Posted by Market Wrap Daily | Posted in: Earnings, Oil
Frontline Ltd.’s (NYSE: FRO) shares plunge in early trading Tuesday
Shares of Frontline Ltd. (NYSE: FRO) are trading lower by more than 40% in early trading Tuesday after the oil tanker gave a negative outlook. FRO also said it would likely need additional financing in the first half of next year.
Frontline Ltd. is a Bermuda based shipping company engaged in the ownership and operation of oil tankers and oil/bulk/ore and carriers. The company operates oil tankers of two sizes: VLCCs, which are between 200,000 and 320,000 dwt, and Suezmaxes, which are vessels between 120,000 and 170,000 dwt. It is also involves charter, purchase and sale of vessels. Frontline was founded in 1985 and is headquartered in Hamilton, Bermuda.
Tags: Frontline, oil, oil tankers, vessels