Skip to main content Q2 2014 Results – Frontline Energy Inc. Investor Presentation | Shale Experts
Loading...
Pm

Q2 2014 Results – Frontline Energy Inc.

Frontline Energy Inc. · Aug 28, 2014 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2014 Results – Frontline Energy Inc. – slide 1
    Q2 2014 Results August 28, 12014
  2. Q2 2014 Results – Frontline Energy Inc. – slide 2
    Agenda Second Quarter 2014 Highlights and Transactions Financial Review Newbuildings Market Update Outlook Q & A 3
  3. Q2 2014 Results – Frontline Energy Inc. – slide 3
    Second Quarter 2014 Highlights and Transactions The Suezmax Front Ull built at Rongsheng was delivered on May 19, 2014. The second vessel has estimated delivery in Q4 2014. The Company issued 2,865,511 new ordinary shares in the…
  4. Q2 2014 Results – Frontline Energy Inc. – slide 4
    Second Quarter 2014 Financial Highlights 25 Q2 - 2014 results -25 -12,1 -13,0 -18,8 Net loss : 78.2m, equivalent to loss per share of -36,4 0.81 -75 -78,2 Impairment loss of 56.2m -125 -120,3 Net loss (ex impairment loss):…
  5. Q2 2014 Results – Frontline Energy Inc. – slide 5
    Financial Review Income Statement 2013 2014 CONDENSED CONSOLIDATED INCOME STATEMENTS 2014 2013 2013 Apr-Jun Apr-Jun (in thousands of ) Jan-Jun Jan-Jun Jan-Dec 121,222 118,972 Total operating revenues 288,970 247,125 517,190 521 -…
  6. Q2 2014 Results – Frontline Energy Inc. – slide 6
    Financial Review Income on time charter basis 2014 2013 /day YTD Q2 Q1 FY Q4 Q3 Q2 Q1 VLCC Spot DH 22 600 12 500 32 500 15 400 21 600 13 900 11 200 14 600 VLCC whole fleet 23 400 13 900 32 700 17 400 22 400 16 100 14 100 17 000…
  7. Q2 2014 Results – Frontline Energy Inc. – slide 7
    Financial Review Ship operating expenses/Off-hire Number of vessels drydocked Total fleet opex (/day) 9 13 000 12 500 8 8 12 000 7 11 000 10 400 6 10 000 9 900 5 10 000 4 9 000 8 900 9 000 4 9 000 3 8 000 2 2 1* 1 1 7 000…
  8. Q2 2014 Results – Frontline Energy Inc. – slide 8
    Financial Review Balance Sheet Balance sheet (in million) 2014 2014 2013 Jun 30 Mar 31 Dec 31 Cash 62 111 54 Restricted cash 37 75 68 Other Current assets 141 145 138 Long term assets: Vessels 884 906 970 Newbuildings 15 30…
  9. Q2 2014 Results – Frontline Energy Inc. – slide 9
    Financial Review Cash Cost Breakeven Estimated Cash cost breakeven rates for the remainder of 2014 (/day) VLCC 24,000 Suezmax 17,800 Comments to B/E rates: Included in cash B/E rates are: BB hire, opex , interest and…
  10. Q2 2014 Results – Frontline Energy Inc. – slide 10
    Newbuilding Newbuilding Overview Total newbuilding program as of June 30, 2014: One Suezmax tanker expected delivered Q4 2014 Remaining installments to be paid approx. 41.5m 11
  11. Q2 2014 Results – Frontline Energy Inc. – slide 11
    Corporate Overview Frontline Fleet Incl. vessels on commercial management & ITCL, excl. newbuildings Suezmax DH 17 VLCC DH 29 Total: 46 As per 28 August 2014 DH: Double Hull 12
  12. Q2 2014 Results – Frontline Energy Inc. – slide 12
    Market Update Earnings & Market Factors Q2 Average Market earnings / Marex VLCC (TD3) : 12,000/day (Q1-14: 27,500/day) Suezmax (TD5) : 15,500/day (Q1-14: 27,500/day) The Market: According to IEA global oil demand increased by 0.2…
  13. Q2 2014 Results – Frontline Energy Inc. – slide 13
    Market Update VLCC Fleet Fleet Delivery Schedule Current Fleet 629 Orderbook 92 DH Fleet 628 Delivered 2014 12 SH (DS, DB, SS) Fleet 1 Estimated deliveries 2014 20 Current fleet & Orderbook 14 Source: Fearnleys August 2014
  14. Q2 2014 Results – Frontline Energy Inc. – slide 14
    Market Update Suezmax Fleet Fleet Delivery Schedule Current Fleet 448 Orderbook 55 DH Fleet 445 Delivered 2014 3 SH (DS, DB, SS) Fleet 3 Estimated deliveries 2014 8 Current fleet & Orderbook 15 Source: Fearnleys August 2014
  15. Q2 2014 Results – Frontline Energy Inc. – slide 15
    Market Update Values and Rates NEWBUILDING TC MARKET 16 Source: Clarksons
  16. Q2 2014 Results – Frontline Energy Inc. – slide 16
    Market Update Outlook General Frontline Higher volatility signaling a more balanced Despite the improved tanker market so far in the third supply/demand scenario than recent years quarter, the Company is in a challenging situation…
  17. Q2 2014 Results – Frontline Energy Inc. – slide 17
    Q uestions 18

From the store

Browse maps, data & reports in the Shale Experts store