Frontline, the world's biggest independent oil tanker operator, reported a drop in fourth-quarter profits, in line with expectations and hit by a plunge in charter rates from high 2004 levels.

Frontline said it expected to deliver strong results and a solid dividend for 2006, saying that winter freight rates were above expectations and the market was holding up well despite growth of the global fleet in 2005.
Earnings before interest and tax (EBIT) at the Norwegian company fell to $236.9 million in the three months to December 31 from $471.3 million in the same quarter a year earlier.
The result lagged an average expectation of $244 million in a Reuters survey of eight analysts, but was within the range of estimates of $219 million to $265 million.
"The board expects the company to deliver strong results for the first quarter as well as strong results and solid dividend payments for the full year," Bermuda-registered Frontline said in a statement.
Oscar Spieler, head of Frontline Management which manages the ship-owning subsidiaries, said it would "not be impossible" to do as well in 2006 as in 2005.