TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 22, 2005

Frontline nets $1 billion

Bermuda-based tanker giant Frontline Ltd. has announced net income of $1.0 billion for the year ended December 31, 2004.

Frontline announced net income of $498.2 million for the fourth quarter of 2004, equivalent to earnings per share of $6.66.

This is the best quarterly result ever recorded by the company. Operating income for the quarter was $471.7 million, up from $220.5 million in the third quarter as the tanker market experienced a continued period of exceptionally strong rates. The average daily time charter equivalents ("TCEs") earned in the spot and period market by the Company's VLCCs, Suezmax tankers, and Suezmax OBO carriers were $111,200, $85,000 and $31,100, respectively, compared with $67,200, $45,900 and $27,300 respectively in the third quarter of 2004. In the fourth quarter of 2004, the company reported a gain of $19.8 million from the sale of assets that relates to the sale of the company's interest in one VLCC.

Frontline announced net income of $1.0 billion for the year ended December 31, 2004, equivalent to earnings per share of $13.79. The average daily time charter equivalents ("TCEs") earned in the spot and period market by the Company's VLCCs, Suezmax tankers, and Suezmax OBO carriers were $78,000, $57,900 and $27,900, respectively.

The full report is available here: http://hugin.info/182/R/981803/145809.pdf

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