Highlights
- Highest second quarter profit since 2008 of
$230.7 million , or$1.04 per basic and diluted share for the second quarter of 2023. - Adjusted profit of
$210.0 million , or$0.94 per basic and diluted share for the second quarter of 2023. - Declared a cash dividend of
$0.80 per share for the second quarter of 2023. - Reported revenues of
$512.8 million for the second quarter of 2023. - Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the second quarter of 2023 were 64,000 , 61,700 and 52,900 per day, respectively.
- For the third quarter of 2023, we estimate spot TCE on a load-to-discharge basis of
$53,200 contracted for 74% of vessel days for VLCCs,$48,800 contracted for 67% of vessel days for Suezmax tankers and$40,500 contracted for 57% of vessel days for LR2/Aframax tankers.
“Frontline had another solid quarter as supportive tanker fundamentals continued. With all our asset classes performing, Frontline’s lean and efficient platform continued to yield shareholder returns. Despite
Average daily time charter equivalents ("TCEs")1
($ per day) | Spot TCE | Spot TCE estimates | % Covered | Estimated average daily cash breakeven rates | ||||
2023 | Q2 2023 | Q1 2023 | Q4 2022 | 2022 | Q3 2023 | 2023 | ||
VLCC | 58,300 | 64,000 | 52,500 | 63,200 | 31,300 | 53,200 | 74% | 27,000 |
Suezmax | 62,900 | 61,700 | 64,000 | 57,900 | 37,100 | 48,800 | 67% | 23,400 |
LR2 / Aframax | 54,600 | 52,900 | 56,300 | 58,800 | 38,500 | 40,500 | 57% | 16,600 |
We expect the spot TCEs for the full third quarter of 2023 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the second quarter. The number of ballast days at the end of the second quarter was 435 for VLCCs, 353 for Suezmax tankers and 167 for LR2/Aframax tankers.
The Board of Directors
Limassol,
Questions should be directed to:
+47 23 11 40 00
+47 23 11 40 00
Forward-Looking Statements
Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in the supply and demand for vessels comparable to ours, changes in worldwide oil production and consumption and storage, changes in the Company's operating expenses, including bunker prices, dry docking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements, availability of skilled workers and the related labor costs, compliance with governmental, tax, environmental and safety regulation, any non-compliance with the
We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
1 This press release describes Time Charter Equivalent earnings and related per day amounts, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.
Attachment
- 2nd Quarter 2023 Results
© OMX, source