Washington, D.C. 20549

                                   FORM 6-K

                           Report of Foreign Issuer
                     Pursuant to Rule 13a-16 or 15d-16 of
                      the Securities Exchange Act of 1934

For the month of                    February                        , 2003

                                Frontline Ltd.
                (Translation of registrant's name into English)

      Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
                   (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F

                       Form 20-F  X          Form 40-F
                                -----                  -----

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

                       Yes                   No   X
                          -----                 -----

If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-


Attached as Exhibit 1 is a copy of the press release of Frontline Ltd. (the
"Company"), dated February 24, 2003.

                                   Exhibit 1


Frontline Ltd.  reports  earnings  before  interest,  tax,  depreciation,  and
amortisation  including earnings from associated  companies (EBITDA) of $105.3
million  and net  income of $67.1  million  for the  fourth  quarter  of 2002.
Earnings per share for the quarter were $0.88.

The average daily time charter  equivalents  ("TCEs")  earned by the Company's
VLCCs,  Suezmax  tankers,  and Suezmax OBO carriers were $30,900,  $25,300 and
$24,200,   respectively,   compared   with   $16,900,   $14,300  and  $13,400,
respectively in the immediately preceding quarter.

Net  interest  expense  for the quarter  was $12.2  million  compared to $18.1
million in the same period in 2001.  This  decrease  reflects the reduction in
interest rates in the period.  At December 31, 2002  approximately 74 per cent
of the Company's total debt is floating. Other financial items for the quarter
were positive  $14.5  million.  This includes a positive $13.6 million for the
market  value  adjustment  on the  Company's  Equity  Swap  Line  based on the
revaluation  of  2,695,000  shares to the market price of $8.85 at quarter end
from $3.82 per share at  September  30,  2002.  The  strengthening  of the Yen
against the US Dollar in the fourth  quarter of 2002 resulted in an unrealised
foreign  currency  exchange loss of $4.3 million due to the revaluation of Yen
debt in certain  subsidiaries  and a loss of $2.0 million  included within the
share of results from associated companies.

For the year ended December 31, 2002, the Company had EBITDA of $226.9 million
and a net loss of $6.9  million.  Loss per share for the 2002 year was  $0.09.
This compares to EBITDA,  net income and earnings per share of $528.8 million,
$382.7  million  and  $4.99,  respectively  for 2001.  The TCEs  earned by the
Company's VLCCs,  Suezmax tankers, and Suezmax OBO carriers for year 2002 were
$22,500, $18,400 and $17,700, respectively, compared with $40,800, $30,700 and
$28,900,  respectively  in 2001.  The net  loss for 2002 is after a charge  of
$14.1 million  relating to the adoption of Financial  Accounting  Standard 142
"Goodwill and Other Intangible Assets".  The Company adopted FAS 142 effective
January 1, 2002 and  recognised an  impairment  loss on goodwill that is shown
separately in the consolidated  statement of operations as a cumulative effect
of change in accounting  principle.  Net income for 2002 before the cumulative
effect of change in  accounting  principle  was $7.2  million and earnings per
share were $0.09.

Net interest  expense for 2002 was $59.8 million (2001 - $78.8 million).  This
decrease  reflects the benefit of lower interest  rates on  outstanding  debt.
Other financial items for 2002 were a charge of $6.6 million (2001 - charge of
$5.7 million). In 2002 other financial items includes a charge of $4.0 million
relating to the market value  adjustment on the Company's Equity Swap Line and
a $3.0 million charge  relating to the market value  adjustments  for interest
rate swaps. The  strengthening of the Yen against the US Dollar from 131.14 at
December  31, 2001 to 118.54 at December  31, 2002  resulted in an  unrealised
exchange loss of $12.3  million in 2002.  In addition,  there is an unrealised
exchange  loss of $5.8  million  included  within  the share of  results  from
associated  companies.  At  December  31,  2002,  the  Company  has  Yen  debt
(including  our share of associated  companies) of Yen 20.3 billion,  compared
with Yen 23.7 billion and Yen 35.5 billion at September  30, 2002 and December
31, 2001, respectively.


The tanker market showed a strong recovery in the fourth quarter mainly caused
by increased OPEC production  starting in August / September.  Combined with a
high  stabilized  export from Iraq this improved the utilisation of the tanker
fleet  and  pushed  VLCC  rates  from $10 - 15,000  per day in August to $25 -
30,000 per day in late October. Suezmax rates followed a similar trend.

