d866455_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR
15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the
month of: March 2008
Commission
File Number: 001-16601
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Frontline
Ltd.
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(Translation
of registrant’s name into English)
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Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a press release disclosing that Frontline Ltd. together with
certain other persons have filed a Report on Schedule 13D with respect to their
shareholdings in Overseas Shipholding Group, Inc.
Exhibit
1
FRO
- Filing of Schedule 13D
Frontline
Ltd. (the "Company" or "Frontline") (NYSE:FRO) announces that it has today filed
a Schedule 13 D with the United States Securities and Exchange Commission
reporting that the Company and companies indirectly controlled by Mr. John
Fredriksen as of March 10, 2008 together held an aggregate of 1,628,300 shares
in Overseas Shipholding Group, Inc. (“OSG”), corresponding to 5.2%
ownership.
In
addition to the above mentioned holding, Frontline has entered into a forward
contract for 1,366,600 shares in OSG, corresponding to an additional 4.4% of the
total outstanding shares in OSG. If Frontline should decide to take delivery of
the shares under the forward contract, the Company and the group companies will
control 9.6% ownership in OSG.
Frontline
sees the investment in OSG as a good value. Frontline is making this investment
together with its largest shareholder in order not to significantly reduce
Frontline’s short and medium term dividend capacity. The joint investment also
reflects the fact that only approximately 41% of OSG’s total fleet in terms of
number of vessels is exposed to the market for crude oil transportation, which
is Frontline’s core market.
Frontline
and group companies view both these holdings as good financial value
investments, but reserve the right to be in contact with management and other
shareholders of OSG regarding alternatives that OSG could employ to enhance
shareholder value.
March 20,
2008
The Board
of Directors
Frontline
Ltd.
Hamilton,
Bermuda
Cautionary Statement
Regarding Forward Looking Statements
This
press release may contain forward looking statements. These statements are based
upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Frontline cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.
Important
factors that, in the Company's view, could cause actual results to differ
materially from those discussed in this presentation include the strength of
world economies and currencies, general market conditions including fluctuations
in charter hire rates and vessel values, changes in demand in the tanker market
as a result of changes in OPEC's petroleum production levels and world wide oil
consumption and storage, changes in the Company's operating expenses including
bunker prices, dry-docking and insurance costs, changes in governmental rules
and regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in the
reports filed by the Company with the United States Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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FRONTLINE
LTD.
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Dated: March
20, 2008
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By
/s/ Inger
M. Klemp
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Inger
M. Klemp
Principal
Financial Officer
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SK 02089 0009
866455