Frontline plc (the âCompanyâ, âFrontline,â âwe,â âus,â or âourâ), today reported
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unaudited results for the three and nine months ended September 30, 2025:
Highlights
- Profit of $40.3 million, or $0.18 per share for the third quarter of 2025.
- Adjusted profit of $42.5 million, or $0.19 per share for the third quarter
of 2025.
- Declared a cash dividend of $0.19 per share for the third quarter of 2025.
- Reported revenues of $432.7 million for the third quarter of 2025.
- Achieved average daily spot time charter equivalent earnings (âTCEsâ)(1) for
VLCCs, Suezmax tankers and LR2/Aframax tankers in the third quarter of
$34,300, $35,100 and $31,400 per day, respectively.
- Converted seven existing credit facilities with aggregate outstanding term
loan balances of $405.5 million and undrawn revolving credit capacity of
$87.8 million into revolving reducing credit facilities of up to $493.4
million in September 2025 and subsequently prepaid a total of $374.2 million
in September, October and November of 2025 leading to a reduction in fleet
average cash break even rates of approximately $1,300 per day for the next
12 months.
- Sold its oldest Suezmax tanker, built in 2011, for a net sales price of
$36.4 million and delivered the vessel to its new owner in September 2025.
After repayment of existing debt, the transaction generated net cash
proceeds of approximately $23.7 million in the third quarter of 2025.
Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:
"The third quarter began in line with seasonal trends, with a typically subdued
summer period. However, as the quarter progressed, freight markets strengthened
- most notably for VLCCs. The U.S. moved past peak refinery runs, while India
increasingly reduced its intake of Russian feedstock, opening up the ton-mile
intensive arbitrage between the Americas and Asia. Global oil demand remains
resilient, and the gradual reversal of OPEC+ production cuts is beginning to
reflect in higher export volumes. Having navigated a modest third quarter, we
are encouraged by the strong fundamentals and Frontlineâs efficient, spot-
focused fleet as we enter the winter market with freight rates at multi-year
highs."
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
âConverting term loan balances into revolving credit facilities enables us to
efficiently manage our surplus cash through prepayment of debt, reduce our costs
and cash breakeven rates while keeping full flexibility by preserving
substantial available and undrawn revolving capacity to support potential fleet
growth. We continue to focus on maintaining our competitive cost structure,
breakeven levels and solid balance sheet to ensure that we are well positioned
to generate significant cash flow and create value for our shareholders.â
Average daily TCEs and estimated cash breakeven rates
Âą---------------------------------------------Âą----------Âą-------Âą---------+
| | | |Estimated |
| | | | average |
| | | |daily cash|
| | | |breakeven |
| | Spot TCE | |rates for |
| ($ per | currently | % | the next |
| day) Spot TCE |contracted |Covered |12 months |
Âą---------------------------------------------Âą----------Âą-------Âą---------+
| 2025 Q3 2025 Q2 2025 Q1 2025 2024 | Q4 2025 | |
| | | |
|VLCC 38,200 34,300 43,100 37,200 43,400| 83,300 75% | 26,000 |
| | | |
|Suezmax 35,100 35,100 38,900 31,200 41,400| 60,600 75% | 23,300 |
| | | |
|LR2 / | | |
|Aframax 27,900 31,400 29,300 22,300 42,300| 42,200 51% | 23,600 |
Âą---------------------------------------------Âą-------------------Âą---------+
We expect the spot TCEs for the full fourth quarter of 2025 to be lower than the
spot TCEs currently contracted, due to the impact of ballast days during the
fourth quarter of 2025. See Appendix 1 for further details.
The Board of Directors
Frontline plc
Limassol, Cyprus
November 20, 2025
Ola Lorentzon - Chairman and Director
John Fredriksen - Director
James O'Shaughnessy - Director
Steen Jakobsen - Director
Cato Stonex - Director
Ărjan Svanevik - Director
Dr. Maria Papakokkinou - Director
Questions should be directed to:
Lars H. Barstad: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
Forward-Looking Statements
Matters discussed in this report may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements, which include statements concerning
plans, objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than statements of
historical facts.
Frontline plc and its subsidiaries, or the Company, desire to take advantage of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and is including this cautionary statement in connection with this safe
harbor legislation. This report and any other written or oral statements made by
us or on our behalf may include forward-looking statements, which reflect our
current views with respect to future events and financial performance and are
not intended to give any assurance as to future results. When used in this
document, the words âbelieve,â âanticipate,â âintend,â âestimate,â âforecast,â
âproject,â âplan,â âpotential,â âwill,â âmay,â âshould,â âexpectâ and similar
expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this report are based upon various
assumptions, including without limitation, managementâs examination of
historical operating trends, data contained in our records and data available
from third parties. Although we believe that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections. We undertake no obligation to update
any forward-looking statements, whether as a result of new information, future
events or otherwise.