On November 13, 2002,  the single hull tanker MT Prestige  started to break up
off the coast of Spain.  The  vessel,  which  carried  77,000 tons of fuel oil
later sank and created an environmental disaster. The accident put pressure on
European  politicians  to tighten the  legislation  for tankers,  and also had
immediate  effects  on the  chartering  policies  of  several of the major oil
companies.  As a result of the accident,  the market tightened further up to a
VLCC level of around $40,000 per day.

The oil strike in Venezuela, which started December 2 created large logistical
inefficiencies  in the fleet and freight rates improved  further.  The need to
replace the Venezuelan  exports to the US with  alternative  crude with longer
transportation distance, helped further.

The  market  situation  during  most of 2002  led to an early  demise  of many
elderly  tankers,  and total  removal  from the  fleet  through  scrapping  or
conversion came to 38 VLCCs and 17 Suezmaxes.  New building  deliveries in the
year were 37 VLCCs and 23 Suezmaxes.

Second-hand  values and new  building  prices  showed a positive  trend in the
fourth  quarter.  Order activity  picked up. Order books currently stand at 76
VLCCs and 63 Suezmaxes for delivery into mid 2006.


Frontline has, a result of the withdrawal from Tankers  International  and the
new chartering agreement with BP, strengthened its chartering operations.  The
Board is pleased to see that the  agreement  with BP is now fully  operational
and works to both parties mutual benefit.

The  Board is also  pleased  to  observe  that  the  withdrawal  from  Tankers
International has been completed satisfactorily and for the fourth quarter has
lead to relative improvement in charter revenue and reduced costs.

In the fourth quarter of 2002,  the Company took delivery of two  wholly-owned
VLCC newbuildings, with delivery of these vessels financed through traditional
bank financing.  The Company has one remaining  newbuilding  VLCC on order for
delivery in 2003, and as at December 31, 2002, the remaining equity investment
was  estimated  to be $12  million.  Committed  financing  for  the  mentioned
newbuilding  has been  secured.  Except  for this,  the  Company  has no other
material capital commitments.

In the fourth  quarter of 2002,  the  Company  sold and leased back one of its
VLCCs,  Front  Eagle,  thereby  generating  net  cash of  approximately  $27.4
million. The leaseback of the vessel is being accounted for as a capital lease
and a loss of $2.1  million  was  recognised  immediately  on the  sale of the

The  Capesize  vessel  Channel  Poterne was sold during the quarter at a small

In the fourth quarter of 2002, the Company  restructured and refinanced Golden
Stream.  As a result of the refinancing,  $45.8 million was reclassified  from
short-term to long-term interest bearing debt. The ship is currently placed in
a non-recourse  subsidiary  where Frontline has guaranteed and partly provided
the first $28 million of the debt, while the remaining debt is provided by the
vessel's financiers on a stand alone basis.

The Company's largest financing facility, which at year-end had $194.4 million
outstanding, has been extended for two years until November 2005.

At December 31,  2002,  and for the quarter  then ended,  76,466,566  ordinary
shares were  outstanding.  At December 31, 2002, the Bank of Nova Scotia Group
had acquired  2,695,000  Frontline shares pursuant to the existing Equity Swap
Line facility that is in place until  February  2004.  The average cost on the
swap line's shares is $8.71 per share. The Company  therefore has an option to
pay a total of $23.5  million  in cash in  order  to repay  the swap  line and
thereby  effectively  eliminate the shares, or continue with the existing swap
line until it expires in February 2004.

On February 24, 2003,  the Board  declared a dividend of $0.15 per share.  The
record date for the dividend is March 10, 2003,  ex dividend  date is March 6,
2003 and the dividend will be paid on or about March 24, 2003.

As of February 22, 2003, Frontline has cash break even rates for Suezmaxes and
VLCCs  respectively  of $13,700  and  $20,900 per day. In order to give a 15 %
cash yield on the current  market  capitalisation,  the  Company  will need to
generate on average an  additional  $4,900 per day per vessel.  This should be
seen up against the average rates during the last thirteen  years,  which have
been $21,200 and $28,900 per day for Suezmaxes and VLCCs respectively.

The Company has used the current  strong  market to fix three of its VLCCs and
two Suezmaxes on longer-term employment either physically or through financial
derivatives.  The one-year  time  charter  rates for VLCCs and  Suezmaxes  are
$40,000 and $30,000 per day respectively.


The 2003 year has  started  with very strong  VLCC and  Suezmax  markets.  The
volatility in the market has been high with sharp spikes reaching $100,000 and
lows  around  $35,000  per day for VLCCs.  Suezmaxes  have shown a more steady
level around $40,000 per day.

