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MARA - Result of the up to NOK 250 million share issue

Company news

2013-09-05 15:54:05

  Result of share issue.pdf

Guard Systems AS - Selskapsinformasjon (GUSY)

Company news

2013-09-05 15:22:25

AS Atlantis Vest har kjøpt 94.269 aksjer til kr. 2,25,- i Guard Systems AS.

Med vennlig hilsen
Guard Systems AS

http://www.guardsystems.no  

AP3 Flaggar i Cortendo 2013

Company news

2013-09-05 13:06:42

http://www.cortendo.com AP3 Flaggar I Cortendo 2013.pdf

FRNT - Frontline 2012 Ltd. Completed Private Placement

Company news

2013-09-05 09:00:02

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE
SERVICES OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Frontline 2012 Ltd. ("Frontline 2012" or the "Company") is pleased to announce
that it has completed a private placement of 34.1 million new ordinary shares of
$2.00 par value at a subscription price of $6.60, raising $225 million in gross
proceeds to the Company (the "Private Placement").

The proceeds will be used to finance the announced investment in Avance Gas
Holding Ltd (AGHL), the current newbuilding program and further expansion.

The Private Placement was significantly oversubscribed and the shares have been
successfully placed with high quality investors who support the long term
strategy of building Frontline 2012 into the leading global commodity shipping
company focused on modern fuel efficient tonnage.

DNB Markets, Fearnley Securities, Arctic Securities, Pareto Securities and
SpareBank 1 Markets have acted as joint lead managers and book-runners for the
Private Placement.



The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda,
September 4, 2013


For further information, please contact:

Jens Martin Jensen: 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


***
Important Notice
The Private Placement and this announcement and other information in connection
with the Private Placement may be restricted by law in certain jurisdictions.
Frontline 2012 assumes no responsibility in the event there is a violation by
any person of such restrictions. Persons in whose possession this announcement
or such other information should come are required to inform themselves about
and to observe any such restrictions. This announcement is not for distribution,
directly or indirectly, in or into any jurisdiction in which it is unlawful to
make any such offer or solicitation to such person or where prior registration
or approval is required for that purpose.
This document is not an offer to sell, or the solicitation of an offer to buy or
subscribe for securities in the United States, Australia, Canada, Japan or in
any jurisdiction in which such offer, solicitation or sale is unlawful.
Securities may not be offered or sold in the United States absent registration
under the US Securities Act of 1933 (the "Securities Act") or an exemption from,
or in a transaction not subject to, registration. Subject to certain exceptions,
the securities referred to herein may not be offered or sold in Australia,
Canada or Japan or to, or for the account or benefit of, any national, resident
or citizen of Australia, Canada or Japan. The offer and sale of the securities
referred to herein has not been and will not be registered under the Securities
Act or under the applicable securities laws of Australia, Canada or Japan. The
new shares to be offered may not be offered or sold within the United States,
except to qualified institutional buyers ("QIB"), as defined in Rule 144A under
the U.S. Securities Act ("Rule 144A"), through affiliates of the Managers, in
reliance upon the exemption from the registration requirements provided by
section 4(2) of the U.S. Securities Act Rule 144A, and to certain non-U.S.
persons in offshore transactions in reliance on Regulation S under the U.S.
Securities Act. The shares to be offered will be subject to certain restrictions
on transfer.
This document is only addressed to and is only directed at persons in member
states of the European Economic Area (the "EEA") who are "qualified investors"
within the meaning of Article 2.1(e) of the Prospectus Directive (Directive
2003/71/EC). In addition, in the United Kingdom, these materials are directed
solely at persons who (i) have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) are persons
falling within Article 49(2)(a) to (d) of the Order and other persons to whom it
may lawfully be communicated (all such persons together being referred to as
"relevant persons"). These materials are addressed only to, and directed only
at, relevant persons and qualified investors and must not be acted on or relied
on (i) in the United Kingdom, by persons who are not relevant persons or (ii) in
any member state of the EEA other than the United Kingdom, by qualified
investors. Any investment or investment activity to which these materials relate
is available only to, and will be engaged in only with, in the United Kingdom,
relevant persons, and in any member state of the EEA other than the United
Kingdom,


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 2012 Ltd's management's examination of
historical operating trends. Although Frontline 2012 Ltd 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 2012 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, dry-docking 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.




