Antony VelikagathuNote: I covered Frontline plc (NYSE:FRO) in January 2024. I prized the company’s large fleet, strong balance sheet, and reasonable valuation. At that time, tanker market fundamentals were supportive. The crude oil tanker order book was below 5%, and the number of ships older than 20 years was rising. On the other hand, tonne-mile demand was resilient due to the Red Sea crisis and stable oil demand. In conclusion, I gave FRO a Buy rating. In May, FRO’s share price reached $28.6/share, o ...

Financial Data and Key Metrics Changes - Frontline reported a profit of $187.6 million or $0.84 per share for Q2 2024, with an adjusted profit of $138.2 million or $0.62 per share, comparable to Q1 2024 [5][6] - The TCE earnings decreased by $12.4 million due to the disposal of two VLCCs and two Suezmax tankers, offset by reduced operating expenses and increased interest income of $12.6 million [5][6] - Strong liquidity of $567 million in cash and cash equivalents was reported, with no newbuilding commitments and no significant debt maturities until 2027 [6][8] Business Line Data and Key Metrics Changes - TCE numbers for Q2 2024 were $49,600 per day for VLCCs, $45,600 for Suezmaxes, and $53,100 for LR2/Aframax fleets [4] - For Q3, 79% of VLCC days are booked at $47,400, 85% of Suezmax days at $49,900, and 65% of LR2/Aframax days at $50,100 [4] Market Data and Key Metrics Changes - 23% of the global fleet is involved in sanction trade, with 17% of the VLCC fleet under scrutiny [12][13] - Global oil demand is on track, with oil in transit rising and world inventories at historical lows [14][20] - The order book for VLCCs remains low, while Suezmax is medium low and LR2 is high, with no new orders in the last 1.5 months [21] Company Strategy and Development Direction - The company is focusing on optimizing capital structure through refinancing and divesting older vessels, having completed the sale of four vessels [7][8] - A two-tier market is developing, with a compliant market and a growing dark or grey fleet, which could create volatility [16][17] - The company anticipates a strong earnings capacity moving into the second half of the year, driven by seasonal demand increases [22] Management's Comments on Operating Environment and Future Outlook - Management noted geopolitical risks in the Middle East and the impact of sanctions on trade, but expressed optimism for the upcoming winter season [3][12] - The company expects oil consumption to increase by 1.5 million barrels from August to December, indicating a seasonal uptick in demand [19] - Concerns were raised about China's oil imports and the potential impact on global demand, but management remains hopeful for demand growth from other regions [30][31] Other Important Information - The average cash breakeven rates for the next 12 months are estimated at approximately $29,600 per day for VLCCs, $22,300 for Suezmaxes, and $21,200 for LR2s [9][10] - The company has a strong balance sheet with sensible leverage on its modern fleet, positioning it well for future opportunities [22] Q&A Session Summary Question: Are there any more big refinancings expected before 2027? - Management indicated that there are no material refinancings expected before 2027, with the divestiture of older vessels also completed [24][25] Question: What is driving the VLCC performance in Q3? - Management attributed the performance to the successful integration of a new fleet from Euronav and strategic booking practices [34][35] Question: How will the recent pullback in Libyan exports affect crude trade dynamics? - Management noted that while it may impact Aframaxes, VLCCs would likely see minimal effect as other sources could compensate for lost volumes [38][39] Question: What is the outlook for Iranian crude exports under increased scrutiny? - Management expressed skepticism about vessels returning to the compliant market, suggesting that the aging compliant fleet would continue to supply the grey market [42][43] Question: How does the company plan to utilize excess cash if the market improves? - Management stated that excess cash would be returned to investors unless a compelling investment opportunity arises [56]

FRONTLINE Second Quarter Presentation August 2024 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS ...

HeliRy Overview We have written articles about large and small, high seas, container or dry bulk marine shipping companies. This article features Frontline plc (FRO), a mid-sized international seaborne transportation company of crude oil and refined products with a $5B market cap. Analysts rate the stock as a buy-to-strong buy opportunity. Seeking Alpha’s Quant Rating has often characterized Frontline stock as a Strong Buy opportunity in 7 out of the last 11 months; otherwise, as in the past few weeks, ...

TUS+VEN+HMA Triplet Protocol in Frontline Therapy for Newly Diagnosed AML was Reviewed by the FDA and Allowed to Proceed Abstract Supporting Exploration of the TUS+VEN+AZA Triplet in Frontline Therapy for Newly Diagnosed AML has been Submitted to the 2025 Annual Meeting of the American Society of Hematology (ASH) SAN DIEGO and TORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (NASDAQ: APTO, TSX: APS), a clinical-stage precision oncology company developing highly ...

BASKING RIDGE, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Verizon Frontline today announced the launch of a newly-established program designed to help strengthen partnerships with vendors in the public safety and mission-critical communications industry. The “Verizon Frontline-Verified” program offers a special designation to vendors whose products have been tested and met the rigorous standards required for public safety use on the Verizon network. The products eligible for this status are specifically design ...

What you need to know: The Verizon Frontline Crisis Response Team deployed SPOT trailers and nearly 200 solutions at 15 different locations to provide first responders with mission-critical voice and data connectivity This effort is one of the Verizon Frontline Crisis Response Team’s nearly 800 responses to requests for support from federal, state and local public safety agencies in 2024 HARDMAN, Ore., July 30, 2024 (GLOBE NEWSWIRE) -- The Verizon Frontline Crisis Response Team recently deployed in support ...

Three separate, highly-specialized Verizon teams supported first responders participating in the eventAdvanced communication technologies helped ensure seamless coordination across jurisdictions and organizationsVerizon provided multiple mission-critical communications solutions, including drones and a tactical command trailer DALLAS FORT WORTH AIRPORT, Texas, July 16, 2024 (GLOBE NEWSWIRE) --  The Verizon Frontline Crisis Response Team recently completed a deployment in support of first responders particip ...

The Fed’s anticipated rate cut could make high-yield stocks more attractive compared to bonds. When interest rates fall, existing bonds become less appealing, potentially leading investors towards higher-yielding equities.Investors are drawn to dividend stocks for several reasons. They provide a reliable stream of income, indicate a company’s financial health, and offer some protection against inflation. Given these benefits and the shifting investment landscape, Finbold has identified two high-yield divide ...

TRAVERSE CITY, Mich., July 11, 2024 (GLOBE NEWSWIRE) -- The Verizon Frontline Crisis Response Team recently deployed in support of local government agencies in Grand Traverse County, Michigan, to provide temporary connectivity in the wake of a ransomware attack. At the request of local officials, the team provided more than 80 Verizon Frontline communications solutions to help county agencies get operations back up and running at numerous locations. "We appreciate having a mission-critical partner like Veri ...