Stocks that Float: TANKERS & DRY BULK SHIPPERS

[xanadu90]

Frontline eyes $105 mln Q2 gain from heavy lift
Wed Jul 2, 2008 3:11am EDT

OSLO, July 2 (Reuters) - Frontline Ltd (FRO.OL: Quote, Profile, Research, Stock Buzz) said:

* Delivered fourth and final heavy lift vessel to Dockwise Ltd (SBA.DE: Quote, Profile, Research, Stock Buzz), successfully concluding a project of converting four Suezmax vessels into heavy lift vessels.

* Expects net cash generation of $28 million in the second and third quarter, which will enhance dividend capacity, as a result of the deliveries of the third and fourth vessels.

* Expects to record a second quarter gain of $105 million, including deferred gain related to the transaction.

* The total overall gain on the transaction, including gain on issuance and sale of shares and delivery of the four vessels to Dockwise, is expected to be $255 million. (Reporting by Wojciech Moskwa)