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Frontline 2012 Ltd. via Thomson Reuters ONE
[HUG#1727419]

   

CORTENDO Raises 75 million NOK in Private Placement Strengthens Institutional Shareholder Base

Company news

2013-09-05 07:57:43

http://www.cortendo.com Cortendo raises NOK 75 million in private placement.pdf

Ocean Rig UDW Inc. (OCRG)

Company news

2013-09-04 22:05:25

http://www.ocean-rig.com September 4 2013 ORIG Present at Barclays CEO Energy-Power Conference.doc

EIGHT: Navig8 Product Tankers Inc is registered on the NOTC-list

Company news

2013-09-04 17:25:13

Navig8 Product Tankers Inc is registered on the NOTC-list as of 5 September 2013 with ticker code “EIGHT”. The company has issued 14 150 000 shares each with a par value US$ 0.01, all of which is registered in the VPS with ISIN code: MHY621421079 . Based on the last issue closed on 27 August 2013, the market capitalization is NOK 863 150 000 (US$ 10.00 equivalent to approx. NOK 61.00 per share). The company has entered into an agreement whereby it will be able to use the reporting system as from 5 September 2013.

Navig8 Product Tankers is a newly incorporated product tanker company with a series of LR2 product tankers under construction at Sungong, Korea, and Guangzhou, China. The Company also has a series of fixed priced options for similar LR2s for delivery in 2015 and 2016

   

Ny aksje: Navig8 Product Tankers Inc (EIGHT)

Corporate actions

2013-09-04 17:10:59

Navig8 Product Tankers Inc (ISIN:MHY621421079, ticker EIGHT) er lagt inn i handelsstøttesystemet

   

Halvårsresultat 2013 Torghatten ASA

Company news

2013-09-04 15:28:56

Torghatten ASA har offentliggjort halvårsregnskap for 2013. Se vedlagte rapport.

  Halvårsrapport Torghatten ASA - 2013.pdf

NADL - Dividend information North Atlantic Drilling Ltd.

Company news

2013-09-04 15:18:57

Hamilton, Bermuda, September 4, 2013 - Reference is made to the second quarter 2013 report released on August 28, 2013. North Atlantic Drilling Ltd. will be trading ex-dividend of a cash dividend of US$0.225 per share on September 5, 2013.

The record date is September 9, 2013, and the dividend will be paid on or about September 20, 2013.

http://www.nadlcorp.com  

FRNT - Frontline 2012 Ltd. contemplating Private Placement

Company news

2013-09-04 12:50:01

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE
SERVICES OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Frontline 2012 Ltd. ("Frontline 2012" or the "Company") is pleased to announce
that it is offering investors to subscribe in a private placement raising
minimum $200 million in gross proceeds to the Company (the "Private Placement").
Minimum application will be $ 1 million.


The private placement will be fully underwritten by Hemen Holding Ltd.

The proceeds will be used to finance the announced investment in Avance Gas, the
current newbuild program and further expansion. Frontline 2012 will within one
month following the completion of the private placement seek to dividend around
12.5% of the shares in Avance Gas to Frontline 2012's shareholders.

The application period will close on September 5, 2013 at 08:30 hours CET at the
latest.

DNB Markets, Fearnley Securities, Arctic Securities, Pareto Securities and
SpareBank 1 Markets act as joint lead managers and book-runners for the Private
Placement.


The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda,
September 4, 2013

***
Important Notice

The Private Placement and this announcement and other information in connection
with the Private Placement may be restricted by law in certain jurisdictions.
Frontline 2012 assumes no responsibility in the event there is a violation by
any person of such restrictions. Persons in whose possession this announcement
or such other information should come are required to inform themselves about
and to observe any such restrictions. This announcement is not for distribution,
directly or indirectly, in or into any jurisdiction in which it is unlawful to
make any such offer or solicitation to such person or where prior registration
or approval is required for that purpose.

This document is not an offer to sell, or the solicitation of an offer to buy or
subscribe for securities in the United States, Australia, Canada, Japan or in
any jurisdiction in which such offer, solicitation or sale is unlawful.
Securities may not be offered or sold in the United States absent registration
under the US Securities Act of 1933 (the "Securities Act") or an exemption from,
or in a transaction not subject to, registration. Subject to certain exceptions,
the securities referred to herein may not be offered or sold in Australia,
Canada or Japan or to, or for the account or benefit of, any national, resident
or citizen of Australia, Canada or Japan. The offer and sale of the securities
referred to herein has not been and will not be registered under the Securities
Act or under the applicable securities laws of Australia, Canada or Japan. The
new shares to be offered may not be offered or sold within the United States,
except to qualified institutional buyers ("QIB"), as defined in Rule 144A under
the U.S. Securities Act ("Rule 144A"), through affiliates of the Managers, in
reliance upon the exemption from the registration requirements provided by
section 4(2) of the U.S. Securities Act Rule 144A, and to certain non-U.S.
persons in offshore transactions in reliance on Regulation S under the U.S.
Securities Act. The shares to be offered will be subject to certain restrictions
on transfer.

