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BRIEF-Frontline Q1 profit misses forecast

May 30 (Reuters) - Frontline Ltd FRO.OL 

 

* Q1 net result $27.0 million (reuters poll $38 million) 

 

* Q1 operating profit $40.8 million (reuters poll $51 million) 

 

* Declares quarterly dividend $ 0.15 per share (Reuters poll $0.13 per share) 

 

* Notwithstanding near-term pressure on crude tanker rates, we believe the market will ultimately return to balance as demand for crude oil continues to increase and vessel scrapping will begin to offset the negative effect of newbuilding deliveries 

 

* There are many opportunities to continue our strategy of fleet growth and renewal, and we are confident in our ability to execute on this strategy 

 

* Very pleased to have secured financing for newly acquired four VLCC resales and newbuilding contracts in an amount of up to $221.0 million 

 

* Opportunities include buying vessels on the water, newbuildings/resales as well as buying shares and companies 

 

* Believes that the market will begin to improve in 2018 as the pace of deliveries of newbuilding vessels slows and vessels are retired from the global fleet 

 

* Maintains a cautious near-term view on the tanker market 

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