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]

Frontline Ltd. (NYSE:FRO) Q3 2020 Earnings Conference Call November 25, 2020 9:00 AM ET Company Participants Robert Macleod – Chief Executive Officer Lars Barstad – Interim Chief Executive Officer-Frontline Management AS Inger Klemp – Chief Financial Officer-Frontline Management AS Conference Call Participants Randy Giveans – Jefferies Chris Tsung – Webber Research Jon Chappell – Evercore ISI Greg Lewis – BTIG George Burmann – CL Securities Lars Barstad Good morning and good afternoon. Welcome to Frontline’ ...

Frontline Ltd (NYSE:FRO) Q2 2020 Earnings Conference Call August 27, 2020 9:00 AM ET Company Participants Robert Macleod - CEO Inger Klemp - CFO Conference Call Participants Randall Giveans - Jefferies Jonathan Chappell - Evercore ISI Chris Tsung - Webber Research & Advisory J. Mintzmyer - Value Investor's Edge Operator Ladies and gentlemen, thank you for standing by. Welcome to today's Quarter Two 2020 Frontline Limited Earnings Conference Call. I'll now hand you over to your first speaker, Robert Macleo ...

Frontline Ltd. (NYSE:FRO) Q1 2020 Earnings Conference Call May 20, 2020 9:00 AM ET Company Participants Robert Macleod - CEO Inger Klemp - CFO Conference Call Participants Jonathan Chappell - Evercore ISI Randall Giveans - Jefferies Gregory Lewis - BTIG Omar Nokta - Clarksons George Burmann - CL Securities Operator Ladies and gentlemen, thank you for standing by and welcome to the Frontline 2020 Q1 Limited Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a pr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from _________________ to _________________ o SHELL COMPANY REPORT ...

Frontline Ltd (NYSE:FRO) Q4 2019 Earnings Conference Call February 27, 2020 9:00 AM ET Company Participants Robert Macleod - CEO Inger Klemp - Principal Financial Officer Conference Call Participants Jonathan Chappell - Evercore ISI Randall Giveans - Jefferies Gregory Lewis - BTIG Michael Webber - Webber Research & Advisory Operator Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 Frontline Limited Earnings Conference Call. [Operator Instructions]. And I would now like to hand the ...

Frontline Ltd. (NYSE:FRO) Q3 2019 Earnings Conference Call November 27, 2019 9:00 AM ET Company Participants Robert Hvide Macleod - Chief Executive Officer Inger Klemp - Chief Financial Officer Conference Call Participants Jonathan Chappell - Evercore ISI Gregory Lewis - BTIG Randy Giveans - Jefferies Michael Webber - Webber Research & Advisory LLC Erik Hovi - Clarksons Platou Securities AS Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to today’s Q3 2019 Frontline Lim ...

Frontline Ltd. (NYSE:FRO) Q2 2019 Earnings Conference Call August 27, 2019 9:00 AM ET Company Participants Robert Macleod - Chief Executive Officer Inger Klemp - Chief Financial Officer Conference Call Participants Randy Giveans - Jefferies Jon Chappell - Evercore Gregory Lewis - BTIG Lukas Daul - ABG Operator Ladies and gentlemen thank you for standing by. Welcome to today's Second Quarter 2019 Frontline Limited Earnings Conference Call. At this time all participants are on a listen-only mode. There will b ...