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FRO – First Quarter 2025 Results
FROFrontline(FRO) GlobeNewswire·2025-05-23 05:30

Core Viewpoint - Frontline plc reported its first-quarter results for 2025, indicating stable performance amidst economic and political uncertainties, with improvements in fleet utilization and a strong liquidity position [1][2][3]. Financial Performance - The company achieved a profit of 33.3million,or33.3 million, or 0.15 per share, with an adjusted profit of 40.4million,or40.4 million, or 0.18 per share for Q1 2025 [5]. - Revenues for the first quarter were reported at 427.9million[5].−Acashdividendof427.9 million [5]. - A cash dividend of 0.18 per share was declared for the first quarter of 2025 [5]. Fleet and Operations - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers were 37,200,37,200, 31,200, and 22,300respectivelyinQ12025[5].−Fleetgrowthremainsslow,withorderingstalling,whichsupportsthelong−termfundamentalsfortankers[2].LiquidityandFinancing−Thecompanyhasstrengtheneditsliquiditythroughrefinancingsin2025,withnosignificantdebtmaturitiesuntil2030[3].−EnteredintothreeseniorsecuredcreditfacilitiesinFebruary2025forupto22,300 respectively in Q1 2025 [5]. - Fleet growth remains slow, with ordering stalling, which supports the long-term fundamentals for tankers [2]. Liquidity and Financing - The company has strengthened its liquidity through refinancings in 2025, with no significant debt maturities until 2030 [3]. - Entered into three senior secured credit facilities in February 2025 for up to 239 million and a senior secured term loan facility in April 2025 for up to $1,286.5 million [5]. Market Outlook - Spot TCEs for the full second quarter of 2025 are expected to be lower than currently contracted due to ballast days [4]. - Utilization on larger ships has improved, and there are healthy developments in activity across segments due to pressure on sanctioned trades [2].