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                         August                           , 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 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-


Attached  as Exhibit 1 is a copy of the press  release of  Frontline  Ltd.  (the
"Company"), dated August 4, 2003.

                                    Exhibit 1

Frontline Ltd.
Interim Report April - June 2003


Frontline  Board is pleased to announce a second  consecutive  quarter of strong

Frontline  Ltd.  reports net  operating  income  before  depreciation  of $174.0
million  and net  income of  $155.1  million  for the  second  quarter  of 2003.
Earnings per share for the quarter were $2.04.

Net operating  revenues decreased by 12 per cent compared with the first quarter
of 2003. The average daily time charter equivalents  ("TCEs") earned in the spot
and period  market by the  Company's  VLCCs,  Suezmax  tankers,  and Suezmax OBO
carriers  were  $46,000,  $39,600  and  $35,200,  respectively,   compared  with
$$55,400,  $40,800  and  $42,400,  respectively  in  the  immediately  preceding
quarter. In the second quarter the Company recorded a provision for loss on sale
of assets of $4.3 million,  relating to the sale, in the third  quarter,  of its
shares in two vessels owned through joint ventures.

Net interest expense for the quarter was $13.8 million (2002 comparable quarter:
$15.6  million).  Other  financial  items for the quarter  were  positive  $18.0
million of which  $17.1  million is  attributable  to the gain  recorded  on the
settlement of the Bank of Nova Scotia Equity Swap Line. In the second quarter of
2003, the Yen was largely unchanged  against the US Dollar,  resulting in only a
small foreign  currency  impact for the Company on the Yen debt in  subsidiaries
and associated companies.

For the six months ended June 30, 2003 the Company reports net operating  income
before depreciation of $379.8 million and net income of $334.7 million. Earnings
per share for the six months were $4.39.  This is the best half year result ever
achieved by the Company.

The  average  daily TCEs earned in the spot and period  market by the  Company's
VLCCs, Suezmax tankers, and Suezmax OBO carriers in the six months were $50,700,
$40,200 and  $38,700,  respectively.  As of August 4, 2003,  Frontline  has cash
breakeven rates for VLCCs and Suezmaxes of $20,600 and $14,100, respectively.

The results for the periods of 2002 presented have been restated, principally to
reflect the adoption of Financial  Accounting  Standard 142  "Goodwill and Other
Intangible  Assets".  The Company  adopted FAS 142 effective  January 1, 2002 as
disclosed in the preliminary fourth quarter and financial year 2002 report.


The very strong charter rates  experienced  in the first quarter  gradually came
down in the second quarter but still  remained at a healthy level.  Only towards
the very end of the quarter did a seasonal  reduction in  transportation  demand
take its toll  resulting  in a reduction  of rates that has  continued  into the
summer. Through the first half of the year rates have been very volatile at high
levels. The favourable  conditions are explained partly by seasonal effects such
as a very cold winter in the Northern Hemisphere and by political events such as
the strike in Venezuela,  unrest in West Africa and the war in Iraq.  The market
improvement  over last year is also  related to a general  demand  increase  and
increase in OPEC  production.  The  volatility  is most likely the effect of the
trend towards lower global oil inventories  which has resulted in sharper swings
in transportation  demand as the requirement for oil  "just-in-time"  has become
increasingly important.  The fact that the crude oil fleet capacity has remained
more or less unchanged has contributed to a favorable supply-demand balance.

Scrapping  activity  increased in the quarter and to date this year 20 VLCCs and
ULCCs and 7  Suezmaxes  have been  sold for  scrap  compared  with 23 VLCC and 9
Suezmax newbuilding  deliveries.  Order books stand at 72 VLCCs and 65 Suezmaxes
for  delivery  into mid 2006.  It is expected  that the new EU  regulations  for
tankers  will  accelerate  the removal of the  remaining  1970's built crude oil
tankers  which  have also lost their main trade with the change of the regime in

The International  Maritime  Organization (IMO) has recently met to consider the
newly  introduced  EU rules.  It seems  likely that the IMO will  tighten  their
existing  rules  later  this  year in order  to be more in line  with the new EU
rules.  This will be of special  importance  for the  phase-out  of single  hull
tonnage presently scheduled for 2015 in the IMO rules and 2010 in the EU rules.

The strength in the overall  shipping  markets and  particularly the recovery of
the container market,  has led to increased ordering and well-filled order books
for the yards.  The earliest  delivery of large  tonnage is now  estimated to be
2006 - 2007.  Second-hand  prices  as  well as  newbuilding  prices  have  moved
slightly upwards in the quarter.


