Slide 1: Fourth Quarter Presentation Feb 2024
Fourth Quarter Presentation Feb 2024
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 Strongest full year result in fifteen years Reported earnings basis load to discharge Q4 2023 Q1 2024 est. % done VLCC $42,300 $55,100 81% Suezmax $45,700 $52,800 72% $42,900 $67,800 69% LR2 / Aframax • Profit of $118.4 million, or $0.53 per basic and diluted share for the fourth quarter
Slide 4: Profit Statement – Highlights
Profit Statement – Highlights 2023 2023 2022 (in thousands of $ except per share data) Oct - Dec Jul - Sep Jan - Dec Notes Total operating revenues (net of voyage expenses)* 256 897 232 135 824 664 • Adjusted net income in the fourth quarter increased by $21.4 million Other income - 400 8 040 compar
Slide 5: Balance Sheet - Highlights
Balance Sheet - Highlights 2023 2023 2022 (in millions $) Dec 31 Sep 30 Dec 31 Assets • Strong liquidity of $416 Cash 308 285 255 million in cash and cash Other current assets 420 570 627 equivalents, including undrawn amount of senior Non-current assets unsecured revolving credit Vessels and newbui
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 Competitive cash breakeven rates and Opex Competitive cash breakeven rates of $25.700 fleet average, including 5.8 Years 99% 57% dry dock costs for five VLCCs and four SMAX tankers in 202
Slide 7: Frontline delivers on long-term financing of $2.4 billion asset transaction
Frontline delivers on long-term financing of $2.4 billion asset transaction …with sale of older vessels and refinancing of 24 vessels From the Q3-23 presentation Net cash proceeds of approx. $646m • Expected to be generated from sale and refinancing of vessels • This will enable Frontline to fully r
Slide 8: Current Market Narrative
Current Market Narrative 46 1200 - Middle East tension, Red Sea / Aden situation and ton- Global Oil Trade 1150 miles implications 44 1100 42 - US increasing pressure on “Dark Fleet” and Russian price 1050 Million BBL/Day 40 cap evasions 1000 Million BBL 38 950 - High activity in contracting market,
Slide 9: Red Sea Situation
Red Sea Situation 110 - Bab El-Mandeb straits between Yemen and Djibouti unsafe for Oil Tankers Cape of Good Hope passage for responsible owners. Attacks now randomly targeting 100 anyone, even Russian linked vessels 90 Number of Vessels - Traffic through Suez down 40-50% for tankers, but Russian “f
Slide 10: Orderbooks
Orderbooks 80 VLCC In 2024: Fleet 15 + % above 15 20 + % above 20 Orderbook % of Fleet 60 VLCC 885 297 33.56 % 133 15.03 % 20 2.3 % 40 65 68 53 58 49 47 49 40 20 38 27 36 36 29 31 19 28 31 23 39 37 35 42 21 22 1 5 9 5 608 237 109 17.93 % # of vessels Suezmax 38.98 % 59 9.7 % 0 -6 1 -3 -1 -3 -9 -13 -
Slide 11: Highlight on the VLCC Fleet
Highlight on the VLCC Fleet 1000 VLCC Fleet Development 55% Avg VLCC Utilization Over active years 2016-2022 950 50% 900 45% Number of vessels % Laden Days 850 40% 800 35% 750 700 30% 650 25% 600 20% Jan-15 Jan-16 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28 Jan-17 Ju
Slide 12: Summary
Summary Frontline delivers on long-term financing of $2.4 billion asset transaction • Sale of non-eco vessels and refinancing at competitive terms covering the 24 VLCC acquisition • All vessels delivered, doubling our VLCC footprint, increasing earnings days by more than 30% • Security situation in
Slide 13: Questions & Answers
Questions & Answers ie
Slide 14: www.frontlineplc.cy
I FRONTLINE M www.frontlineplc.cy
Slide 15: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2022 Total operating revenues net of voyage expenses and commission Total operating revenues 1,802,184 415,004 377,085 512,763 497,332 1,430,208 Voyage expenses and commission