Frontline report Q2 2025

[HohumYNWA]

Tanker biggie Frontline (FRO) announced Q2 2025 results earlier today. Results include

• Rev of $480.1M
• Adj profit of $80.4M
• Div of 36c/sh for Q2 2025
• Subsequent to quarter end, company announced sale of oldest Suezmax
• Refinanced the 24 VLCCs acquired from Euronav

https://ml-eu.globenewswire.com/Resource/Download/5d64d13e-9eec-4414-8252-3107b0d2e0ac

Significant bump in dividend in Q2 2025 - somewhat of a surprise. Modeled payouts of 15c - 32c for each of the quarters,

[HohumYNWA]

Frontline mgmt had also provided the category TCE avg

Q2 2025 daily: VLCC $43100; Suezmax $38900; Aframax/LR2 $29300 - all nice avgs

With at least 73% done in each category

Q3 2025: VLCC $38700; Suezmax $37200; Aframax/LR2 $36600 - for what is typically the weakest Q in the annual cycle, done so far is looking good