In addition to these important factors and matters discussed elsewhere herein,
important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include:
- the strength of world economies;
- fluctuations in currencies and interest rates, including inflationary
pressures and central bank policies intended to combat overall inflation and
high interest rates and foreign exchange rates;
- the impact that any discontinuance, modification or other reform or the
establishment of alternative reference rates have on the Companyâs floating
interest rate debt instruments;
- general market conditions, including fluctuations in charter hire rates and
vessel values;
- changes in the supply and demand for vessels comparable to ours and the
number of newbuildings under construction;
- the highly cyclical nature of the industry that we operate in;
- the loss of a large customer or significant business relationship;
- changes in worldwide oil production and consumption and storage;
- changes in the Companyâs operating expenses, including bunker prices, dry
docking, crew costs and insurance costs;
- planned, pending or recent acquisitions, business strategy and expected
capital spending or operating expenses, including dry docking, surveys and
upgrades;
- risks associated with any future vessel construction;
- our expectations regarding the availability of vessel acquisitions and our
ability to complete vessel acquisition transactions as planned;
- our ability to successfully compete for and enter into new time charters or
other employment arrangements for our existing vessels after our current
time charters expire and our ability to earn income in the spot market;
- availability of financing and refinancing, our ability to obtain financing
and comply with the restrictions and other covenants in our financing
arrangements;
- availability of skilled crew members and other employees and the related
labor costs;
- work stoppages or other labor disruptions by our employees or the employees
of other companies in related industries;
- compliance with governmental, tax, environmental and safety regulation, any
non-compliance with U.S. or European Union regulations;
- the impact of increasing scrutiny and changing expectations from investors,
lenders and other market participants with respect to our Environmental,
Social and Governance policies;
- Foreign Corrupt Practices Act of 1977 or other applicable regulations
relating to bribery;
- general economic conditions and conditions in the oil industry;
- effects of new products and new technology in our industry, including the
potential for technological innovation to reduce the value of our vessels
and charter income derived therefrom;
- new environmental regulations and restrictions, whether at a global level
stipulated by the International Maritime Organization, and/or imposed by
regional or national authorities such as the European Union or individual
countries;
- vessel breakdowns and instances of off-hire;
- the impact of an interruption in or failure of our information technology
and communications systems, including the impact of cyber-attacks upon our
ability to operate;
- risks associated with potential cybersecurity or other privacy threats and
data security breaches;
- potential conflicts of interest involving members of our Board of Directors
and senior management;
- the failure of counter parties to fully perform their contracts with us;
- changes in credit risk with respect to our counterparties on contracts;
- our dependence on key personnel and our ability to attract, retain and
motivate key employees;
- adequacy of insurance coverage;
- our ability to obtain indemnities from customers;
- changes in laws, treaties or regulations;
- the volatility of the price of our ordinary shares;
- our incorporation under the laws of Cyprus and the different rights to
relief that may be available compared to other countries, including the
United States;
- changes in governmental rules and regulations or actions taken by regulatory
authorities;
- government requisition of our vessels during a period of war or emergency;
- potential liability from pending or future litigation and potential costs
due to environmental damage and vessel collisions;
- the arrest of our vessels by maritime claimants;
- general domestic and international political conditions or events, including
âtrade warsâ;
- any further changes in U.S. trade policy that could trigger retaliatory
actions by the affected countries;
- potential disruption of shipping routes due to accidents, environmental
factors, political events, public health threats, international sanctions
and international hostilities including the war between Russia and Ukraine
and developments in the Middle East, including vessel attacks in the Red Sea
and Gulf of Aden and Israel-Iran conflict, acts by terrorists or acts of
piracy on ocean-going vessels;
- the impact of restriction on trade, including the imposition of tariffs,
port fees and other import restrictions by the United States on its trading
partners and the imposition of retaliatory tariffs by China and the EU on
the United States, and potential further protectionist measures and/or
further retaliatory actions by others, including the imposition of tariffs
or penalties on vessels calling in key export and import ports such as the
United States, EU and/or China;
- the length and severity of epidemics and pandemics and their impact on the
demand for seaborne transportation of crude oil and refined products;
- the impact of port or canal congestion;
- business disruptions due to adverse weather, natural disasters or other
disasters outside our control; and
- other important factors described from time to time in the reports filed by
the Company with the Securities and Exchange Commission.
We caution readers of this report not to place undue reliance on these forward-
looking statements, which speak only as of their dates. These forward-looking
statements are no guarantee of our future performance, and actual results and
future developments may vary materially from those projected in the forward-
looking statements.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.
(1) This press release describes Time Charter Equivalent earnings and related
per day amounts and spot TCE currently contracted, which are not measures
prepared in accordance with IFRS (ânon-GAAPâ). See Appendix 1 for a full
description of the measures and reconciliation to the nearest IFRS measure.
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