The charterers have used a strategy where they have concentrated  their fixing
activities to certain periods of the months.  This leads to other periods with
low activity.  The low activity periods  normally trigger a nervousness  among
owners that spurs volatility and leads to reduced rates.

It is  interesting  to note that the  major  part of the  increase  in AG spot
export  until the last two weeks  actually  has been  trading  east instead of
going west.  This signals a strong Asian demand mainly driven by China,  Korea
and India,  and also tells us that the effect of the Venezuelan  strike on the
chartering market has not been as high as one might anticipate.

It is likely that a full recovery of the Venezuelan export,  combined with any
interruption in the export from Iraq, could put downwards pressure on rates.

There are however several factors which are likely to reverse this trend:

-    Low world-wide oil inventories.

-    A potential  Iraqi war will create large fleet  inefficiencies  including
     substantial fleet capacity in storage.

-    A reverse of the current  backwardation in the oil market would stimulate
     higher inventories.

-    The Prestige  effects.  The introduction of new EU legislation on tankers
     and the consequent  pressure put on the US and Japan to implement similar
     regulations  to avoid them  becoming  dumping  grounds  for  trading  old

-    Continued strong Asian demand combined with possible improved  economical
     outlook in the rest of the world.

-    A tight  energy  situation  world wide created by such factors as nuclear
     reactor  shutdown in Asia, low water magazines for hydropower  generation
     and low natural gas production in the US.

The  strengthening  of other shipping markets like dry-bulk and containers has
during the last months  improved the yards' order  backlogs.  Combined  with a
weak  dollar  this  is  likely  to  lead  to  continued  strenghtening  in the
newbuilding prices as well as second-hand prices.

The Board will,  in view of the  Company's  strong  growth during the last few
years and the overall moderness of Frontline's fleet, have a cautious attitude
to new investments. The Company will however still seek to take an active role
in pushing  further  consolidation  of the tanker  market  through  structural

The Board has during  the last half year  focused on  building  balance  sheet
strength to reduce the Company's  financial  risk in the future.  The Board is
satisfied with the development of the Company's break even rate. The Company's
cash position will  increase  significantly  in the first quarter based on the
receipts  of  freight  revenues  from the fourth  quarter  2002 as well as the
earnings from the first quarter of 2003.  This will  substantially  strengthen
the Company going forward,  and give a necessary buffer to meet the volatility
in the  tanker  market.  Due to the  size of the  existing  cash  flow and the
limited committed capital expenditure, is it likely that a significant part of
the current cash flow can be returned to the  shareholders in the form of cash
dividends without stretching the financial risk.

Frontline has at the time of writing  covered 73 per cent of its VLCC capacity
in the first  quarter at average  rates of $56,000  per day and 60 per cent of
its Suezmax  capacity at $39,000 per day. Current rates are around $65,000 for
VLCCs and $50,000 for Suezmaxes.

Based on achieved  rates and the outlook for the  remainder of the quarter the
Board  assumes  that the  Company is likely to make a profit in excess of $150
million for the first quarter.

Even if it is likely that there will be substantial  volatility in the market,
the Board is optimistic for the year 2003 overall.


This press release contains 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 press  release  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,   drydocking  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.

February 24, 2003
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda

  2001      2002  INCOME STATEMENT                              2002     2001
Oct-Dec  Oct-Dec  (in thousands of $)                         Jan-Dec  Jan-Dec
109,593  159,350  Net operating revenues                       429,025  647,345
    781  (1,465)  Gain (loss) from sale of assets              (4,337)   35,620
 31,841   27,214  Ship operating expenses                      113,596  121,452
 10,343   21,365  Charterhire expenses                          60,634   41,858
  5,053    3,162  Administrative expenses                       12,895   13,176
 63,137  106,144  Operating income before depreciation and     237,563  506,479
 32,461   36,212  Depreciation and amortisation                139,855  121,725
 30,676   69,932  Operating income after depreciation and       97,708  384,754
  2,838    5,240  Interest income                               13,052   12,953
(20,919) (17,455) Interest expense                            (72,898) (91,800)
  6,363    (873)  Share of results from associated companies  (10,711)   22,317
  5,911   14,523  Other financial items                        (6,649)  (5,709)
 18,989  (4,320)  Foreign currency exchange gain (loss)       (13,313)   28,318
 43,861   67,047  Income (loss) before taxes and minority        7,189  350,833
    188     (24)  Taxes                                           (22)      444
     -        -   Cumulative effect of change in accounting   (14,142)   32,339
 43,687   67,071  Net income (loss)                            (6,931)  382,728

