The Board of Frontline Ltd. (the “Company” or “Frontline”) announces a net loss attributable to the Company of $5.6 million for the third quarter of 2009, equivalent to loss per share of $0.07,

compared with net income attributable to the Company of $27.8 million
and earnings per share of $0.36 for the preceding quarter. Net
operating income in the third quarter was $28.2 million, compared with
$62.1 million in the preceding quarter.

The reported loss reflects a weaker spot market. The average daily time
charter equivalents (”TCEs”) earned in the spot and period market in
the third quarter by the Company’s VLCCs, Suezmax tankers and Suezmax
OBO carriers were $32,100, $15,900 and $42,200, respectively, compared
with $38,400, $26,800, and $42,700, respectively, in the preceding
quarter. The spot earnings for the Company’s double hull VLCCs and
Suezmax tankers were $26,800 and $12,800, respectively, in the third
quarter of 2009, compared with $38,700 and $24,400, respectively, in
the preceding quarter. The Gemini Suezmax pool had spot earnings of
$14,866 per day in the third quarter.

Profit share expense of $4.8 million has been recorded in the third
quarter as a result of the profit sharing agreement with Ship Finance
International Limited (”Ship Finance”) compared to $8.0 million in the
preceding quarter. Ship operating expenses increased by $1.8 million
compared with the preceding quarter, primarily as a result of increased
dry docking costs as one additional vessel dry docked in the third
quarter compared to the second quarter.

Charterhire expenses decreased by $7.4 million in the third quarter
compared with the preceding quarter due to the weaker spot market,
which has resulted in reduced expenses on floating rate charters and
profit share payments on two vessels.

Interest income was $5.6 million in the third quarter, of which $5.2
million relates to restricted deposits held by subsidiaries reported in
Independent Tankers Corporation Limited (”ITCL”). Interest expense, net
of capitalized interest, was $39.8 million in the third quarter of
which $10.6 million relates to ITCL.

Frontline announces net income attributable to the Company of $98.8
million for the nine months ended September 30, 2009, equivalent to
earnings per share of $1.27. The average daily TCEs earned in the spot
and period market in the nine months ended September 30, 2009 by the
Company’s VLCCs, Suezmax tankers and Suezmax OBO carriers were $40,200,
$26,600 and $43,000, respectively, compared with $81,100, $61,800 and
$43,800, respectively, in the nine months ended September 30, 2008. The
spot earnings for the Company’s double hull VLCCs and Suezmax tankers
were $40,700 and $24,900, respectively, in the nine months ended
September 30, 2009.

As of September 30, 2009, the Company had total cash and cash
equivalents of $584.7 million, which includes $478.9 million of
restricted cash. Restricted cash includes $293.8 million relating to
deposits in ITCL and $184.3 million in Frontline, which is restricted
under the charter agreements with Ship Finance.

In November 2009, the Company has average total cash cost breakeven
rates on a TCE basis for VLCCs and Suezmaxes of approximately $32,900
and $27,100, respectively.

On November 26, 2009, the Board declared a dividend of $0.15 per share.
The record date for the dividend is December 8, 2009, ex dividend date
is December 4, 2009 and the dividend will be paid on or about December
22, 2009.

The full report is available for download in the link enclosed.

The Board of Directors Frontline Ltd. Hamilton, Bermuda November 26, 2009

Source: Frontline

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