05/23
Frontline (FRO) announced their Q1 2025 results earlier today
- Operating revenue of $247.9M
- EBITDA of $174.9M
- Adj Net Profit $40.4M
- Div of 18c/sh
- TCE rates VLCC/Suez/LR2-Afra $37.2K/$31.2K/$22.3K
- Debt refinancing
https://ml-eu.globenewswire.com/Resource/Download/8fdccf69-4c1b-4614-9868-883dae3bdf15
My dividend expectation for FRO in 2025 were not too high. The Q1 payout of 18c/sh is near where I was expecting. Their Q2-to-date (each vessel category high 60s (in %) looks a lot better. Debt has been refinanced - during Q1 2025, and subsequently. Gearing on slightly higher side - but not unusual for FRO (Generally a modern fleet). Might peek at Earning call transcript later