Financial Data and Key Metrics Changes - Frontline achieved total operating revenues of $101 million in Q4 2021, with an adjusted EBITDA of $61 million and a net income of approximately $20 million or $0.10 per share [6][7] - Adjusted net loss decreased by $31.1 million compared to Q3 2021, driven by increased time charter equivalent earnings and reduced ship operating expenses [7] - Cash breakeven rates for 2022 are estimated at approximately $22,700 per day for VLCCs, $18,900 for Suezmax tankers, and $16,000 for LR2 tankers, with a fleet average of about $19,300 per day [9] Business Line Data and Key Metrics Changes - In Q4 2021, Frontline achieved $6,500 per day on its VLCC fleet, $14,200 per day on its Suezmax fleet, and $13,900 per day on its LR2/Aframax fleet [3] - For Q1 2022, 58% of VLCC days are booked at $21,300 per day, 65% of Suezmax days at $19,600 per day, and 56% of LR2/Aframax days at $18,800 per day [3] Market Data and Key Metrics Changes - Global oil demand was estimated at 99.7 million barrels per day in Q4 2021, an increase of 1.5 million barrels per day compared to Q3 2021, with a continued draw on inventories of 1.4 million barrels per day [12][13] - Oil in transit has risen by 20% since October 2021, indicating improved tanker utilization [14] - The order book for VLCCs, Suezmax, and LR2s stands at 8%, 7%, and 13% respectively, with significant capacity for new tanker orders pushed out to 2025 [16] Company Strategy and Development Direction - Frontline emphasizes its modern fleet, with an average age of 5 years, 79% of vessels being ECO, and 54% equipped with scrubbers, which allows for premium TCE rates [5] - The company is focused on decarbonization and compliance with upcoming IMO regulations, targeting a 3% annual reduction in carbon emissions [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market has recovered modestly since Q3 2021, but challenges remain due to oil supply not fully returning to pre-pandemic levels [24] - The company anticipates that OPEC will need to increase production to meet rising demand, especially if U.S. production does not grow significantly [28] Other Important Information - Frontline's financial commitments are fully funded, with no debt maturities until 2023 [8] - The company has seen a significant increase in free cash flow per share, estimated at $2.44, with a free cash flow yield of 32% [10] Q&A Session Summary Question: OPEC's production challenges and tanker market supply - Management acknowledged that increased exports from the U.S. could help meet demand, but U.S. producers have been disciplined, impacting supply [27] Question: Asset sales and fleet management - Management confirmed ongoing discussions regarding potential asset sales, particularly in the VLCC market, but no immediate plans for further sales of LR2s or Suezmaxes [33] Question: Dry docking schedule - The plan is to dry dock 4 vessels in Q1, 5 in Q2, and 2 in Q4 of 2022, with flexibility to adjust based on market conditions [39] Question: Future dividend initiation - Management indicated that dividends would be considered when VLCC rates exceed $22,000 per day and Suezmax rates exceed $19,000 per day [57]

Frontline Ltd. (NYSE:FRO) Q3 2021 Earnings Conference Call November 29, 2021 9:00 AM ET Company Participants Lars Barstad - CEO Inger Klemp - CFO Conference Call Participants Chris Tsung - Webber Research Greg Lewis - BTIG Jon Chappell - Evercore Chris Robertson - Jefferies Operator Good day, and thank you for standing by. Welcome to the Q3 2021 Frontline Limited Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded [Operator Instructions]. I would no ...

Frontline Ltd. (NYSE:FRO) Q2 2021 Earnings Conference Call August 26, 2021 9:00 AM ET Company Participants Lars Barstad - Chief Executive Officer Inger Klemp - Chief Financial Officer Conference Call Participants Magnus Fyhr - H.C. Wainwright Jon Chappell - Evercore Randy Giveans - Jefferies Operator Thank you all for standing by and welcome to today's Q2 2021 Frontline Ltd. Earnings Conference Call. [Operator Instructions] Please be advised the call is being recorded. And I would now like to hand the call ...

Frontline Ltd (NYSE:FRO) Q1 2021 Earnings Conference Call May 27, 2021 9:00 AM ET Company Participants Lars Barstad - Interim CEO Inger Klemp - CFO Conference Call Participants Jon Chappell - Evercore Randy Giveans - Jefferies Magnus Fyhr – H.C. Wainwright & Co. Chris Tsung - Webber Research Operator Good day, and thank you for standing by. Welcome to the Q1 2021 Frontline Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and ...

Financial Data and Key Metrics Changes - In Q4 2020, Frontline reported total operating revenues of $101 million and an adjusted EBITDA of $31 million, with a net loss of $9.2 million or $0.05 per share [4][5] - Full year 2020 net income was $413 million or $2.09 per share, marking the strongest yearly result since 2008 [5][6] - Adjusted net income in Q4 decreased by $76 million from Q3, primarily due to a $75 million decrease in time charter equivalent earnings [5][6] Business Line Data and Key Metrics Changes - For Q4, the average daily earnings were $17,200 for VLCCs, $9,800 for Suezmaxes, and $12,500 for LR2s, showing a decline from Q3 levels [4][5] - The cash breakeven rates for 2021 are estimated at $21,600 for VLCCs, $17,800 for Suezmaxes, and $15,600 for LR2s, with a fleet average of $18,200 per day [8] Market Data and Key Metrics Changes - By December 2020, Chinese oil consumption reached an all-time high of 16.6 million barrels per day, impacting tanker demand [11] - The global tanker markets corrected sharply in the second half of 2020, with expectations of a strong recovery in 2021 as global oil production is projected to increase by 5.3 million barrels [18] Company Strategy and Development Direction - Frontline is focused on maintaining a spot-exposed fleet to capitalize on market recovery, with nearly 100% of its fleet spot exposed [29] - The company is considering future investments in propulsion technologies but is waiting for clearer market signals regarding economic viability [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q4 2020 but expressed optimism about the recovery in tanker markets, particularly with OPEC+ expected to ease production cuts [18] - The lack of scrapping in the current market is seen as a mystery, but management anticipates that scrapping will accelerate throughout the year due to regulatory pressures [24] Other Important Information - Frontline has $413 million in cash and cash equivalents as of December 31, 2020, and has successfully extended debt maturities to 2023 [6][7] - The company has a fully funded newbuilding program and no material debt maturities until 2023 [7] Q&A Session Summary Question: Frontline's position for acquiring ships in the upcoming market recovery - Management indicated they are always looking for opportunities but did not commit to specific actions regarding acquisitions [22] Question: The impact of scrapping on market recovery - Management noted the lack of scrapping is puzzling but expects it to increase due to regulatory changes affecting older vessels [24] Question: Appetite for increasing operational leverage through new charters - Management expressed satisfaction with their current spot exposure and indicated they are open to increasing operational leverage but are cautious about timing [29] Question: Dividend reintroduction criteria - Management stated that dividends will be considered based on positive results and market conditions [36] Question: Which asset class is most promising in the near term - Management highlighted that while all segments are important, VLCCs may benefit first from a recovery due to increased refinery runs [38] Question: Asset values in the current market - Management agreed that share prices may be anticipating a recovery sooner than asset values, indicating a potential floor in asset prices [40]