                  Earnings (loss) Per Share Amounts ($)

  $0.57    $0.88  EPS before cumulative effect of change in      $0.09    $4.57
                  accounting principle
      -        -  Cumulative effect of change in accounting    $(0.18)    $0.42
  $0.57    $0.88  EPS                                          $(0.09)    $4.99

                  Income on timecharter basis ($ per day per ship)*

 19,900   30,900  VLCC                                          22,500   40,800
 20,600   25,300  Suezmax                                       18,400   30,700
 20,300   24,200  Suezmax OBO                                   17,700   28,900


               *    Basis = Calendar days minus off-hire.
                    Figures after deduction of broker commission

BALANCE SHEET                                          2002         2001
(in thousands of $)                                   Dec 31       Dec 31
Short term
Cash and cash equivalents                               100,298      189,277
Other current assets                                    133,066       88,641
Long term
Newbuildings and vessel purchase options                 27,405      102,781
Vessels and equipment, net                            2,373,239    2,196,959
Vessels under capital lease, net                        264,902      317,208
Investment in associated companies                      119,329      109,898
Goodwill                                                      -       14,049
Deferred charges and other long-term assets              17,708       14,961
Total assets                                          3,035,947    3,033,774

Short term
Short-term interest bearing debt                        167,807      227,597
Current portion of obligations under capital lease       13,164       17,127
Other current liabilities                                61,408       70,332
Long term
Long-term interest bearing debt                       1,277,665    1,164,354
Obligations under capital lease                         259,527      283,663
Other long term liabilities                              28,199       11,478
Minority interest                                             -        6,822
Stockholders' equity                                  1,228,177    1,252,401
Total liabilities and stockholders' equity            3,035,947    3,033,774
---------------------------------------------------------------- ------------

   2001      2002   STATEMENT OF CASHFLOWS                       2002     2001
Oct-Dec    Oct-Dec  (in thousands of $)                        Jan-Dec  Jan-Dec

                    OPERATING ACTIVITIES

43,687   67,071   Net income (loss)                           (6,931)    382,728
                  Adjustments to reconcile net income to
                  net cash provided by operating activities
 32,829  36,944   Depreciation and amortisation               142,149    123,958
(16,398)  2,782   Unrealised foreign currency exchange         14,176   (29,148)
                  (gain) loss
  ( 781)  1,466   Gain or loss on sale of assets                4,337   (35,620)
 (6,364)    873   Share in results from associated companies   10,711   (22,321)
(6,233) (3,189)   Adjustment of financial derivatives to        7,495      5,404
                  market value
     -        -   Change in accounting principle               14,142 (  32,339)
19,700 (47,384)   Change in operating assets and liabilities  (34,816)    84,945
66,440   58,563   Net cash provided by operating activities   151,263    477,607

                   INVESTING ACTIVITIES

(60,332) (179,088) Additions to newbuildings, vessels and    (376,844) (386,130)
(6,829)  (9,943)   Advances to associated companies, net      (20,010)  (57,689)
   (83)       -    Acquisition of businesses (net of cash           -   (64,656)
     -        -    Purchase of minority interest               (6,822)        -
227,377  103,661   Proceeds from sale of assets                177,902  403,214
160,133 (85,370)   Net cash provided by (used in) investing   (225,774)(105,261)

                    FINANCING ACTIVITIES

   28,802  143,922  Proceeds from long-term debt, net of fees
                    paid                                      370,880   323,431
(173,522) (143,881) Repayments of long-term debt             (341,784) (460,725)
  (2,287)   42,223  Repayment of capital leases               (24,671)  (10,337)
  (7,640)        -  Dividends paid                            (19,116) (115,206)
         -       -  Repurchase/Issue of shares, net               223   (36,326)
(154,647)   42,264  Net cash used in financing activities     (14,468) (299,163)

 71,926     15,457  Net increase (decrease) in cash and cash   (88,979)  73,183
117,351     84,841  Cash and cash equivalents at start of       189,277 116,094
189,277    100,298  Cash and cash equivalents at end of period  100,298 189,277


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 authorised.

                                   Frontline Ltd.

Date   February 25, 2003           By  /s/ Kate Blankenship
       -----------------               --------------------
                                       Kate Blankenship
                                       Secretary and Chief Accounting Officer