On August 4, 2003, the Board declared a dividend of $1.10 per share.  The record
date for the  dividend is August 18, 2003,  ex dividend  date is August 14, 2003
and the  dividend  will be paid on or about  September  2,  2003.  The  dividend
consists  of $0.25 per share in  normalised  dividend  and an extra  dividend of
$0.85 per share  reflecting  the strong  earnings  achieved in the quarter.  The
Board maintains its long-term  strategy of retaining  approximately $200 million
in free liquidity.

In June 2003, the Company sold two of its 2001 built Suezmax tankers,  the Front
Melody and Front  Symphony,  to two German K/Gs promoted by Dr. Peters GmbH. The
vessels  will be  chartered  back  on  12.5  years  time  charter  arrangements,
including  options  for the  Company  to buy back the  vessels at the end of the
charter period.  The sale of these two vessels  generated cash of  approximately
$39 for the Company and a gain on sale of approximately $7 million that is being
recognized over the term of the charter.

In June 2003,  the Company  agreed to sell two 2000 built Suezmax  tankers,  the
Front Sun and the Front Sky to OMI  Corporation  (OMI),  for $49.25  million per
vessel,  consisting of $43.25  million cash and one million shares of OMI common
stock valued at $6.00 per share,  with a share price guarantee from OMI at $5.70
over a six month period. Frontline will pay to OMI any shortfall of time charter
equivalent  earnings per vessel below an average of $20,000 per day for one year
from delivery.  Deliveries to OMI are expected in August 2003. Both vessels will
continue in Alliance Chartering, the co-operation between OMI and Frontline. The
sale of these vessels will generate cash of approximately $39 for the Company in
addition to receiving  2,000,000 OMI shares and a gain on sale of  approximately
$4 million.

In June 2003,  the Company  acquired for $9.5 million the  remaining 50 per cent
interest in the VLCC New Circassia which is now wholly-owned by the Company.

In June 2003,  the  Company  agreed with its  partners,  Euronav  Luxembourg  SA
(Euronav) and Overseas  Shipholding  Group, Inc. (OSG), to swap interests in six
joint  companies,  which each own a VLCC.  These  agreements  will result in the
Company selling its interest in the vessel Pacific Lagoon to Euronav; acquiring,
jointly with OSG,  Euronav's  interest in the Ariake and Sakura I increasing its
share in such vessels to 50.1 per cent each;  and exchanging its interest in the
Ichiban (33.33 per cent) with Euronav for a portion of Euronav's interest in the
Tanabe and Hakata  increasing  its  interest  in these  vessels to 50.1 per cent
each.  OSG will  continue as partner with  remaining  interest in four  vessels.
Commercial  management  for  Ariake and  Sakura I will be  transferred  from the
Tankers International Pool to Frontline in Oslo.

On July 1, 2003, the Company,  through its non-recourse  subsidiary Golden Ocean
Group Limited  (GOGL),  entered into an option  agreement with Hemen Holding Ltd
(Hemen).  The option  agreement  gives  GOGL the right to acquire  all shares in
Independent  Tankers Corporation ("ITC") from Hemen for a total consideration of
$4.0  million  plus 4 per cent  interest  per year.  ITC operates a total of six
VLCCs and four  Suezmaxes  which are on long term  charters  to BP and  Chevron.
Hemen is a holding company indirectly controlled by Frontline's  Chairman,  John
Fredriksen. GOGL has paid $10.0 million for the option, which expires on July 1,
2010. The total book value of ITC's  consolidated  assets was $964 million as of
December  31, 2002. A previous  option  agreement  between the Company and Hemen
relating to ITC,  and with a strike  price of $14.0  million,  lapsed on July 1,

The Company's  last remaining  newbuilding  VLCC was delivered in July 2003, and
financed through  traditional bank financing.  The Company has no other material
capital commitments.

In June 2003, the Company exercised its call option on the Frontline shares held
by the Bank of Nova Scotia.  This  transaction  involved  the Company  acquiring
3,070,000  shares at a cost of $8.97 per  share.  These  Frontline  shares  were
immediately cancelled upon acquisition by the Company.  During the first quarter
of 2003,  the Company  issued 63,000  shares in connection  with the exercise of
employee  share options and at June 30, 2003,  73,473,066  ordinary  shares were
outstanding  and the  weighted  average  number  of shares  outstanding  for the
quarter and six months was 76,108,176 and 76,288,141, respectively.


