Frontline(US:FRO)2025-08-29 20:11Financial Performance - Profit for the second quarter of 2025 was $77.5 million, or $0.35 per share, compared to $33.3 million in the previous quarter[4] - Adjusted profit for the second quarter of 2025 was $80.4 million, up from $40.4 million in the previous quarter, driven by an increase in TCE earnings from $241.1 million to $283.0 million[7] - Reported revenues for the second quarter of 2025 were $480.1 million[4] - Revenues for Q2 2025 were $480,077, a decrease of 13.6% compared to $556,026 in Q2 2024[38] - Net operating income for Q2 2025 was $131,878, down 48.5% from $255,919 in Q2 2024[38] - Profit for the period in Q2 2025 was $77,543, a decline of 58.9% compared to $187,574 in Q2 2024[38] - Basic and diluted earnings per share for Q2 2025 were $0.35, down from $0.84 in Q2 2024[38] - Adjusted profit for Q2 2025 was $80,351,000, compared to $187,574,000 in Q2 2024, reflecting a decrease of approximately 57.3%[44] - The company reported a profit of $110,830,000 for Q2 2025, down from $368,393,000 in Q2 2024, representing a decline of approximately 70%[44] Cash Flow and Dividends - Cash and cash equivalents increased to $476,717 as of June 30, 2025, up from $413,532 at the end of 2024[39] - Net cash provided by operating activities for Q2 2025 was $153,547, a decrease from $232,677 in Q2 2024[40] - Cash dividends paid in Q2 2025 amounted to $84,597,000, a decrease from $220,396,000 in Q2 2024[41] - The company declared a cash dividend of $0.36 per share for the second quarter of 2025[18] Debt and Financing - The company entered into a senior secured term loan facility of up to $1,286.5 million to refinance outstanding debt on 24 VLCCs[4] - Proceeds from the issuance of debt in Q2 2025 were $1,286,534, significantly higher than $462,253 in Q2 2024[40] - Long-term debt remained relatively stable at $3,269,305 as of June 30, 2025, compared to $3,284,070 at the end of 2024[39] Assets and Liabilities - Total assets as of June 30, 2025, were $6,109,528, a decrease from $6,220,807 as of December 31, 2024[39] - Total current liabilities decreased to $473,477 as of June 30, 2025, from $595,653 at the end of 2024, a reduction of 20.5%[39] - Total equity attributable to the company as of Q2 2025 was $2,366,692,000, a slight decrease from $2,426,261,000 in Q2 2024[41] Market and Operational Metrics - Global oil consumption averaged 103.7 mbpd in Q2 2025, with expectations to grow to 104.5 mbpd in Q4 2025[8] - Global oil supply averaged 105.1 mbpd in Q2 2025, an increase of 1.5 mbpd from the previous quarter[9] - The tanker fleet consisted of 81 vessels with an aggregate capacity of approximately 17.8 million DWT as of June 30, 2025[14] - The overall tanker order book represents 19.1% of the existing global fleet, with 110 VLCCs, 101 Suezmax tankers, and 169 LR2 tankers on order[12] - The average daily TCE rate for VLCCs in Q2 2025 was $40,100, compared to $49,600 in Q2 2024, indicating a decline of approximately 19.8%[52] - Total Time Charter Equivalent (TCE) for FY 2025 was $524,030,000, up from $1,269,031,000 in FY 2024[47] Other Financial Metrics - The unrealized loss on derivatives for Q2 2025 was $3,594,000, compared to a loss of $3,385,000 in Q2 2024[44] - Retained earnings at the end of Q2 2025 were $533,700,000, an increase from $507,467,000 at the end of FY 2024[41] - Total revenues for FY 2025 reached $907,943,000, a significant increase from $2,050,385,000 in FY 2024[47] - Average daily spot TCE earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $43,100, $38,900, and $29,300, respectively[4] - The company had 222,622,889 shares outstanding throughout the reporting periods[41]