Slide 1: Third Quarter Presentation November 2024
Third Quarter Presentation November 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 Reported earnings basis load to discharge Q4 2024 spot Q3 2024 TCE currently % done contracted VLCC $39,600 $44,300 77% $39,900 $39,600 70% Suezmax $36,000 $34,800 60% LR2 / Aframax • Profit of $60.5 million, or $0.27 per basic and diluted share for the third quarter of 2024 • Adjusted pr
Slide 4: Profit Statement – Highlights
Profit Statement – Highlights 2024 2024 2023 (in thousands of $ except per share data) Jul - Sep Apr - Jun Jan - Dec Notes • The adjustments in the third quarter of 2024 consist of: Total operating revenues (net of voyage expenses)* 295 333 358 231 1 183 589 - $2.8 million loss on marketable securit
Slide 5: Balance Sheet - Highlights
Balance Sheet - Highlights 2024 2024 2023 (in millions $) Sep 30 Jun 30 Dec 31 Assets • Strong liquidity of $526 Cash 321 359 308 million in cash and cash Other current assets 461 500 420 equivalents, including undrawn amount of senior unsecured Non-current assets revolving credit facility, Vessels
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 $26.300 fleet average for the next 12 months, including dry dock costs for five VLCCs and two Suezmax ~ 6 Years 99% 56% tankers Avera
Slide 7: Cash Generation
Cash Generation • Despite current challenged spot market, Frontline 30% increase from current spot 3,00 market will increase the potential cash generates decent positive cash flow. generation with ~100% $2,74 • With ~30,000 earnings days annually, Frontline has a 600 substantial upside potential. 2,
Slide 8: Current Market narrative
Current Market narrative • Global oil supply increasing, demand growth muted and trading patterns Earnings vs Supply/Demand Balance changing 8 120 000 7 • Geopolitical risk linked to the Middle East continues, US policy important 6 100 000 going forward 5 80 000 4 USD/Day 3 60 000 • ~ 17% of shipped
Slide 9: Key Oil Flows
Key Oil Flows • Overall Global demand growth muted year to date, across all regions 8 000 Crude/Co Imports from Americas, WAF & NW Europe Eastern Asia & India Europe • Oil supply continues to rise, after inventory draws through 2024, we look 7 000 to build in 2025 6 000 • Non-Opec production growth
Slide 10: Orderbooks
Orderbooks 80 VLCC 80 VLCC 60 Nov 2024 Fleet 15 + % above 15 20 + % above 20 Orderbook % of Fleet 60 40 40 65 68 53 58 65 49 47 49 40 68 20 38 36 36 31 39 53 58 49 31 23 47 49 40 37 35 42 24 33 VLCC 883 295 33.4 % 131 14.8 % 67 7.6 % 20 38 27 36 36 29 29 31 19 28 39 28 31 23 21 37 35 42 22 1 5 27 27
Slide 11: Summary
Summary Rolle-coaster bull market • Modern fleet and strong balance sheet with upside retained • Oil Supply expected to outpace demand in 2025 • Current trade flow developments challenging as sanctions “bite” • Policy changes on Middle East with “Maximum pressure 2.0” as we proceed • Orderbook growt
Slide 12: Questions & Answers
Questions & Answers |
Slide 13: www.frontlineplc.cy
| FRONTLINE 1 www.frontlineplc.cy
Slide 14: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Total operating revenues net of voyage expenses and commission Revenues 490,318 556,026 578,397 1,802,184 415,004 Voyage expenses and commission (194,985) (197,795) (207,188) (618