Frontline Ltd (FRO) CEO Lars Barstad on Q4 2021 Results - Earnings Call Transcript

Feb. 17, 2022 8:57 PM ETFrontline plc (FRO)3 Comments
SA Transcripts profile picture
SA Transcripts

Frontline Ltd (NYSE:FRO) Q4 2021 Earnings Conference Call February 17, 2022 9:00 AM ET

Company Participants

Lars Barstad - CEO

Inger Klemp - CFO

Conference Call Participants

Jon Chappell - Evercore

Randy Giveans - Jefferies

Magnus Fyhr - H. C. Wainwright

Chris Tsung - Webber Research

Greg Lewis - BTIG

Lars Barstad

Thank you, and good morning and good afternoon to anyone or everyone dialing in. Welcome to Frontline's Fourth Quarter Earnings Call. We continued our stride through what ended up being a somewhat less exciting market than expected. And towards the end of the third quarter, we actually started to see a recovery in demand for freight as exports volumes grew, which was continued into the fourth quarter, but regretfully, it was not enough to move the needle in the vessel supply and demand equation to make a significant change in rates in absolute terms.

So I think we'll just move straight on to the highlights on Slide 3. Sales in the fourth quarter, Frontline achieved [$6,500] per day on our VLCC fleet. We had $14,200 per day on our Suezmax fleet and $13,900 per day on our LR2/Aframax fleet. So far, in the first quarter of 2022, we have booked 58% of our VLCC days at $21,300 per day, 65% of our Suezmax days at $19,600 per day, and 56% of our LR2/Aframax days at $18,800 per day. All numbers in this table are on a load to discharge basis.

And our thinking in order to make it clear to all listeners, how we achieve these numbers when the benchmark indices are reported to show negative numbers, I'd like us to quickly move to Slide 4. So we've said time over again that Frontline has a large diverse fleet of modern tankers. And it was kind of made clear to us today

Recommended For You

Comments (3)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.