Frontline plc. (FRO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Q1 2025 Frontline PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising the hand is raised. To whisper your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lars Bartstad, CEO. Please go ahead. Thank you very much. Dear all, thank you for dialing into Frontline's quarterly earnings call. It's encouraging to see so many joining us today. Despite all the action around us, both in respect of equity market volatility, changing policies and global trade negotiations, the tanker market has moved along in an orderly manner. To recap the first quarter of the year, the VLCC were volatile, with three to four exciting rallies and a rising floor. SUSEMAX and AFROMAX had a strong finish to the first quarter, while the LR2s struggle. We are in a situation where the inverse earnings relationship between asset classes seem to be gone, and the VLCC is taking the lead. This may also be caused by the fact that incremental export growth is finally coming from compliance sources. So before I go and give the word to Inger, I'll run through our TC numbers on slide three in the deck. In the first quarter of 2025, Frontline achieved $37,200 per day on our VLCC fleet, $31,200 per day on our SUSEMAX fleet, and $22,300 per day on our LR2 slash AFROMAX fleet. So far in the third quarter, 68% of our VLCC days are booked at $56,400 per day, 69% of our SUSE max days are booked at $...