This document is only addressed to and is only directed at persons in member
states of the European Economic Area (the "EEA") who are "qualified investors"
within the meaning of Article 2.1(e) of the Prospectus Directive (Directive
2003/71/EC). In addition, in the United Kingdom, these materials are directed
solely at persons who (i) have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) are persons
falling within Article 49(2)(a) to (d) of the Order and other persons to whom it
may lawfully be communicated (all such persons together being referred to as
"relevant persons"). These materials are addressed only to, and directed only
at, relevant persons and qualified investors and must not be acted on or relied
on (i) in the United Kingdom, by persons who are not relevant persons or (ii) in
any member state of the EEA other than the United Kingdom, by qualified
investors. Any investment or investment activity to which these materials relate
is available only to, and will be engaged in only with, in the United Kingdom,
relevant persons, and in any member state of the EEA other than the United
Kingdom, qualified investors.



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Frontline 2012 Ltd. via Thomson Reuters ONE
[HUG#1727219]

   

MARA - Subscription period in the share issue ends today

Company news

2013-09-04 11:13:14

  End of subscription period.pdf

ITCL - Second Quarter and Six Months 2013 Results

Company news

2013-09-04 10:00:01

Highlights


* Independent Tankers reports a net loss of $4.1 million, equivalent to a loss
per share of $0.06, for the second quarter of 2013.
* Independent Tankers reports a net loss of $5.9 million, equivalent to a loss
per share of $0.08, for the six months ended June 30, 2013.
* In July 2013, BP gave notice of termination of the bareboat charter for the
VLCC British Pride to take effect on July 30, 2014.

Introduction

Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts to major oil companies and has three
vessels operating in the spot market. Independent Tankers owns six VLCC's and
three Suezmax tankers. All vessels are financed through bonds in the US market.
The main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.

Second Quarter and Six Months 2013 Results

The Board of Independent Tankers announces a net loss of $4.1 million,
equivalent to a loss per share of $0.06, for the second quarter of 2013. This
compares with a net loss of $1.8 million, equivalent to a loss per share of
$0.02, for the preceding quarter. The increase in the loss is primarily
attributable to (i) a decrease in earnings from the Ulysses of $1.5 million
following the termination of the bareboat charter on March 15, 2013 and the
commencement of trading in the spot market, (ii) a net decrease in spot earnings
from the Pioneer and the Ulriken of $0.4 million, and (iii) the amortization of
the discount on the issuance of debt of $0.6 million. The average daily time
charter equivalent rate earned in the second quarter by the VLCCs trading in the
spot market was $12,500 compared with $13,600 in the preceding quarter. The
average daily bareboat rate earned in the second quarter by the Company's VLCCs
was $20,000 compared with $22,100 in the preceding quarter.

The Board of Independent Tankers announces a net loss of $5.9 million,
equivalent to a loss per share of $0.08, for the six months ended June
30, 2013. This compares with a net loss of $3.3 million, equivalent to a loss
per share of $0.04 for the six months ended June 30, 2012. The increase in the
loss is primarily attributable to a decrease in earnings from the Ulysses
following the termination of the bareboat charter on March 15, 2013 and the
commencement of trading in the spot market and the amortization of the discount
on the issuance of debt. These factors were partially offset by an improvement
in the spot earnings from the Pioneer and the Ulriken. The average daily time
charter equivalent rate earned in the six months ended June 30, 2013 by the
VLCCs trading in the spot market was $12,900 compared with $14,600 in the six
months ended June 30, 2012. The average daily bareboat rate earned in the six
months ended June 30, 2013 by the Company's VLCCs was $21,000 compared with
$22,100 in the six months ended June 30, 2012.

In August 2013, the average cash breakeven rate for the remaining part of 2013
is approximately $33,900 per day for the three spot trading VLCCs and $21,300
per day for the three vessels on bareboat charters.

Chartering Summary

In July 2013, BP Shipping Ltd. ("BP") did not exercise its right to terminate
the lease for the VLCC British Purpose on July 14, 2013 and so the charter will
continue until July 14, 2015, if not further extended. The vessel will trade on
a market rate with a minimum of $20,000 per day until July 14, 2014 at which
time the charter is converted from the Minimum Rate Period to the Variable Rate
Period in accordance with the terms of the charter agreement with BP.

In July 2013, BP gave twelve months irrevocable notice of termination of the
bareboat charter for the VLCC British Pride. The vessel will be redelivered to
the Company on July 30, 2014.


Other Matters

In April 2013, the Company sold $1.7 million of its Windsor Notes for proceeds
of $1.0 million and in May 2013, the Company sold $8.5 million for proceeds of
$5.2 million. In June 2013, the Company sold $6.0 million of its Windsor Notes
for proceeds of $3.7 million. The difference between the value of the bonds sold
and the sale proceeds is recorded as a discount on issuance of debt (reduction
of liabilities) in the balance sheet and is being amortized over the term of the
notes.