The Tanker market has shown a negative  development so far in the third quarter.
This  situation  reflects the facts that we are going through the  traditionally
weakest  seasonal  demand and no  material  increase  in  worldwide  storage has
occurred.  The number of monthly VLCC cargoes  fixed in the spot market has been
around 100 but there has been a trend  whereby  more relets from the major Asian
oil  consumers  have  competed  with the normal spot fleet.  This  situation  is
expected to improve in  September  when the Asian  consumers  normally  start to
increase their storage in order to meet winter demand.

Low oil  inventories  in the  United  States,  as well as in  Europe,  provide a
fundamental  strength to the market and make any  negative  development  in OPEC
production  unlikely.  The negative  development in North Sea Production seen in
the last few  months  is an  interesting  trend  and will,  over  time,  lead to
replacement with longer haul crude transportation.

The Board is actively looking into the way the Company employs its equity. It is
the Board's  target to optimise the use of equity  through  financing  solutions
that keep the necessary cash break even rates at reasonable  historic levels and
at the same time preserve a good liquidity buffer.  Such financing solutions can
include sale-leasebacks,  bond financing as well as refinancing with traditional
bank financing.  Any capital  successfully  released in such refinancing is, for
the time being,  likely to be  distributed  to the  shareholders  in the form of
extraordinary  dividend.  This is in line with what happened in connection  with
the June dividend payment.

Approximately 50 per cent of the open capacity for the third quarter is fixed at
rates, which for both the Company's vessels classes,  are approximately  $10,000
per day higher than cash break even. The results achieved so far thereby support
the payment of the  targeted  U$0.25 per share in  normalised  dividend  for the
quarter.  Any excess  dividend  for the quarter  will be dependent on a positive
market development for the remaining part of the quarter.

The Board maintains the market view described in the first quarter report. It is
likely  that the  tanker  market,  based on the  existing  tight  supply  demand
balance, will show substantial  volatility.  The need to increase storage levels
to meet the winter  demand is likely to push a recovery of rates in  September -
October.  The  strength of the likely  recovery  will depend of such  factors as
world wide  economic  growth,  weather,  the  forward oil price curve as well as
political  developments  with special  focus on  Venezuela,  Nigeria and Iraq. A
major change in the IMO rules later this year could significantly  influence the
market and could,  combined  with a well  filled  order  backlog  for the yards,
create an  improved  long term market  situation  for tanker  owners.  The Board
remains optimistic overall for the development for the rest of the year, as well
as the overall outlook for the Company.


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,  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.

August 4, 2003
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda

Questions should be directed to:

Contact: Tor Olav Tr0im: Director and Vice-President, Frontline Ltd
         +47 23 11 40 00

         Ola Lorentzon, Managing Director, Frontline Management AS
         +47 23 11 40 00

         Kate Blankenship: Chief Accounting Officer, Frontline Ltd
         + 1 441 295-6935


    2002         2003   INCOME STATEMENT                                2003       2002          2002
  Apr-Jun      Apr-Jun  (in thousands of $)                           Jan-Jun     Jan-Jun      Jan-Dec
 (restated)                                                                     (restated)    (audited)

    87,333    228,993   Net operating revenues                        487,935      177,852      416,521
         -     (4,271)  Gain (loss) from sale of assets                (3,778)           -       (1,228)
    28,645     28,918   Ship operating expenses                        55,758       53,991      109,286
     9,754     19,303   Charterhire expenses                           42,850       19,532       60,634
     2,601      2,458   Administrative expenses                         5,721        5,020       12,806
    46,333    174,043   Operating income before depreciation          379,828       99,309      232,567
    33,661     35,582   Depreciation                                   70,941       66,477      136,891
    12,672    138,461   Operating income after depreciation           308,887       32,832       95,676
     2,947      3,273   Interest income                                 5,981        5,428       13,042
   (18,525)   (17,082)  Interest expense                              (35,553)     (35,818)     (71,311)
    (9,451)    13,287   Share of results from associated companies     30,452       (8,464)     (10,711)
    (6,142)    18,005   Other financial items                          24,849         (424)      (8,614)
   (11,437)      (878)  Foreign currency exchange gain (loss)             127      (11,093)     (10,932)
   (29,936)   155,066   Income (loss) before taxes and minority       334,743      (17,539)       7,150
        (2)        (1)  Taxes                                              (3)          (1)         (22)
         -          -   Cumulative effect of change in accounting           -      (14,142)     (14,142)
    (3,152)         -   Discontinued operations                             -       (1,518)      (1,929)
   (33,086)   155,067   Net income (loss)                             334,746      (33,198)      (8,899)

                        Basic Earnings (loss) Per Share Amounts ($)
    $(0.39)     $2.04   EPS from continuing operations before           $4.39       $(0.23)       $0.09
                        cumulative effect of change in accounting
    $(0.43)     $2.04   EPS                                             $4.39       $(0.43)      $(0.12)

