Frontline (FRO) released their Q4 2024 results on 02/28/25.
Included in their results
- Rev of $425.6M
- EBITDA of $213.4M
- Profit of $66.7M (adj Profit of $45.1M)
https://ml-eu.globenewswire.com/Resource/Download/a6971d06-7307-4265-8caa-b400b33226d2
Lots of other moving pieces - sold a vessel, punted some debt, gains from a put option. FRO mgmt spent a lot of time in the Earnings call answering or explaining sanctions (on Russian & Iranian oil) and its impact on tanker routes (sometimes, touching on vessel classes) [Slides 9, 10 in the deck alone will not suffice]. FRO mgmt avoided the tax-on-Chinese-built-vessel, but did mention this issue does not impact their VLCCs (South Korea or Japanese built).
Additional debt punt in 2025. More debt via refinancing, but also more cash. Debt punted thru 2028, and I’m guessing Fredriksen’s line-of-credit is still available (more expensive financing). No plans to order new vessels - indicate the $125M cost of a VLCC newbuild requires a $50K daily for 20 years. Q4 strategy was to have scrubber-fitted VLCCs in Atlantic Basin, non-scrubber VLCCs in MEG - plan was not successful.