Frontline Reports Rise in Q2 Profits

31 August 2010 (Last Updated August 31st, 2010 18:30)

Frontline has reported a profit of $81.3m for Q2 2010 due to improved tanker rates. The Bermuda-based shipping firm said the net profit represents an increase of $27.7m on the same period a year earlier. Frontline's operating margin jumped to 33.1% from 22.1% on the revenue ga

Frontline has reported a profit of $81.3m for Q2 2010 due to improved tanker rates.

The Bermuda-based shipping firm said the net profit represents an increase of $27.7m on the same period a year earlier.

Frontline’s operating margin jumped to 33.1% from 22.1% on the revenue gain while its ship-operating expenses fell 7.3%.

The company has ordered two vessels with options to secure another two, according to the Wall Street Journal.