FRONTLINE PLC REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025
Frontline plc (the "Company", "Frontline," "we," "us," or "our"), today reported 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 ("TCEs")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 $23.7 million in the third quarter of
2025.
Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:
"The third quarter began in line with seasonal trends, with a typically subdued summer period. However, as the quarter progressed, freight markets strengthened -- most notably for VLCCs. The U.S. moved past peak refinery runs, while India increasingly reduced its intake of Russian feedstock, opening up the ton-mile intensive arbitrage between the Americas and Asia. Global oil demand remains resilient, and the gradual reversal of OPEC+ production cuts is beginning to reflect in higher export volumes. Having navigated a modest third quarter, we are encouraged by the strong fundamentals and Frontline's efficient, spot-focused fleet as we enter the winter market with freight rates at multi-year highs."
Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:
"Converting term loan balances into revolving credit facilities enables us to efficiently manage our surplus cash through prepayment of debt, reduce our costs and cash breakeven rates while keeping full flexibility by preserving substantial available and undrawn revolving capacity to support potential fleet growth. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders."
Average daily TCEs and estimated cash breakeven rates
Estimated
average
daily
cash
breakeven
rates for
Spot TCE the next
currently 12
($ per day) Spot TCE contracted % Covered months
------------ -------------------------------------- ---------- --------- ---------
Q3 Q2 Q1
2025 2025 2025 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
------ ------ ------ ------ ------ ---------- --------- ---------
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
Ørjan 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 "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" 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, management's 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 Company's
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 Company's 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 "trade wars";
-- 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 ("non-GAAP"). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.
Attachment
-- 3rd Quarter 2025 Results
(END) Dow Jones Newswires
November 21, 2025 01:29 ET (06:29 GMT)
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