In June 2013, the Company paid principal of $10.0 million to Frontline and
Frontline agreed to extend the maturity date of the remaining loan of $14.1
million from June 2013 to June 2014.

74,825,166 ordinary shares were outstanding as of June 30, 2013, and the
weighted average number of shares outstanding for the first quarter was also
74,825,166.


The Market

The market rate for a VLCC trading on a standard 'TD3' voyage between the
Arabian Gulf and Japan in the second quarter of 2013 was WS 37, representing an
increase of WS 2 points from the first quarter of 2013 and a decrease of
approximately WS 18 points from the second quarter of 2012. The flat rate
increased by 9.1 percent from 2012 to 2013.

Bunkers at Fujairah averaged $614/mt in the second quarter of 2013 compared to
$633/mt in the first quarter of 2013. Bunker prices varied between a high of
$640/mt on April 2nd and a low of $597/mt on June 28th.

The International Energy Agency's ("IEA") August 2013 report stated an OPEC oil
production, including Iraq, of 30.8 million barrels per day (mb/d) in the second
quarter of 2013. This was an increase of 0.4 mb/d compared to the first quarter
of 2013.

The IEA estimates that world oil demand averaged 90.4 mb/d in the second quarter
of 2013, which is an increase of 0.5 mb/d compared to the previous quarter. IEA
estimates that world oil demand in 2013 will be 90.8 mb/d, representing an
increase of 1.0 percent or 0.9 mb/d from 2012.

The VLCC fleet totalled 639 vessels at the end of the second quarter of 2013, up
from 634 vessels at the end of the previous quarter. 10 VLCCs were delivered
during the quarter, five were removed. The order book counted 57 vessels at the
end of the second quarter, down 10 from the previous quarter. The current order
book represents nine percent of the VLCC fleet. According to Fearnleys, the
single hull fleet is 15 vessels, two less than last quarter.

Strategy and Outlook

The Company's strategy is mainly concentrated on chartering out vessels on long
term charters to reputable oil companies, for the time being BP and Chevron. The
Company's fixed rate charter coverage for its six double hull VLCCs is 53
percent in 2013 and 20 percent in 2014. The charter coverage for the three
double hull Suezmax tankers is 100 percent until 2015.

Following the termination of the bareboat charters for the VLCCs Ulriken,
Pioneer and Ulysses (ex. Phoenix Voyager) in 2010, 2011 and 2013 respectively,
these vessels are trading in the spot market and are exposed to earnings
fluctuations. From July 2014, the two remaining bareboat vessels British Pride
and British Purpose will also be exposed to the spot market fluctuations when
the bareboat charter for British Pride expires and the British Purpose is
converted from the Minimum Rate Period to the Variable Rate Period in accordance
with the terms of the charter agreement with BP.

The Company's assets are financed through the US bond market with maturities
from 2015 to 2021. The fixed minimum bareboat rates of $20,000 per day for three
of the Windsor Petroleum VLCCs supports the debt of these vessels until the
charters expire in 2014. However, with current earnings being around operating
expense levels for the spot trading vessels, the Company will have to draw on
the restricted cash reserves to operate these vessels. Continued operation in
the spot market at rates that do not support the debt of the vessels increases
the risk of the Company and will have a negative influence on the Company's
future earnings and credit profile if the low spot rates continue.

The broker valuations received for the vessels at June 30, 2013 indicate that
the market values of the Windsor vessels are lower than the net debt of the
vessels. The two VLCCs in the Golden State bond structure had combined estimated
market values slightly lower than the net debt of the vessels. Whether the
estimated market values can be achieved through actual transactions is highly
uncertain due to the lack of liquidity in the secondhand sale and purchase
market for VLCCs.


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 the Company's management's examination of historical
operating trends. Although the Company 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, the Company 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 Norwegian over-the-
counter market in Oslo.

