Frontline reports a USD 51.6 million net income for Q4, against USD 107.8 million in the third quarter last year. One reason is the sinking value of the company¡¯s shareholding in Overseas Shipholding Group.
The spot market also weakened, and the average daily time charter equivalents (¡±TCEs¡±) in the fourth quarter by the Company¡¯s VLCCs, Suezmax tankers and Suezmax OBO carriers were USD 54,100, USD 41,900 and USD 42,800, respectively, compared with USD 74,700, USD 62,700 and USD 44,100, respectively, in the third quarter.
The net income for the full year 2008 reached USD 698.8 million. Frontline has decided on a 25 cent dividend per share for the fourth quarter.
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