                        Income on timecharter basis ($ per day per
    17,000     46,000   VLCC                                           50,700       18,700    22,500
    17,600     39,600   Suezmax                                        40,200       17,000    18,400
    15,300     35,200   Suezmax OBO                                    38,700       16,600    17,700

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

BALANCE SHEET                                                         2003         2002          2002
(in thousands of $)                                                  Jun 30       Jun 30        Dec 31
                                                                                (restated)    (audited)
Short term
Cash and cash equivalents                                             244,984       95,149      100,298
Other current assets                                                  159,202       84,500      132,707
Long term
Newbuildings and vessel purchase options                               35,333       80,566       27,405
Vessels and equipment, net                                          2,275,918    2,318,742    2,373,239
Vessels under capital lease, net                                      347,756      234,336      264,902
Investment in associated companies                                    131,344      112,769      119,329
Deferred charges and other long-term assets                            16,479       16,132       16,863
Total assets                                                        3,211,016    2,942,194    3,034,743

Short term
Short term interest bearing debt                                      156,802      230,009      167,807
Current portion of obligations under capital lease                     16,755       15,198       13,164
Other current liabilities                                             147,105       50,849       78,850
Long term
Long term interest bearing debt                                     1,161,742    1,201,871    1,277,665
Obligations under capital lease                                       342,905      218,920      259,527
Other long term liabilities                                            33,508       25,722       10,757
Minority interest                                                           -          166            -
Stockholders' equity                                                1,352,199    1,199,459    1,226,973
Total liabilities and stockholders' equity                          3,211,016    2,942,194    3,034,743

    2002         2003   STATEMENT OF CASHFLOWS                        2003          2002         2002
  Apr-Jun      Apr-Jun  (in thousands of $)                          Jan-Jun       Jan-Jun      Jan-Dec
                        OPERATING ACTIVITIES
   (33,086)   155,067   Net income (loss)                             334,746      (33,198)      (8,899)
                        Adjustments to reconcile net income to net
                        cash provided by operating activities
    35,667     35,509   Depreciation and amortisation                  72,146       69,753      142,154
    14,044        188   Unrealised foreign currency exchange           (1,070)      12,359       14,176
                        (gain) loss
     2,269      4,271   Gain or loss on sale of assets                  3,778        2,269        4,337
     9,451    (13,287)  Results from associated companies             (30,452)       8,464       10,711
     6,617    (16,250)  Adjustment of financial derivatives to        (22,410)       1,501        7,495
                        market value
         -          -   Change in accounting principle                      -       14,142       14,142
         -     (3,983)  Other, net                                     (4,963)           -        1,968
     6,863     53,682   Change in operating assets and liabilities        345       (4,249)     (44,059)
    41,825    215,197   Net cash provided by operating activities     352,120       71,041      142,025

                        INVESTING ACTIVITIES
   (18,395)  (157,899)  Additions to newbuildings, vessels and       (172,213)    (136,937)    (376,844)
    (5,660)       226   Advances to associated companies, net             495      (11,202)     (20,010)
      (447)         -   Purchase of minority interest                       -       (6,099)      (6,822)
    31,941    111,942   Proceeds from sale of assets                  115,885       42,441      177,902
     7,439    (45,731)  Net cash provided by (used in) investing      (55,833)    (111,797)    (225,774)

                        FINANCING ACTIVITIES
    49,576     52,149   Proceeds from long-term debt, net of fees      51,073      172,755      380,294
   (78,505)  (116,038)  Repayments of long-term debt                 (178,141)    (144,658)    (341,959)
    (2,950)    (1,853)  Repayment of capital leases                    (5,009)     (62,576)     (92,838)
        -      91,977   Additions to capital leases                    91,977            -       68,167
    (3,822)   (76,037)  Dividends paid                                (87,508)     (19,116)     (19,117)
         -    (24,045)  Issue of shares, net                          (23,993)         223          223
   (35,701)   (73,847)  Net cash used in financing activities        (151,601)     (53,372)      (5,230)

    13,563     95,619   Net increase (decrease) in cash and cash      144,686      (94,128)     (88,979)
    81,586    149,365   Cash and cash equivalents at start of         100,298      189,277      189,277
    95,149    244,984   Cash and cash equivalents at end of period    244,984       95,149      100,298


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        August 4, 2003               By        /s/ Kate Blankenship
    -----------------------------           --------------------------------
                                                       Kate Blankenship
                                          Secretary and Chief Accounting Officer

02089.0009 #421070