm belief in
continued demand growth.
According
to Fearnleys, the VLCC fleet totalled 491 vessels at the end of the third
quarter with six deliveries during the quarter. There are seven additional
deliveries expected in 2007 and 39 in 2008. The total orderbook amounted to
161
vessels at the end of the quarter which represents 32.8 percent of the VLCC
fleet. One VLCC was ordered during the quarter. The single hull fleet amounted
to 147 vessels at the end of the third quarter.
The
Suezmax fleet totalled 352 vessels at the end of the quarter, up from 347
vessels after the second quarter of 2007, a 1.4 percent fleet growth over the
quarter. Three Suezmaxes were deleted from the trading fleet during the quarter
for conversion purposes. Nine Suezmaxes were ordered and eight deliveries
took place in the quarter. The total orderbook at the end of the quarter is
at
133, an increase of one from the end of the second quarter. There are four
additional deliveries expected in 2007 and 18 in 2008. The orderbook represent
37.8 percent of the current Suezmax fleet.
Strategy
Frontline's
core strategy is to be a world leading operator and charterer of modern, high
quality oil tankers. The majority of its double hull tonnage is operating in
the
spot market. Most of its single hull VLCC’s have been fixed out on
time charters for the remainder of the fixed committed period and all of the
Company’s eight OBO carriers have been fixed out on long term charters.
Frontlines charter coverage in 2007 and 2008 is estimated to 40 percent of
its
total fleet. Through sales of vessels and time charters, the Company has a
limited exposure on the single hull tonnage.
Frontline
has four VLCC and eight Suezmax newbuildings on order, all favourably priced
compared to current newbuilding prices, confirming its position as a leading
operator of quality Suezmax and VLCC tonnage. The total investment of the
newbuilding program is approximately $1 billion. As of September 30, 2007,
the
Company has paid $104 million and expects to pay further approximately $93
million in 2007 and first quarter of 2008 before a planned drawdown of financing
which will be equal to 80 percent of the contractual prices. Based on recent
transactions the market value of the new building contracts are significantly
higher than the original contractual new building prices.
Frontline
will continue to look for attractive opportunities in the Sales and Purchase
market as well as in the charter market.
The
Company is still evaluating opportunities to enhance the value of its investment
in ITC. One of the options, which are considered, is a separate listing of
this
investment.
Outlook
The
tanker market is still weak also in the fourth quarter of 2007 with average
TCE
rates for modern VLCCs, according to Clarkson, of $27,100 per day so far this
quarter compared to $47,100 per day in the fourth quarter of 2006. The fourth
quarter of 2007 started with spot fixtures in the VLCC and Suezmax segment
of
$25,100and $18,500 per day, respectively, and present indication from Clarkson
in the VLCC and Suezmax segment is $22,600 and $27,700 per day,
respectively.
Rates
in
the spot market have been negatively impacted by several factors in the third
and fourth quarter of 2007. The price of crude oil is at a record high level
and, more importantly, the crude forward price curve remains in backwardation.
The crude forward price has also led to inventory drawdown in terms of days
of
supply rather than stock building. Reduced refinery margins have led to lower
import volumes of crude oil. These factors and others, combined with
the high availability of tonnage, have led to low rates for crude tankers.
Bunker costs have also increased considerably in the third and fourth quarter
of
2007.
However,
the world economy is still strong with a forecasted global GDP growth of 5.2
percent for 2007, along with a forecast of 4.8 percent for 2008. IEA projects
oil consumption to rise by 1.2 percent in 2007 and 2.3 percent in
2008.
OPEC
has
announced an increase in production of 0.5 million barrels per day from November
2007. Moreover, recent high stock draws and high demand is likely to lead to
increased demand for the transportation of oil.
The
overall order book for tankers has now approached 34 percent of the current
fleet. The impact from the new vessels to be delivered in the market will be
mitigated by the fact that the order book is spread over four years, that 24
percent of the fleet is non double hull combined with an increased inefficiency
of the single hull fleet caused by reduced acceptance by major charterers to
employ such tonnage. Further, Frontline estimates that about 38 VLCCs will
be
converted for non-trading purposes, with about 90 percent to VLOC and the
balance to FSO/FPSO. There are a further 12 vessels currently circulated as
conversion candidates
Our
future dividend capacity will be influenced by operating earnings, as well
as
investments and divestments.
Frontline
has a low exposure to single hull tonnage, and our charter coverage is estimated
to 40 percent of the fleet in 2007 and 2008. The Company has low cash breakeven
rates which reduces the financial risk and creates a good platform for cash
generation. Our newbuilding program has attractive terms, seems well timed
and
provides for future growth as we divest our older, single hull
fleet.