The full report is available for download in the link enclosed.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
September 3, 2013


Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21



WEBSITE: WWW.ITCL.BM

2nd quarter 2013 results:
http://hugin.info/138953/R/1727159/576464.pdf



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Independent Tankers Corporation Limited via Thomson Reuters ONE
[HUG#1727159]

   

Pacific Drilling (PDSA) Receives Delivery of its Ultra-Deepwater Drillship the Pacific Khamsin

Company news

2013-09-04 00:11:13

http://www.pacificdrilling.com/Investor-Relations/News/News-Details/2013/Pacific-Drilling-Receives-Delivery-of-Its-Ultra-Deepwater-Drillship-the-Pacific-Khamsin/default.aspx  

Ocean Rig UDW Inc. (OCRG)

Company news

2013-09-03 18:57:37

http://www.ocean-rig.com September 3 2013 ORIG Financing, Fleet and Contract Developments.doc

FRNT - Frontline 2012 Ltd. Second Quarter and Six Months 2013 Results

Company news

2013-09-03 16:50:01

Highlights

* Frontline 2012 reports net income of $37.9 million and earnings per share of
$0.18 for the second quarter of 2013.
* Frontline 2012 reports net income of $33.1 million and earnings per share of
$0.16 for the six months ended June 30, 2013.
* Frontline 2012 received $94.0 million in April 2013 in connection with the
cancellation of its second newbuilding contract (J0026) at Jinhaiwan and
recorded a gain of $30.3 million.
* Frontline 2012 cancels the third and fourth of its five newbuilding
contracts at Jinhaiwan
* Frontline 2012 received $50.6 million in August 2013 in connection with the
cancellation of its third newbuilding contract (J0027) at Jinhaiwan and
expects to record a gain of approximately $27.0 million in the third
quarter.
* Frontline 2012 entered into a heads of agreement (HOA) with Stolt-Nielsen
Limited whereby Frontline 2012 will become a shareholder in Avance Gas
Holding Ltd (AGHL) along with Stolt-Nielsen Gas Ltd. and Sungas Holdings
Ltd.

Introduction

Frontline 2012 Ltd. (the "Company" or "Frontline 2012") is a commodity shipping
company incorporated in Bermuda on December 12, 2011, which as of today owns a
total of ten crude oil tankers and 61 newbuilding contracts within the crude
oil, product, liquefied petroleum gas and dry bulk markets.

The Company's sailing fleet is one of the youngest in the industry and currently
consists of six very large crude carriers, or VLCCs, and four Suezmax tankers,
with an average age of 3.5 years operating in the spot and the period markets.

The largest shareholder is Hemen Holding Ltd. ("Hemen") with a shareholding of
approximately 51 percent.


Second Quarter and Six Months 2013 Results

Frontline 2012 announces net income of $37.9 million and earnings per share of
$0.18 for the second quarter of 2013 compared with a net loss of $4.8 million
and a net loss per share of $0.02 in the preceding quarter. Frontline 2012
recorded a gain of $30.3 million in the second quarter following the receipt of
$94.0 million in April 2013 in connection with the cancellation of its second
newbuilding contract at Jinhaiwan. The Company also recognized a gain of $8.5
million in the second quarter on the mark-to-market revaluation of interest rate
swap agreements.

The average daily time charter equivalents ("TCEs") earned in the spot and
period market in the second quarter by the Company's VLCCs and Suezmax tankers
were $21,500 and $13,800, respectively, compared with $19,600 and $11,800,
respectively, in the preceding quarter. The spot earnings for the Company's VLCC
and Suezmax tankers were $17,900 and $13,800, respectively, compared with
$14,900 and $11,800, respectively, in the preceding quarter.

Frontline 2012 announces net income of $33.1 million and earnings per share of
$0.16 for the six months ended June 30, 2013 compared with net income of $8.4
million and net income per share of $0.08 in the six months ended June
30, 2012. Frontline 2012 recorded a gain of $30.3 million in the six months
ended June 30, 2013 following the receipt of $94.0 million in April in
connection with the cancellation of its second newbuilding contract at
Jinhaiwan. The Company also recognized a gain of $7.7 million in the six months
ended June 30, 2013 on the mark-to-market revaluation of certain swap
agreements.

The average daily time charter equivalents ("TCEs") earned in the spot and
period market in the six months ended June 30, 2013 by the Company's VLCCs and
Suezmax tankers were $20,600 and $12,800, respectively, compared with $30,300
and $19,400, respectively, in the six months ended June 30, 2012. The spot
earnings for the Company's VLCC and Suezmax tankers were $16,400 and $12,800,
respectively, compared with $31,400 and $19,400, respectively, in the six months
ended June 30, 2012.

The Company estimates average cash breakeven TCE rates for the remainder of
2013 for its VLCCs and Suezmax tankers of approximately $14,600 and $13,500,
respectively.


Newbuilding Program

In April 2013, the Company received $94.0 million in refund in connection with
the cancellation of its second newbuilding contract (J0026) at Jinhaiwan.

