Slide 1: Fourth Quarter Presentation February 2025
Fourth Quarter Presentation February 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 Q1 2025 spot Q4 2024 TCE currently % done contracted VLCC $35,900 $43,700 80% $33,300 $35,400 77% Suezmax $26,100 $29,700 64% LR2 / Aframax • Profit of $66.7 million, or $0.30 per basic and diluted share for the fourth quarter of 2024 • Adjusted p
Slide 4: Profit Statement – Highlights
Profit Statement – Highlights 2024 2024 2023 (in thousands of $ except per share data) Oct - Dec Jul - Sep Jan - Dec Notes • The adjustments in the fourth quarter of 2024 consist of: Total operating revenues (net of voyage expenses)* 252 178 295 333 1 183 589 - $17.9 million gain on sale of vessel O
Slide 5: Balance Sheet - Highlights
Balance Sheet - Highlights 2024 2024 2023 (in millions $) Dec 31 Sep 30 Dec 31 Assets • Strong liquidity of $693 million Cash 414 321 308 in cash and cash equivalents, Other current assets 412 461 420 including undrawn amount of senior unsecured revolving credit Non-current assets facility, marketab
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 $26.200 fleet average for 2025, including ~ 6.6 Years 99% 56% dry dock costs for two VLCCs and one Suezmax tanker Average age ECO ves
Slide 7: Cash Generation
Cash Generation $3,60 30% increase from current spot ~30,000 earnings days annually 800 market will increase the potential cash 3,50 generation with ~80% 700 $3,07 3,00 600 $2,54 2,50 500 $2,01 Free Cash Flow ($m) FCF per share ($) 2,00 400 $801m $683m 1,50 300 $565m $447m 1,00 200 0,50 100 0 0,00 V
Slide 8: The 'Normal' Market
The ‘Normal’ Market • Global oil consumption averaged 103.4 mbd in Q4, up 1 mbd y-o-y. Expected to Global Oil Supply & Demand 108 reach 104.5 mbd by year end. Balance Supply Demand 3 106 • Supply up 600 kbd, OPEC+ maintained production cuts in Dec-24. Inventory builds 2 104 expected in 2025, and sup
Slide 9: Sanctions & Tariff
Sanctions & Tariff • Tariff on Mexico, Canada, China and EU Fleet Development • Depending on outcomes, material energy exposure in the mix. US import ~4 mbd of crude 3100 from Canada, whilst China Import modest oil volumes from US (~200 kbd). Mexico export 2900 ~800kbd, half to US. US export 600kbd
Slide 10: Shifting Trade Flows 2022 - 2024
Shifting Trade Flows 2022 - 2024 208 10 854 European Crude/Co Imports 388 Other Avg Kbpd – by Origin North 1 267 Sea 10 001 Atlantic Europe Russia Basin Asian Crude/Co Imports Europe Avg Kbpd – by Origin MED -969 -40 492 23 072 MEG 456 +853 Pre Invasion (19-22) Kbpd Post Invasion (22-24) Iran 1 431
Slide 11: Orderbooks
Orderbooks 80 80 80 VLCC VLCC VLCC Feb 2025 Fleet 15 + % above 15 20 + % above 20 OFAC Orderbook % of Fleet 60 60 60 40 40 40 65 65 68 68 VLCC 884 355 40.2 % 160 18.1 % 99 87 9.8 % 53 58 53 58 49 49 47 49 47 49 40 29 20 20 20 38 38 38 39 39 40 37 37 35 42 37 35 42 42 25 3636 34 27 36 27 27 36 36 36
Slide 12: Summary
Summary Pending bull market ? • Oil supply & demand remains stable, trade patterns being challenged. • 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 mor
Slide 13: Questions & Answers
Questions & Answers |
Slide 14: www.frontlineplc.cy
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Slide 15: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Total operating revenues net of voyage expenses and commission Revenues 2,050,385 425,644 490,318 556,026 578,397 1,802,184 Voyage expenses and commission (773,434) (173,4