Frontline(US:FRO)2025-03-03 21:24Financial Performance - The company reported a profit of $66.7 million, or $0.30 per share, for the fourth quarter of 2024, compared to a profit of $60.5 million in the previous quarter[4]. - Adjusted profit for the fourth quarter of 2024 was $45.1 million, down from $75.4 million in the previous quarter, primarily due to a decrease in TCE earnings from $292.2 million to $249.4 million[8]. - Reported revenues for the fourth quarter of 2024 were $425.6 million[4]. - The Company reported total revenues and other operating income of $2,162.5 million for the year ended December 31, 2024, compared to $1,826.3 million for the previous year, representing an increase of 18.4%[40]. - The profit for the period in the fourth quarter of 2024 was $118.4 million, a decrease of 0.2% from $118.4 million in the fourth quarter of 2023[40]. - Basic and diluted earnings per share for the year ended December 31, 2024, were $2.23, down from $2.95 in 2023, indicating a decrease of 24.3%[40]. - The Company reported a profit of $495,583 for FY 2024, compared to $656,414 in FY 2023, representing a decline of approximately 24.5%[43]. - Adjusted profit for FY 2024 was $396,642, down from $585,708 in FY 2023, indicating a decrease of about 32.2%[45]. - The adjusted basic and diluted earnings per share for FY 2024 were $1.78, down from $2.63 in FY 2023, a decrease of approximately 32.3%[45]. Cash Flow and Dividends - The company declared a cash dividend of $0.20 per share for the fourth quarter of 2024, with a record date of March 14, 2025[23]. - The company paid dividends totaling $434,115 in FY 2024, down from $638,928 in FY 2023, a reduction of about 32.1%[43]. - Net cash provided by operating activities for Q4 2024 was $167,848, a decrease from $100,494 in Q4 2023[42]. - The company reported cash and cash equivalents of $413.5 million as of December 31, 2024, an increase from $308.3 million as of December 31, 2023, representing a growth of 34.1%[41]. - Cash and cash equivalents at the end of Q4 2024 were $413,532, up from $308,322 at the end of Q4 2023, marking an increase of about 34.1%[42]. Fleet and Operational Metrics - As of December 31, 2024, the company's fleet consisted of 81 vessels with an aggregate capacity of approximately 17.8 million DWT, with an average age of 6.6 years[15]. - The current tanker orderbook for the asset classes owned by the company constitutes 18.4% of the existing global fleet, with most growth attributed to deliveries scheduled in 2026 and 2027[14]. - The number of contracted ballast days at the end of Q4 2024 was 1,116 days for VLCCs, indicating ongoing operational commitments[54]. - Spot days for VLCCs acquired from Euronav totaled 8,518 in Q4 2024, compared to just 184 in FY 2023, indicating enhanced fleet utilization[51]. Debt and Financing - The company entered into three senior secured credit facilities totaling up to $239.0 million to refinance existing debt and provide revolving credit capacity of up to $91.9 million[5]. - The Company entered into a senior secured credit facility of up to $72.3 million with Crédit Agricole in February 2025 to refinance outstanding debt and provide additional revolving credit capacity of up to $25.4 million[28]. - The Company also secured a credit facility of up to $47.0 million with SEB for refinancing debt on a Suezmax tanker, along with a revolving credit capacity of up to $14.9 million[29]. - The Company’s long-term debt as of December 31, 2024, was $3,284.1 million, compared to $3,194.5 million as of December 31, 2023, reflecting an increase of 2.8%[41]. Market and Economic Conditions - Global oil consumption averaged 103.4 million barrels per day in the fourth quarter of 2024, an increase of 1.0 mbpd compared to the same period last year[10]. - The company anticipates continued growth in TCE rates as market conditions improve and operational efficiencies are realized[54]. Time Charter Equivalent (TCE) Performance - Average daily spot TCE earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $35,900, $33,300, and $26,100, respectively, in the fourth quarter of 2024[4]. - Total Time Charter Equivalent (TCE) for FY 2024 was $1,269,031, an increase from $1,170,065 in FY 2023, reflecting a growth of approximately 8.4%[48]. - Total Time Charter Equivalent (TCE) for Q4 2024 was $1,269,031,000, a notable increase from $369,718,000 in Q4 2023, marking a growth of 243%[51]. - Total Spot TCE for Q4 2024 was $1,196,090,000, up from $355,661,000 in Q4 2023, reflecting a year-over-year growth of 236%[51]. - Spot TCE for VLCCs acquired from Euronav in Q4 2024 was $339,888,000, compared to $1,054,000 in FY 2023, indicating a substantial increase in revenue generation[51]. - Spot TCE per day for VLCCs acquired from Euronav in Q4 2024 was $39,900, compared to $5,700 in FY 2023, showcasing improved daily earnings[51]. - Suezmax TCE for Q4 2024 was $8,697,000, up from $0 in FY 2023, reflecting the introduction of new revenue streams[51].