| Frontline 2012 - En mulig vinner
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hgsd300
07:23 13.02.2014
#67
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Har kjøpt meg noen aksjer i FRNT, ser på denne som en mulig vinner. Med en mest sansynlig sammenslåing av FRO og FRNT vil dette bli etter stort og solid selskap, noe som vil skje etter noteringen på NYSE. En mulig kortsiktig nedgang, pga. gjeld, så en inngang på rundt 48 ser jeg på som ok, oppsiden er nok større enn risikoen. |
Mort1
16:52 18.02.2014
#8630
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For den langsiktige kan dette bli en enormt god investering.. Blir spennende.. |
hgsd300
15:50 19.02.2014
#74
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Frontline 2012 (Shipping, Norway)
Recommendation: Buy
Price target: NOK 66.00
________________________________________NAV premium at all-time low of 9%
________________________________________
We have made positive estimate revisions due to higher crude tanker rates, while its NAV premium is at an all-time low of 9% (NAV up 16% from end-November). Splitting the company could improve visibility on values and the tanker fleet could be merged into the old Frontline. Frontline 2012 shareholders would then have stocks in Avance Gas and the merged Frontline.
Positive estimate revisions on crude tanker rates, but below Q4 consensus. We have raised our 2014e EBITDA by 11% and net EPS by 34% but kept our 2013e and 2015e estimates unchanged. Adj. for the USD56m estimated gain on the sale of VLGCs to Avance Gas we forecast Q4 EBITDA of USD11m, below adj. consensus of USD14m.
NAV premium at all-time low of 9% as shipping markets continue to recover. Our updated NAV of NOK43 is up 16% from NOK37 since the end of November and the stock is trading at an all-time low NAV premium of 9%. Our higher NAV was driven by higher asset values across all segments. Resale prices are up 15% on VLCCs since end of November, 18% for Suezmaxes, 9% for Capesizes and 3% for MR.
Splitting up the company could boost visibility on values. Avance Gas' share price has risen 73% since the OTC listing, adding USD57m (NOK1.4/share) to our NAV. We believe splitting up Frontline 2012 would increase the visibility of its value and that the share price does not reflect the dry bulk market's strength over the past few months.
We believe Frontline 2012's tanker fleet should be merged into the old Frontline, through an OTC listing of Frontline 2012's 10 crude and 24 product tanker assets into a new company to achieve a NAV premium pricing followed by a stock for stock merger with Frontline. Frontline has sufficient cash to repay bond debts and meet lease obligations with Ship Finance. The merged Frontline would need to raise equity to meet product tanker newbuild obligations and at the same time use the opportunity to lower the Ship Finance cash breakeven rate through an upfront payment to Ship Finance. The merged Frontline would then offer asset value exposure and a high operational leverage through its leased fleet. We believe bulk exposure would most likely be listed in the US through FRNT. FRNT shareholders would then have stocks in Avance Gas and the merged Frontline.
BUY and NOK66 target price reiterated, based on a 1.3x premium to our 1-year forward NAV of NOK51/share. Our current NAV of NOK43/share is up from NOK3 |
hgsd300
08:53 25.02.2014
#79
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OLJE:IRANS EKSPORT TIL KINA OG INDIA ØKER BETYDELIG -WP
Oslo (TDN Finans): Iran har i betydelig grad økt sin oljeeksport til Kina og India de seneste månedene.
Det skriver Washington Post tirsdag.
Ifølge avisen kan dette sees som et tidlig tegn til at oljesanksjonene er betydelig redusert siden november, da Iran inngikk en midlertidig avtale om å fryse sitt atomprogram.
Kinas gjennomsnittlige månedlige import av iransk olje de seneste tre månedene var 29 prosent høyere enn månedsgjennomsnittet for de foregående seks månedene, opplyser det Washington-baserte energirådgivningsfirmaet Foreign Reports.
Firmaet fremholder at India økte oljeimporten fra Iran med 53 prosent, basert på samme metodikk.
-Disse tallene burde innebære et rødt flagg i administrasjonen. Hva skal USA gjøre i slutten av mai, hvis Iran har slått et så stort hull i kjernesanksjonene for olje? Hesten ville være ute av stallen, sier Nat Kern, som er sjef for Foreign Reports.
I henhold til den midlertidige avtalen mellom Iran og stormaktene, tillates Irans oljekunder i teorien å kjøpe samme mengde iransk olje som de hadde kjøpt i foregående seksmånedersperiode.
Amerikanske embetsmenn har til nå ikke virket bekymret over noen iransk oppgang.
Under en briefing i Wien 17. februar, ble en ledende embetsmann stilt spørsmål om rapporter om økende iransk oljeeksport. Vedkommende svarte at det er «alltid svingninger» i tallene og at «vi er ganske fornøyde med hvor vi er», skriver Washington Post.
HF, finans@tdn.no
TDN Finans, +47 22 00 11 55
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hgsd300
09:21 27.02.2014
#80
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Strategy and Outlook
Frontline 2012 was established in 2011 as the Seatankers Group's main investment
vehicle in the shipping industry. As of February 26, 2014 the Company operates a
fleet consisting of six VLCCs, four Suezmax tankers and five MR tankers and owns
63 fuel efficient newbuilding contracts, the majority of which will be delivered
in 2014 and 2015.