We
expect
a net result from operations in the fourth quarter, based on today’s market,
which is in line with the third quarter. However net income will be higher
due
to gain recognition in the fourth quarter related to the previously announced
sale of the Dockwise shares and the sale of the IMAREX ASA shares in the total
amount of about $92 million.
Forward
Looking Statements
This
press release contains forward looking statements. These statements are based
upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and
are beyond its control, Frontline cannot give assurance that it will achieve
or
accomplish these expectations, beliefs or intentions.
Important
factors that, in the Company's view, could cause actual results to differ
materially from those discussed in this press release include the strength
of
world economies and currencies, general market conditions including fluctuations
in charter hire rates and vessel values, changes in demand in the tanker market
as a result of changes in OPEC's petroleum production levels and world wide
oil
consumption and storage, changes in the Company's operating expenses including
bunker prices, drydocking and insurance costs, changes in governmental rules
and
regulations or actions taken by regulatory authorities, potential liability
from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in
the
reports filed by the Company with the United States Securities and Exchange
Commission.
November
14, 2007
The
Board
of Directors
Frontline
Ltd.
Hamilton,
Bermuda
Questions
should be directed to:
Bjørn
Sjaastad: Chief Executive Officer, Frontline Management AS
+47
23 11 40 99
Inger
M.
Klemp: Chief Financial Officer, Frontline Management AS
+47
23 11 40 76
FRONTLINE
LTD THIRD QUARTER REPORT (UNAUDITED)
2006
Jul-Sep
(restated)
|
|
|
2007
Jul-Sep
|
|
INCOME
STATEMENT
(in
thousands of $)
|
|
2007
Jan-Sep
|
|
|
2006
Jan-Sep
(restated)
|
|
|
2006
Jan-Dec
(audited)
|
|
|
407,703
|
|
|
|
276,378
|
|
Total
operating revenues
|
|
|
983,257
|
|
|
|
1,230,371
|
|
|
|
1,583,863
|
|
|
-
|
|
|
|
4,847
|
|
Gain
from sale of assets
|
|
|
92,262
|
|
|
|
21,856
|
|
|
|
95,655
|
|
|
102,617
|
|
|
|
82,188
|
|
Voyage
expenses and commission
|
|
|
259,793
|
|
|
|
311,142
|
|
|
|
399,414
|
|
|
-
|
|
|
|
5,455
|
|
Profit
share expense
|
|
|
21,173
|
|
|
|
-
|
|
|
|
-
|
|
|
52,264
|
|
|
|
52,605
|
|
Ship
operating expenses
|
|
|
151,282
|
|
|
|
150,092
|
|
|
|
196,539
|
|
|
6,264
|
|
|
|
18,074
|
|
Charterhire
expenses
|
|
|
37,519
|
|
|
|
18,655
|
|
|
|
24,923
|
|
|
8,123
|
|
|
|
8,560
|
|
Administrative
expenses
|
|
|
25,035
|
|
|
|
19,923
|
|
|
|
32,214
|
|
|
50,834
|
|
|
|
47,444
|
|
Depreciation
|
|
|
144,274
|
|
|
|
153,314
|
|
|
|
203,849
|
|
|
220,102
|
|
|
|
214,326
|
|
Total
operating expenses
|
|
|
639,076
|
|
|
|
653,126
|
|
|
|
856,939
|
|
|
187,601
|
|
|
|
66,899
|
|
Operating
income
|
|
|
436,443
|
|
|
|
599,101
|
|
|
|
822,579
|
|
|
10,835
|
|
|
|
12,596
|
|
Interest
income
|
|
|
39,949
|
|
|
|
33,738
|
|
|
|
47,733
|
|
|
(51,063 |
) |
|
|
(57,549 |
) |
Interest
expense
|
|
|
(175,618 |
) |
|
|
(152,789 |
) |
|
|
(206,144 |
) |
|
826
|
|
|
|
233
|
|
Equity
earnings of associated companies
|
|
|
632
|
|
|
|
129
|
|
|
|
1,118
|
|
|
1,501
|
|
|
|
(68 |
) |
Foreign
currency exchange gain (loss)
|
|
|
1,544
|
|
|
|
762
|
|
|
|
1,056
|
|
|
(10,194 |
) |
|
|
2,060
|
|
Other
financial items
|
|
|
7,859
|
|
|
|
8,406
|
|
|
|
8,502
|
|
|
139,506
|
|
|
|
24,171
|
|
Income