In April 2013, the Company cancelled the third of its five VLCC newbuilding
contracts (hull J0027) at Jinhaiwan due to the excessive delay compared to the
contractual delivery date and demanded payment from Jinhaiwan and the refund
guarantee bank in respect of installments paid and accrued interest. This amount
includes installments paid by Frontline Ltd. prior to the acquisition by the
Company in December 2011, at which time the newbuilding contracts were valued at
estimated fair value. The yard initiated arbitration proceedings on this matter.
In July 2013, the arbitrator found in favor of the Company and declared that the
yard should repay the installments paid together with interest. In August 2013,
the Company received $50.6 million in connection with the cancellation of J0027
at Jinhaiwan and expects to record a gain of approximately $27.0 million in the
third quarter.

In August 2013, the Company cancelled the fourth of its five VLCC newbuilding
contracts (hull J0028) at Jinhaiwan due to the excessive delay compared to the
contractual delivery date and demanded payment from Jinhaiwan in respect of
installments paid and accrued interest. This amount includes installments paid
by Frontline Ltd. prior to the acquisition by the Company in December 2011, at
which time the newbuilding contracts were valued at estimated fair value.

The Company has cancelled four of the five newbuilding contracts at Jinhaiwan
ship yard and has received a total refund of $144.6 million, where $44.9 million
has been used to repay debt and $ 99.7 million is cash to the Company. Total
 claims, where refund is not received is $146.9 million, where $44.9 million is
allocated to repay debt and $102.0 million is cash to the Company.
As of June 30, 2013, the Company's newbuilding program totaled 60 vessels and
comprised 22 newbuildings within the crude oil and petroleum product markets,
28 Capesize vessels, eight very large gas carriers or VLGCs and two VLCCs. Total
installments of $381.3 million have been paid and the remaining installments to
be paid amount to $2,478.5 million.
Since June 30, 2013 the Company has negotiated and concluded two newbuilding
contracts and cancelled one VLCC (i.e. J0028). The Company's newbuilding program
currently comprises 61 newbuildings. The total capital commitment is
approximately $2,854 million of which approximately $2.5 billion is still to be
paid.

The first MR tanker Front Arrow is expected to be delivered in the third quarter
of 2013. This vessel has been fixed on a short term time charter for 60-90 days
at just excess of USD 20,000 net per day basis delivery ex shipyard and the
company aim to employ the balance on the vessels on similar charters. There will
be approximately two months delay in delivery of the vessels from the original
delivery schedule.

Frontline 2012 has eight newbuilding contracts with STX (Dalian) Shipbuilding
Co., Ltd. and further six newbuildings with STX Offshore & Shipbuilding (Korea).
STX Korea has subsequently subcontracted these vessels to STX Dalian. STX Dalian
has encountered financial difficulties, and the progress in the construction is
slow. The Company is following the situation closely and will make every effort
to ensure that STX deliver the new buildings, which they are contractually
committed to. There are however a risk that these newbuildings not will be
delivered according to the contracts and that Frontline 2012 will need to take
legal measures to be compensated for any loss caused by non or late delivery.


Corporate

In July 2013, a subsidiary of the Company entered into a $136.5 million term
loan facility non recourse to the Company at attractive terms. The facility will
be used to partially fund six MR newbuilding vessels to be delivered from STX
Offshore & Shipbuilding Co., Ltd., Korea.

215,000,000 ordinary shares were outstanding as of June 30, 2013, and the
weighted average number of shares outstanding for the quarter was 215,000,000.

In August 2013, Frontline 2012 entered into a heads of agreement ("HOA") with
Stolt-Nielsen Limited whereby Frontline 2012 will become a shareholder in Avance
Gas Holding Ltd ("AGHL") along with Stolt-Nielsen Gas Ltd. and Sungas Holdings
Ltd.

As part of the HOA, Frontline 2012 and AGHL will enter into discussions
regarding the purchase of eight 83,000 cbm VLGC newbuildings from Frontline
2012. The ships have been ordered by Frontline 2012 from the Jiangnan Changxing
Shipyard in China, with deliveries expected to take place between mid 2014 and
end 2015.

Frontline 2012 will initially purchase 37.5% of the shares in AGHL and
subsequently dividend shares to Frontline 2012's shareholders. Frontline 2012
will following this directly own 25% of AGHL.

It is the partners' decision to immediately register AGHL on the OTC market in
Norway.


The Market

Crude

The market rate for a VLCC trading on a standard "TD3" voyage between the
Arabian Gulf and Japan in the second quarter of 2013 was WS 37, representing an
increase of WS 2 points from the first quarter of 2013 and a decrease of
approximately WS 18 points from the second quarter of 2012. The flat rate
increased by 9.1 percent from 2012 to 2013.

The market rate for a Suezmax trading on a standard "TD5" voyage between West
Africa and Philadelphia in the second quarter of 2013 was WS 54, representing a
decrease of WS 3.5 points from the first quarter of 2013 and a decrease of WS
18 points from the second quarter of 2012. The flat rate increased by 9.3
percent from 2012 to 2013.

