Frontline plc reported its fourth‑quarter 2025 results on February 27 2026, posting revenue of $624.5 million and a profit of $227.9 million. Adjusted profit rose to $230.4 million, while earnings per share were $1.02 and adjusted EPS $1.03. Revenue surpassed consensus estimates by $167.6 million, driven by strong demand and the company’s ability to command premium rates in a tight market. Earnings per share fell short of analysts’ expectations—$1.13 or $1.02—indicating that higher operating costs or one‑time charges weighed on profitability despite the top‑line growth.
In the first quarter of 2026, Frontline’s booking rates remained robust. VLCC days were 92% booked at $107,100 per day, Suezmax days 83% at $76,700, and LR2/Aframax days 67% at $62,400. These high booking percentages reflect sustained demand for clean, compliant tankers amid ongoing supply constraints, reinforcing the company’s strategy of remaining 100% spot‑market exposed while avoiding time‑charter lock‑ins.
Comparing to prior periods, Q4 2025 revenue grew from $425.6 million in Q4 2024 and $415.0 million in Q4 2023, while profit jumped from $66.7 million in Q4 2024 and $118.4 million in Q4 2023 to $227.9 million in Q4 2025. The year‑over‑year increase in both revenue and profit underscores the company’s ability to capture upside in a tightening market and to maintain profitability even as it expands its fleet.
CEO Lars H. Barstad said, “The fourth quarter of 2025 reinforced the positive momentum established in the third quarter.” He added, “The growing imbalance between oil demand growth and limited fleet supply would create a constructive market environment and the firm trend has carried into the first quarter of 2026.” Barstad also noted, “Periods of volatility tend to create opportunities, and Frontline has moved decisively, both in renewing its VLCC fleet and in securing attractive fixed revenue, as we enter what may prove to be an unprecedented period for the tanker industry.” He concluded, “Our team brings decades of experience navigating comparable cycles, and Frontline’s business model is set to capitalize on such environments, positioning the Company to generate material shareholder returns as we proceed.”
Frontline is modernizing its fleet, selling eight first‑generation ECO VLCCs for $831.5 million and acquiring nine new‑build ECO VLCCs for $1,224.0 million. The company also entered one‑year time‑charter‑out agreements for seven VLCCs at $76,900 per day and one VLCC at $93,500 per day, securing higher rates than the Q4 2025 average daily rates and diversifying its revenue mix.
Management guided for Q1 2026 EPS of $1.34 and Q2 2026 EPS of $0.54, signaling confidence in continued demand while acknowledging the impact of ballast days on spot rates. The guidance reflects the company’s belief that the supply‑demand imbalance will persist, supporting its spot‑market strategy and reinforcing its outlook for sustained cash‑flow generation in the near term.
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