Overview
- Frontline reported first‑quarter net income of $559.1 million and adjusted earnings of $1.55 per share, with revenue of $714.2 million that beat analyst estimates.
- Higher time‑charter equivalent earnings powered the gain, with average daily spot TCEs of about $103,500 for VLCCs, $72,400 for Suezmaxes, and $50,700 for LR2/Aframax ships.
- CEO Lars H. Barstad said disruptions tied to the Strait of Hormuz lengthened trade routes and raised ton‑mile demand, which amplified spot rates and vessel utilization during the quarter.
- The company declared a $1.55 quarterly cash dividend, booked a $210.9 million gain from selling eight older ECO VLCCs, and agreed to sell two Suezmaxes for $140 million with an expected Q2 gain.
- Frontline is expanding and modernizing its fleet by ordering nine scrubber‑fitted ECO VLCC newbuilds and securing more than $970 million in financing while warning average rates could moderate if ballast days rise or Middle East flows normalize.