Frontline(US:FRO)2024-11-27 15:04Financial Performance - The company reported a profit of $605 million, or $027 per basic and diluted share for Q3 2024[11] - Adjusted profit was $754 million, or $034 per basic and diluted share for Q3 2024[11] - Revenues for Q3 2024 were reported as $4903 million[11] - A cash dividend of $034 per share was declared for Q3 2024[11] Fleet and Operations - The company sold its oldest Suezmax tanker (built in 2010) for a net sales price of $485 million, generating $365 million in net cash proceeds after debt repayment[11] - A sale-and-leaseback agreement was entered into for up to $5121 million to refinance 10 Suezmax tankers, expected to generate approximately $1010 million in net cash proceeds in Q4 2024[11] - The fleet's average cash breakeven rate for the next 12 months is $26300, including dry dock costs for five VLCCs and two Suezmax tankers[24] - Q3 2024 fleet average opex excluding drydock was $7900[24] Market Conditions and Outlook - Q4 2024 spot TCE (time charter equivalent) currently contracted for VLCC at $39600 (77% done), Suezmax at $39900 (70% done), and LR2 / Aframax at $36000 (60% done)[11] - Approximately 17% of shipped oil is sanctioned, representing about 6% of global consumption[33] - The orderbook for tankers has stopped growing, with containers taking center stage[33]