FRO Q1 2023 results

Tanker entity Frontline (FRO) announced Q1 2023 results earlier today (05/31).

  • Revenue of $497.3M
  • Adjusted profit of $193.3M
  • Declared Q1 div of 70c/sh
  • TCE (daily) for vessels in Q1: VLCC - $52.5K, Suezmax - $64K, Aframax/LR2 - $56.3K
  • Sold an older 2010-built Suezmax for $44.5M

Presentation Q1 2023 (

Qtr-to-date, rates done are higher per each vessel category. While there is no guarantee these rates will hold thru the end of Q2, the rates suggest the strength of the underlying tanker segment. FRO have actually fixed a pair of Aframax/LR2 vessels @ above average rates of $46.6K daily for 2-years, starting in April & May 2023. That’s good business in a sector known for its choppy spot behavior.

Additional color on the tanker sector provided in the earnings call

Frontline plc (FRO) Q1 2023 Earnings Call Transcript | Seeking Alpha

Items like

  • What are the options for 20-yo vessels?
  • What types of vessels would FRO consider adding?
  • How long does it take for an LR2 trading dirty to switch back to trading clean?