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首页> 外文期刊>Fairplay International Shipping Weekly >Frontline climbs back to profitability
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Frontline climbs back to profitability

机译：前线恢复盈利

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Tumbling interest rates clearly helped Frontline's Suezmax fleet keep its head above water in the recent tanker trough, but the largely KG-financed VLCC fleet suffered badly and earnings were pulled below break-even for much of 2002. This was reflected in an overall loss of $6.9M in 2002 compared with a net income of $382.7M in 2001, according to Frontline's latest results. The recent rapid turnaround in the tanker market leads the tanker major to anticipate a profit of $150M just in the first quarter of 2003, underlining the extreme volatility of tanker markets. But clearly financing also has a great bearing on overall profitability, there being distinct pros and cons in the chosen approach, as Frontline Management's CFO Tom E Jebsen told Fairpiay. "Many of the VLCCs have been placed on the German KG market. Typically this means 8-10 years at fixed interest rates. The cost of that capital is relatively high and so, therefore, are the repayments. The advantage is that you can get 100 per cent financing." This was the choice made for the VLCC core of the Frontline fleet, and in part the reason why the fleet could expand at such a high pace. "Most of the Suezmax fleet," continued Jebsen, "is financed through traditional bank debt, which is generally a floating rate. It is best to be 'short', therefore, when rates are falling."
机译：降低利率显然有助于Frontline的Suezmax船队在最近的油轮低谷中保持领先，但是由KG资助的VLCC船队遭受了严重打击，在2002年的大部分时间里，收益都被拉到盈亏平衡点以下。根据Frontline的最新结果，2002年的收入为690万美元，而2001年的净收入为3.827亿美元。油轮市场最近的快速好转使得油轮主要公司仅在2003年第一季度就有望获得1.5亿美元的利润，突显了油轮市场的极端动荡。但是，正如Frontline Management的首席财务官Tom E Jebsen告诉Fairpiay所说的那样，显然，融资也对整体盈利能力有很大的影响，在选择的方法中存在明显的利弊。 “许多VLCC已投放到德国KG市场。通常，这意味着以固定利率计8-10年。该资本的成本相对较高，因此还款也相对较高。优点是您可以得到100％的融资。”这是Frontline机队的VLCC核心的选择，部分原因是该机队可以如此高速扩张的原因。杰布森继续说：“大多数苏伊士型船队都是通过传统的银行债务融资的，这通常是浮动利率。因此，当利率下降时，最好是做空”。

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