Frontline Ltd., the world's largest owner of supertankers, may report a sixfold gain in third-quarter profit to a record after Iran used ships for storage. Frontline, based in Hamilton, Bermuda, will probably say net income advanced to $164.5 million, or $2.07 a share, from $24.2 million, or 32 cents, a year ago, according to the median estimate of 12 analysts Bloomberg surveyed. The previous third- quarter record was set in 2004 at $141.5 million. Iran began using as many as 15 supertankers for storage in the second quarter, cutting vessel supply. Rental rates in June and July were the highest for those months in at least a decade. Shipowners are paid about three or four weeks after bookings are made so cash from single-voyage rentals arranged in June would be paid to Frontline in the third quarter.
Four analysts surveyed said the company may post mark-to- market losses of $30 million to $33 million related to Frontline's holding in Overseas Shipholding Group Inc. The shares of Overseas Shipholding fell 27 percent in the quarter.
Four analysts surveyed said the company may post mark-to- market losses of $30 million to $33 million related to Frontline's holding in Overseas Shipholding Group Inc. The shares of Overseas Shipholding fell 27 percent in the quarter.