Frontline plc, yesterday reported unaudited results for the six months ended June 30, 2025:

Highlights

• Profit of $77.5 million, or $0.35 per share for the second quarter of 2025.

• Adjusted profit of $80.4 million, or $0.36 per share for the second quarter of 2025.

• Declared a cash dividend of $0.36 per share for the second quarter of 2025.

• Reported revenues of $480.1 million for the second quarter of 2025.

• Achieved average daily spot time charter equivalent earnings (“TCEs”)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the second quarter of $43,100, $38,900 and $29,300 per day, respectively.

• Entered into a senior secured term loan facility in April 2025 in an amount of up to $1,286.5 million to refinance the outstanding debt on 24 VLCCs approximately three and a half years prior to maturity to reduce the margin.

• Entered into an agreement to sell its oldest Suezmax tanker built in 2011, for a net sales price of $36.4 million. After repayment of existing debt, the transaction is expected to generate net cash proceeds of approximately $23.7 million in the third quarter of 2025.

Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:
“The second quarter of 2025 proved to be volatile, with growing unrest in the Middle East affecting tanker trade and freight. Although OPEC continued their strategy of reducing voluntary production cuts, these reversals have so far only yielded modest increases in exports. The summer is a period of high domestic demand for large oil producers, and it is expected that we will see more volume come into the market as we approach fall in the northern hemisphere. The US, G7 and the EU continue to widen the scope of sanctions, especially for Russia, causing increased oil trade inefficiencies. We have seen a gradual increase in utilization for the compliant tanker trade during the first half of the year, and with Frontline’s efficient spot-exposed fleet, we are excited as we approach the seasonal high demand period.”

We expect the spot TCEs for the full third quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the third quarter of 2025. See Appendix 1 for further details.

Source: Frontline plc.