Latest news with #FRO
Yahoo
24-05-2025
- Business
- Yahoo
Frontline PLC (FRO) Q1 2025 Earnings Call Highlights: Strong TCE Rates and Cash Generation ...
VLCC TCE Rates: $37,200 per day in Q1 2025; 68% booked at $56,400 per day for Q2. Suezmax TCE Rates: $31,200 per day in Q1 2025; 69% booked at $44,900 per day for Q2. LR2/Aframax TCE Rates: $22,300 per day in Q1 2025; 66% booked at $36,100 per day for Q2. Profit: $33.3 million or $0.15 per share in Q1 2025. Adjusted Profit: $40.4 million or $0.18 per share in Q1 2025. Time Charter Earnings: Decreased from $249 million in the previous quarter to $241 million in Q1 2025. Cash and Liquidity: $805 million in cash and cash equivalents as of March 31, 2025. Fleet Composition: 41 VLCCs, 22 Suezmax tankers, 18 LR2 tankers; average age 6.8 years. Cash Breakeven Rates: $29,700 per day for VLCCs, $24,300 per day for Suezmax, $23,300 per day for LR2s. OpEx Expenses: $8,400 per day for VLCCs, $8,000 per day for Suezmax, $8,200 per day for LR2s; Q1 fleet average $8,300 per day. Cash Generation Potential: $332 million or $1.49 per share, with a 30% increase from current spot market potentially doubling cash generation. Warning! GuruFocus has detected 4 Warning Signs with FRO. Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Frontline PLC (NYSE:FRO) achieved strong TCE rates in Q1 2025, with VLCCs at $37,200 per day, Suezmax at $31,200 per day, and LR2/Aframax at $22,300 per day. The company has a solid balance sheet with $805 million in cash and cash equivalents, and no significant debt maturities until 2030. Frontline PLC (NYSE:FRO) operates a modern fleet with an average age of 6.8 years, consisting of 99% ECO vessels, enhancing operational efficiency. The company has substantial cash generation potential, with a projected $332 million or $1.49 per share, which could increase by 100% with a 30% spot market rise. Frontline PLC (NYSE:FRO) benefits from a growing demand for compliant tonnage as sanctions widen, potentially increasing market opportunities. Adjusted profit in Q1 2025 decreased by $4.7 million compared to the previous quarter, primarily due to lower TCE rates. Operating expenses increased, with ship operating expenses at $60.3 million, reflecting higher costs compared to previous quarters. The tanker market faces uncertainties due to geopolitical tensions, including potential impacts from US policy changes and sanctions. Frontline PLC (NYSE:FRO) is trading at a discount to NAV, indicating potential undervaluation despite a positive industry outlook. The company faces challenges in monetizing older vessels due to market dynamics and compliance concerns, limiting asset sales opportunities. Q: Activity in the Atlantic for VLCC fixtures has been quiet. Is this due to OPEC's accelerated ramp, and what might drive more long-haul cargoes out of the Atlantic Basin? A: Lars Barstad, CEO: The quietness in the US Gulf area is puzzling. It could be due to tonnage sitting on oil majors' hands, refinery runs in the US ahead of summer, or increased Canadian exports. However, there is active flow from Brazil and Guyana, and increased interest from India in West African barrels. Q: Operating costs have increased sequentially and year-over-year. What is driving this? A: Inger Klemp, CFO: The previous quarter's lower costs were due to insurance and supplier rebates. The current quarter's $60.3 million is more reflective of ongoing costs. Administrative expenses also increased due to a re-evaluation of synthetic option liability. Q: Frontline is trading at a discount to NAV despite a positive industry outlook. Is a strategic change needed to regain premium valuation? A: Lars Barstad, CEO: The discount is surprising. There has been an outflow of shareholders and high short interest. Investors are cautious and want proof before investing. Frontline remains disciplined, retaining upside potential by not engaging in extensive time charter contracting. Q: With VLCC rates improving, have we seen the full benefit of sanctions, or is there more to come? A: Lars Barstad, CEO: The full impact of sanctions is not yet realized. Incremental barrels are coming from compliant sources, and OPEC is returning barrels to the market. This is positive for the compliant fleet, particularly VLCCs, and we expect a stronger market in the coming months. Q: What was the main driver for refinancing the '24 VLCCs early? A: Inger Klemp, CFO: The primary driver was the margin reduction, with an extension of the duration being an additional benefit. The refinancing reduced the margin from 200 basis points to 170. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Frontline: Q1 Earnings Snapshot
LIMASSOL, Cyprus (AP) — LIMASSOL, Cyprus (AP) — Frontline plc (FRO) on Friday reported net income of $33.3 million in its first quarter. The Limassol, Cyprus-based company said it had net income of 15 cents per share. Earnings, adjusted for non-recurring costs, were 18 cents per share. The shipping company posted revenue of $428.1 million in the period. Its adjusted revenue was $248.1 million. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on FRO at
Washington Post
23-05-2025
- Business
- Washington Post
Frontline: Q1 Earnings Snapshot
LIMASSOL, Cyprus — LIMASSOL, Cyprus — Frontline plc (FRO) on Friday reported net income of $33.3 million in its first quarter. The Limassol, Cyprus-based company said it had net income of 15 cents per share. Earnings, adjusted for non-recurring costs, were 18 cents per share. The shipping company posted revenue of $428.1 million in the period. Its adjusted revenue was $248.1 million.
Yahoo
23-05-2025
- Business
- Yahoo
Frontline: Q1 Earnings Snapshot
LIMASSOL, Cyprus (AP) — LIMASSOL, Cyprus (AP) — Frontline plc (FRO) on Friday reported net income of $33.3 million in its first quarter. The Limassol, Cyprus-based company said it had net income of 15 cents per share. Earnings, adjusted for non-recurring costs, were 18 cents per share. The shipping company posted revenue of $428.1 million in the period. Its adjusted revenue was $248.1 million. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on FRO at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News18
13-05-2025
- General
- News18
Chinese Soldier Living In MP's Balaghat Since 1963 Faces Deportation
Last Updated: Treated as a spy instead of a prisoner of war, he spent eight years in an Indian prison. After release, he chose to stay in Tirodi village, Balaghat, adopting the name Raj Bahadur An 85-year-old Chinese soldier, Wang Chi, who has resided in the Balaghat district of Madhya Pradesh for the past 50 years, now faces the threat of deportation. His visa has expired, and he may be ordered to leave India at any moment. Wang Chi recently received a message from the Indian government to renew his visa, and his son, Vishnu, has stated that his father has been asked to report to the Foreigners Registration Office (FRO). The family explained that due to historical tensions between India and Pakistan, Wang Chi did not apply for a long-term visa from the Chinese Embassy. Vishnu fears his father might be forced to leave India, where he has spent a considerable part of his life. They are hoping for a long-term visa to avoid deportation, allowing Wang Chi to spend his final years in India with his family or in China, where he hails from. Vishnu expressed concerns about the financial burden of renewing his father's visa every four years, which costs Rs 15,000 each time. The family's financial condition is precarious, and they are seeking a long-term visa of five to ten years, but no action has been taken yet. For the first time, they have been asked to report to the FRO. Additionally, local officials in Balaghat have refused to issue caste certificates to Wang Chi's grandchildren due to his foreign nationality, hindering their access to government schemes. How Wang Chi Became Raj Bahadur Treated as a spy rather than a prisoner of war, he spent eight years imprisoned in India. Upon his release, he chose to stay in India, settling in Tirodi village, Balaghat, where he adopted the name Raj Bahadur, married a local tribal woman, and started a family. First Published: May 13, 2025, 18:25 IST