Bunkers at Fujairah averaged $614/mt in the second quarter of 2013 compared to
$633/mt in the first quarter of 2013. Bunker prices varied between a high of
$640/mt on April 2nd and a low of $597/mt on June 28th.

The International Energy Agency's ("IEA") August 2013 report stated an OPEC oil
production, including Iraq, of 30.8 million barrels per day (mb/d) in the second
quarter of 2013. This was an increase of 0.4 mb/d compared to the first quarter
of 2013.

The IEA estimates that world oil demand averaged 90.4 mb/d in the second quarter
of 2013, which is an increase of 0.5 mb/d compared to the previous quarter. IEA
estimates that world oil demand in 2013 will be 90.8 mb/d, representing an
increase of 1.0 percent or 0.9 mb/d from 2012.

The VLCC fleet totaled 639 vessels at the end of the second quarter of 2013, up
from 634 vessels at the end of the previous quarter. 10 VLCCs were delivered
during the quarter, five were removed. The order book counted 57 vessels at the
end of the second quarter, down 10 from the previous quarter. The current order
book represents nine percent of the VLCC fleet. According to Fearnleys, the
single hull fleet is 15 vessels, two less than last quarter.

The Suezmax fleet totaled 448 vessels at the end of the second quarter, up from
442 vessels at the end of the previous quarter. Six vessels were delivered
during the second quarter whilst none were removed. The order book counted 39
vessels at the end of the second quarter which represents approximately eight
percent of the Suezmax fleet. According to Fearnley's, the single hull fleet
stands unchanged at five vessels.
Product

The market rate for an MR trading on Standard "TC2" voyage between Rotterdam and
New York in the second quarter of 2013 was WS 137, representing a decrease of
WS23 from the first quarter of 2013 and an increase of WS5 from the second
quarter of 2012. The flat rate increased by 9% from 2012 to 2013.

Bunkers in Rotterdam averaged $585/mt in the second quarter of 2013 compared to
$618/mt in the first quarter of 2013. Bunker prices varied between a high of
$615/mt on April 2nd and a low of $578/mt on June 28th.

The MR fleet totaled 1,491 vessels at the end of the second quarter of 2013,
down from 1,493 vessels at the end of the previous quarter. The order book
counted 143 vessels at the end of the first quarter, which represents
approximately ten percent of the MR fleet.

The LR2 fleet totaled 212 vessels at the end of the first quarter of 2013,
unchanged from the previous quarter. The order book counted 11 vessels at the
end of the first quarter, which represents approximately 5.2 percent of the LR2
fleet.

LPG

According to Fearnley's the monthly average VLGC time charter hire was $990,000
in the second quarter of 2013 compared to $375,000 in the first quarter.
The VLGC fleet (60,000+ Cbm) totaled 153 vessels at the end of the second
quarter of 2013, an increase of five vessels from the previous quarter. The
order book counted 23 vessels at the end of the second quarter, unchanged from
the previous quarter, representing 15 percent of the VLGC fleet according to
Platou.
Drybulk

According to the Baltic Exchange the average Capesize spot earnings in the
second quarter of 2013 was $6,214/day compared to $6,056/day in the first
quarter.

According to Chinese official data iron ore imports to China increased from 186
million tons in the first quarter to 200 million tons in the second quarter of
2013. The coal imports increased from 65 million tons to 69 million tons in the
same period.

According to Fearnley's the Capesize fleet (150-200'dwt) totaled 1,034 vessels
at the end of the second quarter of 2013, an increase of six vessels from the
previous quarter. The revised order book counted 71 vessels at the end of the
second quarter, compared with 100 vessels the previous quarter, representing
6.9 percent of the Capesize fleet.


Strategy and Outlook

Frontline 2012 operates a fleet consisting of six VLCCs and four Suezmax tankers
and owns 61 newbuilding contracts. Due to this fleet composition, the Company
has limited exposure to the current weak freight market. The major part of the
fleet will be delivered in 2014 and 2015, when it is expected that freight
market will have strengthened somewhat and thereby creating better operating
economics.

The value of the Company's newbuilding program increased in the second quarter
of 2013 and the positive development has continued in the third quarter. This is
in line with the Company's expectation that newbuilding prices are likely to
firm up before the freight market. The Board believes there is currently
additional value in the newbuildings compared to contract price.

The Board is confident that the historically low contracting cost and the
significant fuel efficiency of the new tonnage materially reduces the risk of
the Company's extensive ordering and will position Frontline 2012 favorably to
industry competitors and offer shareholders an attractive future reward. In view
of the perceived limited downside risk in asset prices, the Board will seek to
optimize the Company's debt to equity level with the target to increase the
equity return going forward.

