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 ...

Financial Data and Key Metrics Changes - Frontline achieved total operating revenues of $107 million in Q1 2021, with an adjusted EBITDA of $59 million and a net income of $28.9 million or $0.15 per share [6][7] - Adjusted net income increased by $21 million compared to the previous quarter, driven by a decrease in ship operating expenses of $11 million and an increase in time charter equivalent earnings of $6.8 million [7][8] - Cash and cash equivalents stood at $380 million as of March 31, 2021, reflecting an increase of $10 million in the first quarter [8] Business Line Data and Key Metrics Changes - The VLCC fleet generated $19,000 per day, Suezmax fleet $15,200 per day, and LR2/Aframax fleet $12,000 per day in Q1 2021 [4] - For Q1, 70% of VLCC days were booked at $18,100 per day, 63% of Suezmax days at $13,600 per day, and 59% of LR2/Aframax days at $14,200 per day [4] Market Data and Key Metrics Changes - Total oil consumption rose by 4.3 million barrels from January to March, reaching 96.5 million barrels per day, while supply fell by 0.5 million barrels [11] - The overall tanker order book shrunk by approximately 4% year-to-date, with VLCC orders standing at around 9% of the existing fleet [13] Company Strategy and Development Direction - The company maintains a strategy focused on being mostly spot exposed and does not expect an imminent recovery in the market [4] - Frontline confirmed the acquisition of six high-spec ECO scrubber-fitted VLCCs to be delivered from Hyundai Heavy Industries, indicating a commitment to modernizing the fleet [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the tanker market, citing a firm recovery in key macro indicators and a projected global GDP increase of 6% in 2021 [17] - The company is well-positioned to capitalize on the anticipated recovery in tanker markets with its modern, fuel-efficient fleet [17] Other Important Information - The company recorded operating expenses of $7,300 per day for VLCCs, $7,100 for Suezmax tankers, and $7,200 for LR2 tankers [9] - Drydocking costs are expected to increase in the second quarter, with plans to drydock two Suezmax and four LR2 tankers [9] Q&A Session Summary Question: Outlook on asset acquisition and market conditions - Management indicated that while they are always aggressive in seeking opportunities, the right conditions must align for asset acquisition [20][21] Question: Financing strategy for new builds - Management clarified that they have flexibility regarding debt financing and will assess opportunities for equity raises based on market conditions [23][24] Question: Product tanker market outlook - Management noted that the product market is in a recovery phase but requires a return of jet demand to see significant rate improvements [28][29] Question: Operating expenses and future run rates - Management provided insights on expected increases in operating expenses due to drydocking and indicated that G&A expenses would likely be around $8.3 to $8.5 million going forward [31][34] Question: Scrapping of older ships - Management reported that eight VLCCs and three Suezmaxes have been sold for scrap year-to-date, with expectations for increased scrapping activity due to rising recycling prices [39] Question: Drydocking schedule - Management confirmed that no drydockings are planned for the fourth quarter, focusing on the second and third quarters instead [43]