Slide 1: First Quarter Presentation May 2025
First Quarter Presentation May 2025
Slide 2: Forward Looking Statements
Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR
Slide 3: Highlights
Highlights Reported earnings basis load to discharge Q2 2025 spot Q1 2025 TCE currently % done contracted VLCC $37,200 $56,400 68% $31,200 $44,900 69% Suezmax $22,300 $36,100 66% LR2 / Aframax • Profit of $33.3 million, or $0.15 per basic and diluted share for the first quarter of 2025 • Adjusted pr
Slide 4: Profit Statement – Highlights
Profit Statement – Highlights 2025 2024 2023 (in thousands of $ except per share data) Jan - Mar Oct - Dec Jan - Dec Notes • The adjustments in the first quarter of 2025 consist of: Total operating revenues (net of voyage expenses)* 247,891 252,178 1,183,589 - $5.9 million unrealized loss on derivat
Slide 5: Balance Sheet - Highlights
Balance Sheet - Highlights 2025 2024 (in millions $) Mar 31 Dec 31 Assets • Strong liquidity of $805 million Cash 437 414 in cash and cash equivalents, Other current assets 399 412 including undrawn amounts of revolver capacity, marketable Non-current assets securities and minimum cash Vessels and n
Slide 6: Fleet Composition and Cash breakeven / Opex
Fleet Composition and Cash breakeven / Opex One of the youngest and most energy-efficient fleets in the industry Cash breakeven rates and Opex Cash breakeven rates of $26.800 fleet average for the next 12 months, including dry dock costs for 10 VLCCs, two Suezmax ~ 6.8 Years 99% 56% tankers and five
Slide 7: Cash Generation
Cash Generation 30% increase from current spot 700 market will increase the potential cash generation with ~100% $2.96 ~30,000 earnings days annually 3.00 600 $2.47 2.50 500 $1.98 2.00 Free Cash Flow ($m) 400 FCF per share ($) $1.49 $660m 1.50 300 $550m $441m 1.00 200 $332m 0.50 100 0 0.00 VLCC 44.1
Slide 8: Market narratives
Market narratives • Paralyzing US policy changes, likely limited impact on the energy complex and 1200 Fleet Profile tankers in general - but worrying for global growth prospects. 1000 • Positive sanctions scope-widening and enforcement, in addition to behavioral 596 changes by India and China on Ru
Slide 9: ‘Old School’ Market Logics
‘Old School’ Market Logics World Production and Consumption (EIA) Inventory Cycles & Freight 108.00 120,000 4.00 106.36 106.00 3.00 100,000 104.00 2.00 102.00 80,000 1.00 Weighted TCE $/Day Million BBL Day Million BBL/Day 100.00 60,000 - 98.00 (1.00) 96.00 40,000 (2.00) 94.00 20,000 92.00 (3.00) 90.
Slide 10: Headlines affecting Tankers
Headlines affecting Tankers • Tariffs and USTR Fleet Development • 90-day delay on enforcement and Liberation Day tariffs are being eased as trade 3100 negotiations ongoing. 2900 • Recent proposal from USTR shows a softening stand / wording with key exceptions for oil 2700 and energy. Final proposal
Slide 11: Number of Liftings
Number of Liftings 100 120 160 180 140 20 40 60 80 0 Jan-24 Feb-24 Source: Fearnleys, KPLER, OFAC Mar-24 Apr-24 May-24 Jun-24 Non OFAC-Sanctioned Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 OFAC-Sanctioned Jan-25 Dec-24 Russian Crude/Co Exports – Smax & Afra/LR2 Jan-25 Sanctions work (on tanker S/D) Feb-25 M
Slide 12: Orderbooks
Orderbooks 8080 VLCC VLCC May 2025 Fleet +15 Yrs +20 Yrs OFAC Orderbook 6060 4040 VLCC 883 354 40.1 % 159 18.0 % 118 13.4 % 99 11.2 % 6565 68 68 5353 5858 4949 49 40 47 49 47 42 33 40 37 2020 3838 36 36 272736 36 2929 3131 1919 2828 39 39 3131 23 40 37 35 37 35 42 23 21 21 22 22 55 21 20 # of vessel
Slide 13: Summary
Summary Pressure building? • Oil supply & demand suggest we approach a period with inventories building. • Demand for compliant tonnage growing as sanctions scope and enforcement widens. • Effective tanker fleet growth will remain muted for 2025, considering the aging fleet. • Policy changes creates
Slide 14: Questions & Answers
Questions & Answers |
Slide 15: www.frontlineplc.cy
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Slide 16: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q1 2025 FY 2024 Q4 2024 Total operating revenues net of voyage expenses and commission Revenues 427,866 2,050,385 425,644 Voyage expenses and commission (179,975) (773,434) (173,466) Total operating revenues net of voya