before taxes and minority interest
|
|
|
310,809
|
|
|
|
489,347
|
|
|
|
674,844
|
|
|
-
|
|
|
|
-
|
|
Gain
on issuance of shares by associates
|
|
|
83,566
|
|
|
|
-
|
|
|
|
-
|
|
|
(40,715 |
) |
|
|
-
|
|
Minority
interest
|
|
|
(22,162 |
) |
|
|
(107,827 |
) |
|
|
(158,682 |
) |
|
2
|
|
|
|
-
|
|
Taxes
|
|
|
(165 |
) |
|
|
(121 |
) |
|
|
(162 |
) |
|
98,793
|
|
|
|
24,171
|
|
Net
income
|
|
|
372,048
|
|
|
|
381,399
|
|
|
|
516,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.32
|
|
|
$ |
0.32
|
|
Basic
Earnings Per Share ($)
|
|
$ |
4.97
|
|
|
$ |
5.10
|
|
|
$ |
6.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
on timecharter basis ($ per day per ship)*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,300
|
|
|
|
36,000
|
|
VLCC
|
|
|
45,800
|
|
|
|
61,000
|
|
|
|
57,600
|
|
|
40,000
|
|
|
|
25,000
|
|
Suezmax
|
|
|
33,000
|
|
|
|
40,100
|
|
|
|
37,800
|
|
|
30,800
|
|
|
|
41,300
|
|
Suezmax
OBO
|
|
|
38,800
|
|
|
|
30,900
|
|
|
|
31,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Basis = Calendar days minus off-hire. Figures after deduction of
broker
commission
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
(in
thousands of $)
|
|
2007
Sep
30
|
|
|
2006
Sep
30
(restated)
|
|
|
2006
Dec
31
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
309,090
|
|
|
|
90,285
|
|
|
|
197,181
|
|
Restricted
cash
|
|
|
628,254
|
|
|
|
615,051
|
|
|
|
677,533
|
|
Other
current assets
|
|
|
421,031
|
|
|
|
264,536
|
|
|
|
237,428
|
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Newbuildings
|
|
|
159,981
|
|
|
|
84,208
|
|
|
|
166,851
|
|
Vessels
and equipment, net
|
|
|
211,020
|
|
|
|
2,591,832
|
|
|
|
2,446,278
|
|
Vessels
under capital lease, net
|
|
|
2,635,234
|
|
|
|
637,970
|
|
|
|
626,374
|
|
Investment
in finance leases
|
|
|
-
|
|
|
|
187,380
|
|
|
|
175,141
|
|
Investment
in unconsolidated subsidiaries and associated companies
|
|
|
14,314
|
|
|
|
18,133
|
|
|
|
17,825
|
|
Deferred
charges and other long-term assets
|
|
|
71
|
|
|
|
48,980
|
|
|
|
45,326
|
|
Total
assets
|
|
|
4,378,995
|
|
|
|
4,538,375
|
|
|
|
4,589,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term debt and current portion of long term debt
|
|
|
98,382
|
|
|
|
286,239
|
|
|
|
281,409
|
|
Current
portion of obligations under capital lease
|
|
|
147,741
|
|
|
|
27,891
|
|
|
|
28,857
|
|
Other
current liabilities
|
|
|
248,375
|
|
|
|
114,119
|
|
|
|
133,650
|
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Long
term debt
|
|
|
376,723
|
|
|
|
2,153,566
|
|
|
|
2,181,885
|
|
Obligations
under capital lease
|
|
|
2,626,643
|
|
|
|
685,359
|
|
|
|
723,073
|
|
Other
long term liabilities
|
|
|
317,851
|
|
|
|
33,632
|
|
|
|
31,381
|
|
Minority
interest
|
|
|
-
|
|
|
|
508,083
|
|
|
|
541,122
|
|
Stockholders’
equity
|
|
|
563,280
|
|
|
|
729,486
|
|
|
|
668,560
|
|
Total
liabilities and stockholders’ equity
|
|
|
4,378,995
|
|
|
|
4,538,375
|
|
|
|
4,589,937
|
|
2006
Jul-Sep
(restated)
|
|
|
2007
Jul-Sep
|
|
STATEMENT
OF CASHFLOWS
(in
thousands of $)
|
|
2007
Jan-Sep
|
|
|
2006
Jan-Sep
(restated)
|
|
|
2006
Jan-Dec
(audited)
|
|
|
|
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
98,793
|
|
|
|
24,171
|
|
Net
income
|
|
|
372,048
|
|
|
|
381,399
|
|
|
|
516,000
|
|
|
|
|
|
|
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,849
|
|
|
|
47,477
|
|
Depreciation
and amortisation
|
|
|
145,081
|
|
|
|
155,730
|
|
|
|
207,195
|
|
|
354
|
|
|
|
562
|
|
Unrealised
foreign currency exchange (gain) loss
