Strong TCE Rates Achieved
In the third quarter of 2025, Frontline achieved $34,300 per day on the VLCC fleet, $35,100 per day on the Suezmax fleet, and $31,400 per day on the LR2/Aframax fleet. For the fourth quarter, 75% of VLCC days have been booked at $83,300 per day, 75% of Suezmax days at $60,600 per day, and 51% of LR2/Aframax days at $42,200 per day.
Robust Balance Sheet
Frontline reports strong liquidity with $819 million in cash and equivalents, including undrawn revolver capacity. The company has no meaningful debt maturities until 2030 and no newbuilding commitments.
Fleet Optimization and Cash Generation
Fleet consists of 41 VLCCs, 21 Suezmax tankers, and 18 LR2 tankers with an average age of 7 years. Frontline has a cash generation potential of $1.8 billion or $8.15 per share with the current fleet and TCE rates, providing a cash flow yield of 33%.
Positive Market Outlook
The tanker market shows strong oil exports, positive changes in trade lanes, and limited growth in compliant tanker fleets. The OPEC production cuts reversal is leading to real export volume gains, especially from the Middle East.