The acquisition of shares in AGHL enables Frontline 2012 to expand its
investment in the LPG segment where the Company today has eight 83,000 cbm VLGC
newbuildings expected to be delivered between mid 2014 and end 2015. The Company
will get immediate market exposure to what today is a healthy freight market.
With AGHL's six existing modern VLGCs, a solid operation, and strong owners AGHL
is well positioned to grow and act as a major consolidator in the large LPG
market.

There are also signs of positive development in the cape size segment where the
Company has 30 newbuildings, including eight vessels from STX Dalian, to be
delivered in 2014 and 2015. This trend is mainly driven by increased supply of
cheap iron ore from Brazil and Australia giving a positive ton mile effect.

As the Company develops and the ships come into operation, the Board targets a
dividend strategy. The Board is also exploring alternatives to streamline the
activities by breaking the company up in several new companies. This can include
a dry bulk company, an LPG company and a crude/product company. One of the
current ideas is to establish a low levered, high yielding dry bulk vehicle. The
low ordering prices create a unique opportunity for such a vehicle. The Company
will actively seek consolidation, as represented by the AGHL transaction.

The Company will selectively consider further ordering with a strong focus on
early delivery time.

The Board is currently considering to raise another US$ 200 - 250 mill to partly
finance the AGHL acquisition and secure capital for growth. Priority will in
such case be given to existing shareholders. A final decision regarding this
will be taken shortly.

The Board is pleased with the execution of the Company's strategic plan, and
looks optimistically on the opportunity to create solid return to our
shareholders over the next three to five years.


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 Ltd's management's examination of historical
operating trends. Although Frontline Ltd 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 2012 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, dry-docking 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.

The full report is available for download in the link enclosed.

The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda
September 3, 2013


Questions should be directed to:

Jens Martin Jensen: 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

2nd Quarter 2013 Results:
http://hugin.info/150498/R/1726951/576389.pdf



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Frontline 2012 Ltd. via Thomson Reuters ONE
[HUG#1726951]

   

A.L.Industrier AS

Company news

2013-09-03 16:25:47

Styret har i dag behandlet vedlagte halvårsrapport.

  Halvårsrapport 2013 - A.L. Industrier AS.pdf

A.L.Industrier AS

Company news

2013-09-03 16:21:00

Styret har besluttet å innkalle til ekstraordinær generalforsamling tirsdag den 24.september for behandling av forslag om utdeling av utbytte med kr 25.00 per aksje.

   

Altona Mining Limited (ALTM)

Company news

2013-09-03 02:55:25

Latest corporate presentation. Please click on the link for more details.

http://www.altonamining.com Corporate Presentation - Sept13 ASX.pdf

Greenship Bulk Trust (Ticker: GREE) - Additional Allotment and Transfer of Units

Company news

2013-09-02 16:34:53

Greenship Bulk Trust (the "Trust") would like to announce that it has on 02 September 2013 completed (i) a private placement whereby net proceeds of approximately US$8,400,000 was raised through the issuance of 7,383,966 additional units in the Trust to Nordea Bank Norge ASA (as registrar for units registered in the Norwegian Central Securities Depository (Verdipapirsentralen ASA), "Nordea"), for the consideration per unit of US$1.1376 (the "Unit Allotment"); and (ii) a secondary sale of 14,404,074 existing units (unregistered on the NOTC-list) to Nordea by Greenship Holdings Manager Pte. Ltd. (as trustee-manager of Greenship Holdings Trust, "Greenship Holdings Manager") for the consideration per unit of US$1.1376 (the "Unit Transfer"). The subscription price per unit for the Unit Allotment and the sale price for the Unit Transfer are grossed up from US$1.1376 to US$1.1455 on a per unit basis to include the total due diligence and other transaction costs incurred.

In connection with the above, the 7,383,966 additional units issued, and the 14,404,074 existing units transferred, have been registered through Nordea as the registrar on the NOTC-list of the Norwegian OTC (over-the-counter) market on 02 September 2013.

Following the completion of the Unit Allotment and the Unit Transfer, the total number of issued units in the Trust as at the date of this announcement has been raised from 168,200,623 units to an aggregate of 175,584,589 units, comprising 75,409,700 units registered on the NOTC-list held under Nordea (as the registrar for the registered units) and 100,174,889 unregistered units owned by Greenship Holdings Manager (as trustee-manager of Greenship Holdings Trust).


BY ORDER OF THE BOARD
Mr Philippe Rene Georges Rochet
Chief Executive Officer
Greenship Bulk Manager Pte. Ltd.
(as Trustee-Manager of Greenship Bulk Trust)

02 September 2013

http://www.jaccar.net  

Arkiv