Frontline added that during the quarter net loss attributable to the company adjusted for certain non-cash items was USD 8.4 million.
According to Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, tanker markets are beginning to rebalance following 18 months of extremely challenging conditions.
“We are optimistic that the market has now exited the cycle trough. Oil inventory draws, fleet growth and production cuts have been against us, but these important factors are now turning in our favor. The most important factor, oil demand, remains strong,” he said.
