Frontline to spin off Bermuda dry bulk shipping arm

Frontline to spin off Bermuda dry bulk shipping arm    Frontline Ltd., the world’s largest tanker shipping group, said Wednesday it will de-merge and spin off its newly formed Bermuda-based dry bulk shipping subsidiary, Golden Ocean Group Ltd.
   Golden Ocean is expected to be listed on the Oslo Stock Exchange and will maintain its share register through the Norwegian paperless securities depository system.
   Frontline shareholders will receive free shares in Golden Ocean, with exceptions. The share distribution will take place Dec. 13 and Frontline expects the Golden Ocean shares to be listed on the Oslo Stock Exchange soon after.
   Golden Ocean will control two “Capesize” dry bulk vessels, which are fixed on charters until September 2006 and October 2005. In addition, Golden Ocean has taken the Capesize “Irfon” on charter until 2009 and chartered the vessel out again until 2007.
   In the first nine months of 2004, Golden Ocean made a pro forma profit of about $15.6 million.
   “It is expected that the results achieved in the fourth quarter of 2004 will be better than the average quarterly results in the first nine months of 2004,” Frontline said.