Frontline Plc (FRO) Q4 2024 Earnings Call Transcript

Frontline Plc (NYSE:FRO) Q4 2024 Earnings Conference Call February 28, 2025 9:00 AM ET

Company Participants

Lars Barstad - Chief Executive Officer
Inger Klemp - Chief Financial Officer

Conference Call Participants

Jonathan Chappell - Evercore ISI
Omar Nokta - Jefferies
Sherif Elmaghrabi - BTIG

Lars Barstad

Thank you very much, dear all, and thank you for dialing into Frontline's quarterly earnings call. Being in the tanker industry, one is used to evolving and ever changing markets, largely affected by geopolitical events, but it's becoming a little bit exhausting having potential seismic shifts by the hour. At Frontline, we managed to stay calm, trade our ships and wait for the facts or actual outcomes instead of attempting to analyze every statement out there. A red line in all the action is focused on sanctions enforcement and a widening scope within that area, which we welcome.

Before I give the word to Inger, I'll run through the TCE numbers on Slide 3 in the deck. In the fourth quarter of 2024, Frontline achieved $35,900 per day on our VLCC fleet, $33,400 per day on our Suezmax fleet and $26,100 per day on our LR2/Aframax fleet.

So far in the third quarter, 80% of our VLCC days are booked at $43,700 per day, 77% of our Suezmax days are booked at $35,400 per day and 64% of our LR2/Aframax days are booked at $29,700 per day. Again, all these numbers in the table are on a load-to-discharge basis with the implications of ballast days at the end of the quarter, this incurs.

With that, I'll give the word to Inger, and we move to Page 3 in the deck.

Inger Klemp

Yes. Thank you, Lars, and good morning and good afternoon, ladies and gentlemen. We are now on Slide 4, profit statement. We report profit of $66.7 million this quarter or $0.30