Frontline net income down to $76.6 mln in Q1 09

The Board of Frontline Ltd. announces net income of $76.6 million for the first quarter of 2009, equivalent to earnings per share of $0.98 compared with net income of $51.6 million for the fourth

quarter of 2008, equivalent to earnings per share of $0.66. Net operating income for the quarter was $111.0 million compared with $115.3 million in the fourth quarter of 2008.

Frontline entered into agreement with two ship yards to cancel four Suezmax and two VLCC

newbuildingcontracts representing 33 percent of the newbuilding program and a total contractual cost of $556  million.