Most shipping markets are in the early stage of a cyclical revival, as fleet
growth is expected to fall below recent levels for the next several years, while
a stronger global economy revives growth in tonnage demand.
The Company's strategic plan has from the very start been to build up a
portfolio of fuel efficient newbuilding contracts with historically low
contracting cost in different shipping segments and at a later stage streamline
the activities by creating pure plays in different shipping segments through
consolidation, divestments and spin offs.
The Board initiated the process of streamlining the Company by investing in AGHL
and selling its eight VLGC newbuildings to AGHL in November 2013. Following the
acquisition, AGHL became the third largest, pure play VLGC owner and operator
with six operating vessels and eight newbuildings with attractive delivery
dates. The aim is to complete an initial public offering of AGHL's shares in the
U.S. or Norway. Frontline 2012's intention is to make further distributions of
AGHL shares.
Frontline 2012 targets a New York listing of its Cape size business within the
second or third quarter of 2014 and has started this process. The strategy is to
launch a "cape-yield" company, with relatively low leverage.
The recent increase in crude tanker rates, which began in the second half of
last year, is a sign of an improved balance in the crude tanker market and the
Company expects that the supply/demand balance will improve further. This
creates opportunities in the crude segment also. However this is a fine balance
which can easily be changed by increased fleet supply caused by increased
ballast speed, decrease in vessel scrapping and aggressive newbuilding ordering.
The recent positive development in the tanker market and the increase in trading
days for MR tankers is likely to give improved operating results in the first
quarter.
Endret 27.02.2014 09:24 av hgsd300 |
hgsd300
14:58 10.03.2014
#99
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FRNT - Frontline 2012 Ltd.: Knightsbridge Tankers Limited agrees to purchase six Capesize bulk carriers
Frontline 2012 Ltd. ("Frontline 2012") and Knightsbridge Tankers Limited
(Nasdaq: VLCCF) ("Knightsbridge") today announced that they and Karpasia
Shipping Inc (Karpasia), a company controlled by a trust established by John
Fredriksen for the benefit of his immediate family have agreed for Knightsbridge
to acquire five fuel efficient 180,000 DWT Capesize bulk carrier newbuildings
from Frontline 2012 and one Capesize bulk carrier built in 2013 from Karpasia.
The newbuildings were ordered by Frontline 2012 from Shanghai Waigaoqiao
Shipbuilding Company Limited in China and have expected deliveries of between
May 2014 and September 2014.
Knightsbridge has agreed to pay $61 million for each of the five Capesize
newbuildings and $55 million for the Capesize built in 2013. Of the total
consideration of $360 million, $186 million will be paid in shares of
Knightsbridge at $10 per share, $150 million in absorption of remaining
newbuilding capex and $24 million in cash. Accordingly, Knightsbridge has agreed
to issue 15.5 million shares to Frontline 2012 and 3.1 million shares to
Karpasia, or another company controlled by trusts established by John Fredriksen
for the benefit of his immediate family, on closing of the transaction.
Knightsbridge will seek to raise around $30 million in bank debt per vessel.
The transaction is subject to execution of definitive documentation and normal
closing conditions.
Following the issuance of the shares, Knightsbridge will have 49.1 million
shares outstanding.
Knightsbridge expects to have ten Capesizes on the water by the end of September
2014 and in addition four newbuildings delivering in 2015.
Knightsbridge's strategic plan is to grow its Capesize fleet and its cash flow
per share as the drybulk market recovers. The Knightsbridge Board of Directors
will consider acquiring further Capesize vessels from the market as well as from
Frontline 2012. Frontline 2012 has further 25 shipbuilding contracts for fuel
efficient Capesizes with deliveries expected to take place between Q3 2014 and
Q3 2016, distributed with five vessels in 2014, 14 vessels in 2015 and six
vessels in 2016.
Commenting on the transaction, Ola Lorentzon, Chief Executive Officer of
Knightsbridge, stated: "The purchase by Knightsbridge of the six Capesize
vessels will help us in developing the leading New York listed Capesize owner.
We believe that acquiring these vessels will greatly benefit our shareholders
through additional scale and reduced fleet age and we believe it will increase
our opportunity to benefit from a dry bulk market recovery. We will seek to have
a moderate debt level per vessel and favorable amortization profile, with the
ambition to create a structure that allows for high distribution capacity.
Needless to say, it is a major step for the Company."
The Chairman of Frontline 2012, John Fredriksen, said: "We are very pleased to
be able to enter into a transaction with Knightsbridge, which is in line with
our strategic plan of creating pure plays in different shipping segments through
consolidation, divestments and spin offs."
The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda
March 10, 2014
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
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hgsd300
17:31 10.03.2014
#100
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http://www.dn.no/forsiden/borsMarked/article2779535.ece |
Profitt
18:36 23.04.2014
#14494
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23/04-2014 15:20:01: (FRNT.OTC) Frontline 2012 Ltd. - Closing of transaction
Frontline 2012 Ltd is pleased to inform that the previously announced
transaction with Knightsbridge Tankers Limited has closed. Frontline 2012 Ltd.
has received 15.5 Million shares in Knightsbridge Tankers Limited in exchange
for five 180,000 DWT Capesize bulk carrier newbuildings.
The Board of Directors
Frontline 2012 Ltd.
Hamilton, Bermuda
April 23, 2014
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
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 management's examination of historical operating trends.
Although the Board 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.
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