Slide 1: Second Quarter Presentation Aug 2025
Second Quarter Presentation Aug 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 Q3 2025 spot Q2 2025 TCE currently % done contracted VLCC $43,100 $38,700 82% $38,900 $37,200 76% Suezmax $29,300 $36,600 73% LR2 / Aframax • Profit of $77.5 million, or $0.35 per basic and diluted share for the second quarter of 2025 • Adjusted p
Slide 4: Profit Statement - Highlights
Profit Statement – Highlights 2025 2025 2024 Notes (in thousands of $ except per share data) Apr - Jun Jan - Mar Jan-Dec • The adjustments in the second quarter of 2025 consist of: - $3.6 million unrealized loss on derivatives Total operating revenues (net of voyage expenses)* 285,483 247,891 1,276,
Slide 5: Balance Sheet - Highlights
Balance Sheet - Highlights 2025 2025 2024 (in millions $) Jun 30 Mar 31 Dec 31 • Strong liquidity of $844 million Assets in cash and cash equivalents, Cash 477 437 414 including undrawn amounts of Other current assets 411 399 412 revolver capacity, marketable securities and minimum cash Non-current
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 $25.900 fleet average for the next 12 ~ 7 Years 100% 55% months, including dry dock costs for 12 VLCCs and eight LR2s Average age ECO
Slide 7: Cash Generation
Cash Generation 30% increase from current spot ~30,000 earnings days annually 1,200 market will increase the potential cash generation with ~64% $4.76 5.00 1,000 $4.15 4.00 $3.53 800 Free Cash Flow ($m) $2.91 FCF per share ($) 3.00 600 $1.061m $923m 2.00 400 $785m $648m 1.00 200 0 0.00 VLCC 51.4k VL
Slide 8: Market Narratives
Market narratives • Compliant tanker fleet sees improved utilization as compliant oil export grows, and Crude/Co Exports (Kbpd) trade lanes lengthen. 39,000 7,800 38,000 7,300 • India and China balancing their feedstock exposure amidst firm US trade policies and increased sanctions pressure by US an
Slide 9: Policy Affect Behaviour
Policy affect behaviour • Oil discount vs. trade balance is an important measure for nations not embracing the YoY China & India Compliant Crude/Co Imports current sanctions regimes. 2,000 • We have seen sanctioned barrels increase their market share in key growth regions over the years, and this ac
Slide 10: Changes in Balances and Flows are Key
Changes in Balances and Flows are key 5,000 YoY change in Global Crude Production & Exports YoY China & India Compliant Crude/Co Imports 4,000 Production Exports 2,000 3,000 1,000 Kbpd 2,000 0 Kbpd 1,000 -1,000 0 -2,000 -1,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -3,000 2022 2022 2022 202
Slide 11: Orderbooks
Orderbooks 80 VLCC Sanctioned Aug 2025 Fleet +15 Yrs +20 Yrs by either Orderbook 60 (OFAC, UK, EU) 40 65 68 VLCC 884 339 38.3 % 148 16.7 % 135 15.3 % 110 12.4 % 53 58 49 47 49 40 39 44 20 38 27 36 36 29 31 39 31 23 21 37 35 42 19 28 22 4 23 # of vessels 0 1 3 Suezmax 627 263 41.9 % 124 19.8 % 112 17
Slide 12: Summary
Summary Compliant bull market? • Trade policy affect crude sourcing for key demand regions. • Utilization in the compliant fleet positively affected by both oil supply and trade lanes. • Effective tanker fleet growth remains muted, both by the aging fleet and widening sanctions reach. • Healthy refi
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) Q2 2025 Q1 2025 FY 2024 Q4 2024 Total operating revenues net of voyage expenses and commission Revenues 480,077 427,866 2,050,385 425,644 Voyage expenses and commission (194,594) (179,975) (773,434) (173,466) Total oper