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 (seekingalpha.com)
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.