|
|
|
755
|
|
|
|
(379 |
) |
|
|
74
|
|
|
(9,784 |
) |
|
|
(4,847 |
) |
Gain
on sale of assets
|
|
|
(176,203 |
) |
|
|
(31,640 |
) |
|
|
(105,439 |
) |
|
(826 |
) |
|
|
(233 |
) |
Equity
earnings of associated companies
|
|
|
(632 |
) |
|
|
(129 |
) |
|
|
(1,118 |
) |
|
17,322
|
|
|
|
-
|
|
Adjustment
of financial derivatives to market value
|
|
|
(3,618 |
) |
|
|
10,875
|
|
|
|
9,348
|
|
|
37,617
|
|
|
|
(2,931 |
) |
Other,
net
|
|
|
20,996
|
|
|
|
103,732
|
|
|
|
153,356
|
|
|
(50,401 |
) |
|
|
82,391
|
|
Change
in operating assets and liabilities
|
|
|
129,851
|
|
|
|
(2,836 |
) |
|
|
52,140
|
|
|
144,924
|
|
|
|
146,590
|
|
Net
cash provided by operating activities
|
|
|
488,278
|
|
|
|
616,752
|
|
|
|
831,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,625
|
|
|
|
23,184
|
|
Maturity
(placement) of restricted cash
|
|
|
35,797
|
|
|
|
30,463
|
|
|
|
13,730
|
|
|
-
|
|
|
|
-
|
|
Sale
of subsidiary, net of cash sold
|
|
|
89,264
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Cash
impact of deconsolidation of subsidiary
|
|
|
(146,435 |
) |
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Acquisition
of minority interest
|
|
|
-
|
|
|
|
(7,212 |
) |
|
|
(7,198 |
) |
|
(104,039 |
) |
|
|
(38,987 |
) |
Additions
to newbuildings, vessels and equipment
|
|
|
(306,277 |
) |
|
|
(473,048 |
) |
|
|
(557,647 |
) |
|
(3,409 |
) |
|
|
-
|
|
Advances
to associated companies, net
|
|
|
(44,694 |
) |
|
|
(3,409 |
) |
|
|
(2,112 |
) |
|
5,592
|
|
|
|
-
|
|
Receipt
from investment in finance lease and loans receivable
|
|
|
-
|
|
|
|
6,903
|
|
|
|
12,562
|
|
|
-
|
|
|
|
-
|
|
Purchase
of other assets
|
|
|
(43,375 |
) |
|
|
(71,067 |
) |
|
|
(71,067 |
) |
|
-
|
|
|
|
28,000
|
|
Proceeds
from sale of newbuildings, vessels and equipment
|
|
|
453,300
|
|
|
|
102,029
|
|
|
|
284,959
|
|
|
154,400
|
|
|
|
-
|
|
Proceeds
from sale of other assets
|
|
|
-
|
|
|
|
154,409
|
|
|
|
154,409
|
|
|
-
|
|
|
|
-
|
|
Proceeds
from issuance of shares in subsidiary
|
|
|
-
|
|
|
|
-
|
|
|
|
7,800
|
|
|
73,169
|
|
|
|
12,197
|
|
Net
cash provided by (used in) investing activities
|
|
|
37,580
|
|
|
|
(260,932 |
) |
|
|
(164,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,163
|
|
|
|
-
|
|
Proceeds
from long-term debt, net of fees paid
|
|
|
125,782
|
|
|
|
358,010
|
|
|
|
537,518
|
|
|
(155,542 |
) |
|
|
(24,306 |
) |
Repayments
of long-term debt
|
|
|
(163,537 |
) |
|
|
(265,024 |
) |
|
|
(420,925 |
) |
|
(6,500 |
) |
|
|
(34,983 |
) |
Repayment
of capital leases
|
|
|
(75,610 |
) |
|
|
(18,170 |
) |
|
|
(24,706 |
) |
|
(145,856 |
) |
|
|
-
|
|
Dividends
paid
|
|
|
(300,584 |
) |
|
|
(433,133 |
) |
|
|
(654,480 |
) |
|
(229,735 |
) |
|
|
(59,289 |
) |
Net
cash used in financing activities
|
|
|
(413,949 |
) |
|
|
(358,317 |
) |
|
|
(562,593 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,642 |
) |
|
|
99,498
|
|
Net
increase (decrease) in cash and cash equivalents
|
|
|
111,909
|
|
|
|
(2,497 |
) |
|
|
104,399
|
|
|
101,927
|
|
|
|
209,592
|
|
Cash
and cash equivalents at start of period
|
|
|
197,181
|
|
|
|
92,782
|
|
|
|
92,782
|
|
|
90,285
|
|
|
|
309,090
|
|
Cash
and cash equivalents at end of period
|
|
|
309,090
|
|
|
|
90,285
|
|
|
|
197,181
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
|
FRONTLINE
LTD.
(registrant)
|
|
|
|
|
|
|
Dated:
November 21, 2007 |
By:
|
/s/ Inger
M. Klemp |
|
|
Inger
M. Klemp |
|
|
Principal
Financial
Officer |
SK
02089 0009
831654