From Bermuda's Royal Gazette, May 31:
Billionaire shipping magnate John Fredriksen has stepped down as chairman and president of Bermudian-headquartered Frontline Ltd, one of the world’s largest oil tanker shipping companies.
Ola Lorentzon has been appointed chairman of Frontline, succeeding Mr Fredriksen.
Both Mr Fredriksen and Mr Lorentzon were re-elected as directors at the firm’s annual general meeting last week, before the changes were announced.
The change comes only eight months after the company’s chief executive officer Robert Hvide Macleod stepped down.
At the AGM, James O’Shaughnessy and Tor Svelland were also re-elected to the board. The board resolved to set the maximum number of directors at eight, and that vacancies in the number of directors be designated as casual vacancies and that the board be authorised to fill such vacancies as and when it deems fit.
The board approved the remuneration of the directors of a total amount of fees not to exceed $600,000 for the year ended December 31, 2021.
Frontline reported net income of $28.9 million, or 15 cents per diluted share for the first quarter. Adjusted net income was $8.8 million, or four cents per share. Total operating revenues for the quarter were $194 million.
The company reported spot time charter equivalent rates for very large crude carriers, Suezmax and LR2 tankers in the first quarter of $19,000, $15,200 and $12,000 per day, respectively.
For the second quarter, Frontline estimates spot TCE on a load-to-discharge basis of $18,100 contracted for 70 per cent of vessel days for VLCCs, $13,600 contracted for 63 per cent of vessel days for Suezmax tankers and $14,200 contracted for 59 per cent of vessel days for LR2 tankers.
The company said it expects the spot TCEs for the full second quarter to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the second quarter as well as current freight rates...
....MUCH MORE
End of an era.
